Loans
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 meet 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 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.
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.
1-800-4-FED-AID (1-800-433-3243)
1-800-557-7392
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.
1-800-848-0979
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.
Direct Loan Exit Counseling