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.
Before you borrow, you should gather as much information as possible about the different types of loans available to you as the student.
CLICK HERE to 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.
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 www.fafsa.ed.gov. 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 www.fafsa.ed.gov.
3. Direct PLUS (Parent Loan for Undergraduate Students) Loans:
- Not need based
- Annual amounts vary depending on cost of attendance and other aid
- Parents apply for a Direct PLUS loan at www.studentloans.gov.
- Parents of dependent students are able to borrow money on behalf of their student 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 Loans must complete “Loan Entrance Counseling” and a “Master Promissory Note” at www.studentloans.gov.
Direct 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. 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.
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.
Direct Loan Exit Counseling