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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:

All borrowers must complete Exit Counseling when leaving CBC or graduating.

Direct Loan Disbursements - Loans will be disbursed in at least two installments – one disbursement per semester during an academic year. No installment will be greater than half the amount of your loan. One-semester loans must also disburse in two installments - one about two weeks after the semester begins and the second after the mid-point of the semester. If you are a first-year undergraduate student and a first-time borrower, your first disbursement can’t be made until 30 days after the first day of your enrollment period.

Manage your student loans at  Find information about:

  • Preparing to borrow

  • Preparing for repayment

  • How to find your loan servicer

  • Estimating your payments

  • Making a loan payment

Federal Student Aid Help Center 

1-800-4-FED-AID (1-800-433-3243)

Direct Loan Consolidation Center

For everything you need to know about Direct Consolidation Loans and for an online application.


Considering consolidation? 

Click here to review this webpage which presents various consolidation options, along with the pros and cons of each option, to help you make an informed decision.

Alternative Private Student Loans

Alternative private student loans are recommended for students who have exhausted all of their eligibility for Federal Direct Subsidized, Unsubsidized, and Parent PLUS loans, or are not eligible for Federal Direct Student Loans, or Parent PLUS loans.  Any amount can be borrowed as long as the student’s financial aid package does not exceed their Cost of Attendance Budget.  Several lenders offer these types of credit-based loan programs. Visit this website to find more information about private student loans -



There are two types of work-study offered at Central Baptist College.

  • Federal Work-Study: need-based employment, funding provided by the federal government

    • Eligibility is based on financial need. Eligibility does not guarantee employment.  Employment is based on job availability.

    • Students must complete the FAFSA at

  • Institutional Work-Study: not based on financial need, wages paid by CBC


Apply here for work-study.

Examples of work-study jobs:

  • Business Office – filing, etc.

  • Library positions – main desk

  • Custodial/Maintenance

  • Food services

Work Study
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