Financial Aid - Loans

Student loans can be an important source of funds to a college student. Different loans have different requirements and benefits.

StudentLoans.gov this site is your source for information from the U.S. Department of Education about how to manage your student loans.

Direct Loans for Students

Direct Student Loans are either subsidized or unsubsidized. You may receive a subsidized loan and an unsubsidized loan for the same enrollment period.

Once your financial aid application is complete we will notify you of your loan eligibility.  When you receive your financial aid award letter, available online, you may apply for your loan.

There are three steps to apply for your federal loan.  The first two links take you to the same Federal website.  Both the loan counseling and master promissory note must be completed.  The final link takes you to HCC's eServices site.

• Complete Direct Student Loan (Stafford) Entrance Counseling
  • Required for first-time Direct loan borrowers only.
  • By completing this session, borrowers will understand their rights and responsibilities.
• Complete the Master Promissory Note
  • Required for first-time Direct loan borrowers only.
  • An electronic MPN can be completed in 9 steps. Read the information carefully to understand how the electronic MPN process works.
• Complete the Direct Student Loan Request
  • You will need to login using your HCC student id and password to complete this process.
  • From the left menu, select "Loan Request Process Video" to learn how to log in to request your loan.

Exit Counseling

• Complete Direct Loan Exit Counseling
  • Required for borrowers who have dropped below 6 credits or will be graduating.  By completing this session, borrowers will better understand the repayment process.
    • Exit Counseling Guide (pdf)  This guide provides a general overview of information that you will need to successfully repay the Direct Subsidized and Direct Unsubsidized Loans that you've received to help pay for your college costs.

William D. Ford Federal Direct Loans for Parents

• Direct Parent Loan for Undergraduate Students (PLUS) (Click for more information)
  These loans are made to parents.  The parent, who is responsible for repaying the loan, must have acceptable credit.  Students of parents who have been denied a PLUS may be eligible to receive additional Stafford loan.
  • Complete the Master Promissory Note
    • An electronic MPN can be completed in 9 steps. Read the information carefully to understand how the electronic MPN process works.
  • Complete the Direct Parent (Plus) Loan Request
    • This form must be returned to the financial aid office for your loan to be certified
  • Complete the Consent to Obtain Credit Report
    • If you think you might be declined you may have us request a credit report.  Students whose parent has been denied a PLUS may be eligible to receive additional Stafford loan.

Federal Perkins

Federal Perkins Loan are low-interest (5 percent) loans for both undergraduate and graduate students with exceptional financial need.

• Contact the Financial Aid Office for eligibility
• Perkins Entrance Counseling
• Federal Perkins Loan Information

MN SELF Loans

The Minnesota SELF Loan is through the State of Minnesota and requires a credit worthy co-signer.  You may choose between a variable or fixed interest rate.

• Click here for Frequently Asked SELF Questions including the interest rate?
• Complete SELF Entrance Counseling 
• Go here to begin the SELF Loan application process SELF Process

Alternative Student Loans 

Alternative student loans may be used to supplement federal student loans, grants and other forms of financial aid not sufficient to cover the full cost of education. These loans are made to students or parents by lending institutions.  Funds may be used for any education related expense.

• Apply Alternative Student Loans

Information for Students wishing to Consolidate their Student Loans

• Loan Consolidation

Information for Students with Defaulted Student Loans

• Addressing your defaulted Student Loan