Direct Student Loans

The Direct Loan Program provides financial aid through borrowing funds from the U.S. Department of Education. Any Student Loans will be submitted to the National Student Loan Data Systems (NSLDS). Repayment begins six months after the borrower leaves college or drops below half-time status. There is no separate application for student loans; the FAFSA application is all that is required to apply.
Code of Conduct

Federal Direct Student Loan Cohort Default Rate
Northeast Alabama Community College: 0.0% (as of September 20, 2023)

NACC Default Rates

Types of Federal Direct Loans
Direct Subsidized and Direct Unsubsidized Loans have a fixed interest rate of 4.99% for new loans first disbursed on or after July 1, 2022, and before July 1, 2023.

1) Subsidized Loans – interest free for a certain time period.

The U.S. Department of Education pays the interest on a Direct Subsidized Loan…

  • while the student is in school at least half-time,
  • for the first six months after you leave school (referred to as a *), and
  • during a period of (a postponement of loan payments).

2) Unsubsidized Loans – interest bearing.

  • The student is responsible for paying the interest on a Direct Unsubsidized Loan during all periods.

**In order to be eligible for a student loan, a student must be enrolled in a minimum of 6 credit hours in the student’s degree program and be meeting the standards of academic progress.**

**Per federal regulations, a first-time college student is subject to a 30-day waiting period before loans are allowed to be disbursed.**

**Students can access their loan information at**

Applying for a Student Loan

  • Submit the FAFSA application for the aid year you wish to attend at
  • Complete all unsatisfied requirements on your MyNACC account.
  • Once the award is complete (student will receive notification), you must accept your student loan on your MyNACC account.
  • Once you have completed the steps above, go to

    1) Complete the Entrance Counseling
    (Choose Undergraduate Student & Northeast Alabama Community College)

    2) Complete the Master Promissory Note (Subsidized/Unsubsidized Loan)
    (Choose Undergraduate Student)

    Entrance Counseling and Master Promissory Note

How to Accept, Modify, or Decline a Student Loan

Click here for instructions on how to accept, modify, or decline a student loan on your MyNACC account or view the video below.


Who should complete exit counseling?
Students who have received subsidized, unsubsidized, or PLUS loans under the Direct Loan Program, must complete exit counseling each time the student drops below half-time enrollment, graduates, or leaves school.

Where do you complete exit counseling?

To complete exit counseling, go to and select "Manage Loans" and "Complete Exit Counseling". Click here to watch a quick tutorial on how to complete Exit Counseling.

Exit Counseling

Picture of Federal Loan Information


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