CCBC participates in the Department of Education's Federal Direct Loan Program which includes subsidized, unsubsidized for students, and parent (PLUS) loans. The Financial Aid office believes you will find the Direct Loan option quick and convenient.
Applying for a Student Loan
You may be eligible to borrow funds using a Federal Direct loan even if you are not eligible for a Federal Pell Grant. CCBC does not automatically begin the loan application for the Federal Direct program. Follow these instructions:
1. Submit the Free Application for Federal Student Aid (FAFSA).
2. Submit the required documents (only if you are selected for verification):
a. Dependent or Independent verification worksheet.
b. Signed copies of federal tax returns (both student and parent, if applicable).
3. Submit the loan documents:
a. Federal Direct Loan Request Form
b. Electronic Master Promissory Note (e-MPN).
4. Participate in the required in-person group Entrance Counseling for first-time borrowers only. Returning borrowers must complete the NSLDS Worksheet.
5. Participate in Exit Counseling when you graduate from CCBC, withdraw, or if you attend less than half-time.
Direct Loan Descriptions and Features
Subsidized Loan
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Financial need required
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Enrolled in a minimum of 6 billable hours (half-time)
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Federal government pays all interest on subsidized loan as long as you are enrolled at least half-time, during your grace period, and during deferments
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Subsidized loans disbursed from July 1, 2011 through June 30, 2012 will have a fixed interest rate of 3.4%.
Unsubsidized Loan
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Financial need not required
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Enrolled in a minimum of 6 billable hours (half-time)
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Interest accumulates throughout the life of the loan
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Unsubsidized loans have a fixed interest rate of 6.8%.
Parent Loan (PLUS)
Direct Loan Consolidation
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Borrowers are able to combine subsidized and unsubsidized loans into one loan.
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Visit Direct Loan Servicing Center for loan consolidation information.
Loan Limits
Annual (Fall, Spring, and Summer)
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Subsidized
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Unsubsidized
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Total*
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First-Year Dependent (0-27 credit hours earned)
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$3,500
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$2,000
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$5,500
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Second-Year Dependent (28 or more credit hours earned
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$4,500
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$2,000
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$6,500
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First-Year Independent (0-27 credit hours earned)
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$3,500
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$6,000
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$9,500
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Second-Year Independent (28 or more credit hours earned)
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$4,500
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$6,000
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$10,500
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* Based on your FAFSA data, cost of attendance, expected family contribution (EFC), and other financial aid or resources, your loan may be certified for less than you requested. By Federal regulations, the Financial Aid office will award your maximum subsidized eligibility first.
Lifetime Loan Limits for Undergraduates
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Dependent $31,000 (no more than $23,000 may be subsidized)
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Independent $57,500 (no more than $23,000 may be subsidized)
Loan Disbursement Information
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First-time CCBC borrowers receive their first loan disbursement 30 days after the start of classes
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Continuing/returning CCBC borrowers receive their first loan disbursement about three (3) weeks from the start of the semester.
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Refunds are processed by the Bursar's office and are mailed to your home address on file with CCBC within 14 days from the date of disbursement.
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Loan proceeds are disbursed in two equal payments for fall and spring loans or semester-only loans.
To receive information on any loans borrowed through Direct lending,
click here or call (800) 848-0983.
Student Loan Ombudsman
The FSA Ombudsman receives, reviews, and attempts to resolve informally, complaints from loan borrowers. The Ombudsman also compiles and analyzes data on complaints and makes appropriate recommendations.
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Internet: http://ombudsman.ed.gov
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Toll-free telephone: (877) 557-2575
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Fax number: (202) 275-0579
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Mail:
U. S. Department of Education
FSA Ombudsman
830 First Street, NE
Fourth Floor
Washington, DC 20202-5144
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