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.


The William D. Ford Federal Direct Loan Program

1. Direct Subsidized Loans: 

  • Based on Financial Need
  • Annual amounts based on classification:  FR - $3500, SO - $4500, JR/SR - $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 also 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 "Student 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.
 
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 SSN, date of birth, and your FAFSA PIN number.  You can retreive your FAFSA PIN number by going to the PIN site at www.pin.ed.gov.
 
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)
www.FederalStudentAid.ed.gov
 
Direct Loan Consolidation Center - For everthing you need to know about Direct Consilidation Loans and for an online application.
1-800-557-7392
www.loanconsolidation.ed.gov
 
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.
1-800-848-0979
www.myedaccount.com 
 

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.  
 
Other Links:
Direct Loan Entrance Counseling 
Direct Loan Exit Counseling