Federal Direct Loan Program

 
 
 

CCBC participates in the Department of Education's Federal Direct Loan Program which includes subsidized, unsubsidized for students, and parent (PLUS) loans.



Applying for a Student Loan

You may be eligible for a Federal Direct loan even if you are not eligible for a Federal Pell Grant. CCBC does not automatically award student loans. Please follow these instructions:

1. Submit the Free Application for Federal Student Aid (FAFSA).

2. Submit any requested financial aid documents. Document requirements are listed in your CCBC SIMON account.

3. Complete the following requirements in this order:

a. 2014-2015 Federal Direct Loan Request Form

b. Online entrance counseling. Required each academic year.

c. Master Promissory Note (MPN).

4. Participate in Exit Counseling when you graduate from CCBC, withdraw, or if you attend less than half-time.

Direct Loan Information

Stafford Loans
Subsidized Loan
  • Financial need required
  • Must be enrolled half-time (at least 6 billable/credit hours)
  • Federal government pays interests while you are in school
  • If disbursed between 7/1/2014 through 6/30/2015, it will have a fixed interest rate of 4.66%
    • The origination fee from 7/1/2014 through 9/30/2014 will be 1.072%
    • The origination fee from 10/1/2014 through 6/30/2015 will be 1.073%
  • If disbursed between 7/1/2013 through 6/30/2014, it will have a fixed interest rate of 3.86%
    • The origination fee from 7/1/2013 through 9/30/2013 will be 1.051%
    • The origination fee from 10/1/2013 through 6/30/2014 will be 1.072%
Unsubsidized Loan
  • Financial need is not required
  • Must be enrolled half-time (at least 6 billable/credit hours)
  • Interest accrues throughout the life of the loan
  • If disbursed between 7/1/2014 through 6/30/2015, it will have a fixed interest rate of 4.66%
    • The origination fee from 7/1/2014 through 9/30/2014 will be 1.072%
    • The origination fee from 10/1/2014 through 6/30/2015 will be 1.073%
  • If disbursed between 7/1/2013 through 6/30/2014, it will have a fixed interest rate of 3.86%
    • The origination fee from 7/1/2013 through 9/30/2013 will be 1.051%
    • The origination fee from 10/1/2013 through 6/30/2014 will be 1.072%
Parent Loan (PLUS)
  • Available to parents of dependent students enrolled half-time (at least 6 billable/credit hours)
  • Credit check must be performed by the Department of Education
  • Parent and student must complete the PLUS Loan Request Form
  • If approved, the parent must complete a PLUS MPN
  • If disbursed between 7/1/2014 through 6/30/2015, it will have a fixed interest rate of 7.21%
    • The origination fee from 7/1/2014 through 9/30/2014 will be 4.288%
    • The origination fee from 10/1/2014 through 6/30/2015 will be 4.292%
  • If disbursed between 7/1/2013 through 6/30/2014, it will have a fixed interest rate of 6.41%
    • The origination fee from 7/1/2013 through 9/30/2013 will be 4.204%
    • The origination fee from 10/1/2013 through 6/30/2014 will be 4.288%

    Direct Loan Consolidation

    • Borrowers are able to combine subsidized and unsubsidized loans into one loan.
    • Visit Direct Loan Servicing Center for loan consolidation information.

    Loan Limits

    Annual (Fall, Spring, and Summer)

Subsidized Unsubsidized Total*
First-Year Dependent (0-27 credit hours earned) $3,500 $2,000 $5,500
Second-Year Dependent (28 or more credit hours earned $4,500 $2,000 $6,500
First-Year Independent (0-27 credit hours earned) $3,500 $6,000 $9,500
Second-Year Independent (28 or more credit hours earned) $4,500 $6,000 $10,500

* 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

  • Dependent $31,000 (no more than $23,000 may be subsidized)
  • Independent $57,500 (no more than $23,000 may be subsidized)

Loan Disbursement Information

  • First-time CCBC borrowers receive their first loan disbursement 30 days after the start of classes
  • Continuing/returning CCBC borrowers receive their first loan disbursement about three (3) weeks from the start of the semester.
  • 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.
  • Loan proceeds are disbursed in two equal payments for fall and spring loans or semester-only loans.
Learn more about Federal Student Loan Servicing 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.
  • Internet: http://ombudsman.ed.gov

  • Toll-free telephone: (877) 557-2575

  • Fax number: (202) 275-0579

  • Mail:
    U. S. Department of Education
    FSA Ombudsman
    830 First Street, NE
    Fourth Floor
    Washington, DC 20202-5144

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