Before you borrow

Before You Borrow, Have You Considered?

Are you borrowing wisely?

Choose your borrowing amount only after estimating your budget for the academic year. You may discover that you can get along by borrowing less. Review your award letter along with your savings, anticipated savings, and your academic year job earnings before entering the “Loan Amount Requested.”

Borrowing for direct educational costs such as tuition, books, academic supplies, and actual room/board makes sense. Reduce or eliminate borrowing for personal expenses. Remember: it is easier to borrow than it will be to repay the loan.


What are your plans after graduation?

Federal Direct Loans have to be repaid. The principal payment of your loan begins six months after you graduate, withdraw or drop below one-half time enrollment.

Keep in mind that even though Federal Direct Loans are “low interest” loans, the less you borrow now, the less you will need to pay back. Consider that within the first five years of EMCC graduation, the vast majority of students will wish to purchase and save for expensive items such as cars and houses. Your student loan repayments will compete dollar for dollar with your future purchases.

Explore current salaries, wages, and trends for your anticipated occupation.

Contact the Dean of Enrollment Management and Institutional Research recent salary surveys of EMCC graduates.

Loan payment calculator


Have you reviewed the material attached to your Direct Loan application?

This information is invaluable. Remember to keep this along with your loan promissory note and loan entrance interview material in a safe location for future reference.


Keep in mind…

For first time loan borrowers at EMCC, per federal regulation, your loan funds cannot arrive at the college until 30 calendar days after the first class day.  If these funds result in an overpayment of your college bill, the business office will issue a refund check within ten business days after the overpayment occurs.  This check will be mailed to your home address reported on studentOne.

For returning student borrowers in the fall semester, the timing of loan funds arrival at EMCC, is the same as first time loan borrowers at EMCC.

For students enrolled in the fall semester, who register and return in the spring semester, loan funds will arrrive the first day of the spring semester.  If these funds result in an overpayment of your college bill, the business office will issue a refund check within ten business days after the overpayment occurs.  This check will be mailed to your home address reported on studentOne.