Grants, Loans & Work Study


Grants are types of funding you receive for your education that you don’t have to repay.  Some grants are awarded according to your financial need, some according to the number of hours enrolled, and some according to your major of study.

The following grants are awarded by the Federal Government and do not have to be repaid.


Pell Grant

  • Amounts range from $661 - $6495 per academic year (Current amounts for 2021-22)

  • Based on financial need

  • Apply for a Pell Grant by completing the FAFSA at 

    • CBC school code:  001093

Pell grant limits:  Students can only receive a Pell Grant for the equivalent of 12 full-time semesters (6 years).  It is critical that you stay on track with your degree plan so that you complete your education before you run our of Pell eligibility.   

Federal Supplemental Educational Opportunity Grant (FSEOG)

  • Amounts range from $0 – $500

  • Must have a “0 EFC” on the Student Air Report.

  • Priority for this grant is reserved for those who complete their FAFSA earliest.

  • Apply for F.S.E.O.G. by completing the FAFSA at



Student loans are designed to help students cover expenses while attending an institution of higher education.  CBC participates in the Federal Direct Student Loan Program, the Federal Direct Parent PLUS Loan program, as well as, Alternative Private Student Loans.

On average, about 62% of Central Baptist College students use student loans to help pay for their college costs.

Before you borrow, you should gather as much information as possible about the different types of loans available to you as the student.

Use our FASTChoice loan decision tool.  You find information about how borrowing will affect you today and in the future, as well as information about the different loan options you have.


Cohort Default Rate

A cohort default rate is a percentage of a school’s borrowers who default on their student loans after entering repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans during a particular federal fiscal year (FY), October 1 to September 30, or who meet other specified conditions prior to the end of the second following fiscal year.

You can find the cohort default rate for Central Baptist College or any other higher education institution by searching on the U.S. Department of Education’s web page.

The William D. Ford Federal Direct Loan Program

1. Direct Subsidized Loans:

  • Based on Financial Need

  • Annual amounts based on classification:  Freshman – $3500, Sophomore – $4500, Junior/Senior – $5500

    • Must complete Free Application for Federal Student Aid (FAFSA) each year at

    • Use school code:  001093.

2. Direct Unsubsidized Loans:

  • Not need-based

  • Annual amounts based on classification and dependency status

  • Must complete Free Application for Federal Student Aid (FAFSA) each year at

3. Direct PLUS (Parent Loan for Undergraduate Students) Loans:

  • Not need-based

  • Annual amounts vary depending on the cost of attendance and other aid

  • Parents apply for a Direct PLUS loan at

  • Parents of dependent students are able to borrow money on behalf of their students in addition to Federal Direct Student Loans.  Any amount can be borrowed as long as the student’s financial aid package does not exceed their Cost of Attendance Budget.

All borrowers of Federal Direct Student or Parent PLUS Loans must complete the following: