Student Loans
Loans are borrowed funds for college that you must repay with interest after you graduate or if you enroll in less than six credit hours. Because loans require mandatory repayment, students are strongly encouraged to explore and apply for all other forms of financial aid—including institutional scholarships, grants, and work-study programs—before taking out student loans.
Core Loan Resources
- Detailed Terms & Policy Guidelines: Download the Important Loan Information Document
- Note: This document contains essential details regarding student loan eligibility standards, federal disbursement timelines, and interest parameters.
- Official Forms Portal: Access the Financial Aid Forms Page
Direct Loan Applications and Deadlines
To apply for a federal student loan, you must complete the official Direct Loan Request Form located on our forms page. Your completed form must be submitted to our office in the Administration & Enrollment Center on or before the following seasonal target dates:
| Semester | Final Application Deadline |
|---|---|
| Fall Semester | November 1 |
| Spring Semester | April 1 |
| Summer Semester | July 1 |
Sample Loan Repayment Schedule
When you accept student loan funds, you assume a legal obligation to repay them. The chart below provides sample monthly loan repayment amounts calculated under a Standard 10-Year Repayment Plan. Figures reflect four typical interest rates for loan balances moving in $5,000 increments up to $20,000.
For example, if a student borrows $20,000 at a 6.21% interest rate, the standard payment for principal and interest will be $224 a month for 10 years.
| Total Loan Amount | 4.66% Interest Rate | 5.0% Interest Rate | 6.21% Interest Rate | 7.21% Interest Rate |
|---|---|---|---|---|
| $5,000 | $52 per month | $53 per month | $56 per month | $58 per month |
| $10,000 | $104 per month | $106 per month | $112 per month | $117 per month |
| $15,000 | $157 per month | $159 per month | $168 per month | $176 per month |
| $20,000 | $209 per month | $212 per month | $224 per month | $234 per month |
| Total Loan Amount | 4.66% Interest Rate | 5.0% Interest Rate | 6.21% Interest Rate | 7.21% Interest Rate |
Inceptia Repayment Partnership
College of the Mainland has partnered with Inceptia, a division of the National Student Loan Program (NSLP), to provide all borrowers with free, dedicated assistance on federal student loan obligations. This service is designed to help you navigate your responsibilities and establish a comfortable repayment plan.
- What to Expect: Friendly customer representatives from Inceptia may reach out to you during your post-college grace period to answer questions regarding your balance and repayment pathways. They may also connect with you if your student account balances become delinquent.
- How They Help: Inceptia is not a collection agency. Our partnership allows them to help you explore a wide variety of management avenues, including alternative repayment structures, loan deferments, consolidations, loan discharges, forgiveness programs, and forbearance options. They will stay in touch with you via phone calls, official letters, or emails to help provide direct answers and operational solutions.
- Self-Service Support: Visit Inceptia's Federal Student Loan Overview FAQ Website
Questions? We're here to help.
If you have questions about financial aid or need any assistance applying, please connect with our campus team:
Hours:
- Monday–Tuesday: 8 a.m. – 7 p.m.
- Wednesday–Friday: 8 a.m. – 5 p.m.
