The Student Loan Information and Amount Acceptance Form for 2023-2024 is available via RaiderNet by clicking on Your Financial Aid and selecting 2023-2024 Student Loan Information and Amount Acceptance Form. Please note that Student Loan Amount and Acceptance Forms will not be processed until July 12, 2023.
All students are eligible for student loans as long as the appropriate Free Application for Federal Student Aid (FAFSA) is on file, student is in good standing in regards to Satisfactory Academic Progress, the major is a degree or certificate program, student is enrolled in a minimum of 6 credit hours, transcripts from any prior college or university is on file, student is not in loan default, and aggregate or annual loan limits have not been met. Roane State's latest cohort default rate for Fiscal Year 2019 is 2%; the national student loan default rate for Fiscal Year 2019 is 2.3%.
Roane State Community College no longer participates in any alternative student loan programs (such as Sallie Mae or LendKey).
The student loan payments will resume and be due in October 2023. Student loan borrowers can get lower payments from the new SAVE plan.
Additional resources for more information:
Student loan debt relief: https://studentaid.gov/manage-loans/forgiveness-cancellation/debt-relief-info
Student loan forgiveness: https://studentaid.gov/manage-loans/forgiveness-cancellation
Federal Direct Loans are low-interest loans for students that must be repaid. These loans are to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education, though most of the contact will be with your loan servicer. With Federal Direct Loans, you
You may use Federal Direct Loan money you receive only to pay for your education expenses at the school that is giving you the loan.
Entrance Counseling / Sign your Master Promissory Note for your Federal Direct Loan
| Year | Dependent Students | Independent Students |
|---|---|---|
|
First-Year Undergraduate |
$5,500 - No more than $3,500 of this amount may be in subsidized loans. | $9,500 - No more than $3,500 of this amount may be in subsidized loans. |
|
Second-Year Undergraduate |
$6,500 - No more than $4,500 of this amount may be in subsidized loans. |
$10,500 - No more than $4,500 of this amount may be in subsidized loans. |
The interest rates listed in the table below are for Undergraduate Direct Subsidized and Unsubsidized Student Loans.
| Date of First Disbursement | Fixed Interest Rate |
|---|---|
| 7/1/23- 6/30/24 | 5.5% |
| 7/1/22- 6/30/23 | 4.99% |
| 7/1/21 - 6/30/22 | 3.73% |
| 7/1/20 - 6/30/21 | 2.75% |
| 7/1/19 - 6/30/20 | 4.53% |
How does repayment work if I have Federal Family Education Loans (FFEL) and Federal Direct Loans?
You will have to make separate payments to each lender. You can also choose to consolidate with the Federal Direct Loan program if you would like to make only one monthly payment.
How can I consolidate my loans with the Federal Direct Loan program?
You may go to studentloans.gov for more information regarding consolidation.
Where can I find information about who services my other federal loans?
You can find information about the servicers of your other loans at www.nslds.ed.gov. You will use your FSA ID to access your information.
Roane State Community College does not discriminate on the basis of race, color, religion, creed, ethnicity or national origin, sex, disability, age, status as protected veteran or any other class protected by Federal or State laws and regulation and by Tennessee board of Regents policies with respect to employment, programs, and activities. View full non-discrimination policy.
