Erie Community College, State University of New York

Federal Family Education Loan Program (FFELP)
Formerly Guaranteed Student Loan Program — consists of the following loan programs:

Federal Stafford Loan

Students who are registered for at least six credit hours and who are in good academic standing may be eligible for a Federal Stafford Student Loan. Qualified first-year students may borrow up to $3,500; second-year students up to $4,500. Students must file a FAFSA form to determine family contribution. Amount of family contribution figure determines eligibility for either subsidized or unsubsidized Stafford Loan. Interest on subsidized loan is paid by federal government while student is enrolled at least half-time and for six months after student leaves school; interest on unsubsidized loan is paid by student. Repayment of principal begins six months after the borrower is no longer at least a half-time student.

Delayed disbursement of funds (30 days after the first day of instruction) is required for all first-time borrowers for Stafford Loan programs at ECC.

Funds are transferred electronically from lender to student’s ECC account in two installments - usually the first disbursement is for the Fall semester and the second disbursement is for the Spring semester. Most lenders disburse electronically. If lender does not participate in electronic funds transfer, student must endorse check when notified by the Bursar.

A student who is no longer in attendance cannot take out a Stafford student loan.

Loan Entrance interview required for first-time borrower may be completed online at http://www.mapping-your-future.org/.