Loans | Central Baptist College


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.

Cohort Default Rate

A cohort default rate is the percentage of a school’s borrowers who enter 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, and default or meets other specified conditions prior to the end of the second following fiscal year.

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

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 Loans must complete “Loan Entrance Counseling” and a “Master Promissory Note” at

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.

NSLDS - National Student Loan Data System
As a borrower, you should stay informed about your student loans.  Your complete loan history is available to you on the NSLDS website.
To access your information you will need your FSA ID.
Federal Student Aid Information Center - Visit the Web site or call for general information about student aid. From the Web site, you can access a variety of student aid publications in English and Spanish.
 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.

Borrower Sevices at the Direct Loan Servicing Center - Visit the Web site or call to get your loan account information, obtain a deferment or forbearance application, learn about making online payments, set up automatic payments, and much more.
Alternative Private Student Loans – Alternative private student loans are recommended only 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 type of  credit-based loan programs.  
FinancialAidReady – Use this tool to compare options about how to pay for school, budget for the school year, learn money skills and plan for after graduation.
Other Links: Direct Loan Entrance Counseling
Direct Loan Exit Counseling