Loans

CCBC participates in the Department of Education's Federal Direct Loan Program which includes subsidized loans, unsubsidized loans for students, and parent (PLUS) loans.  The Loan Process has changed for the 16-17 aid year. 

Applying for a student loan

Beginning Fall 2016, students will be offered loans via your SIMON account.  After your file is completed, within 2 business days, you should see your eligibility for loans. New CCBC loan borrowers must still complete the following requirements:

  1. Entrance Counseling
  2. Master Promissory Note (MPN)

All students are encouraged to participate in Exit Counseling when you drop below half-time, withdraw completely, or graduate from CCBC.


Direct loan information

Subsidized Loan

  • Financial need required
  • Enrolled in a minimum of 6 credits/billable hours (half-time)
  • Federal government pays interests while you are in school during your grace period, and during deferments
  • If disbursed between 7/1/2016 through 6/30/2017, it will have a fixed interest rate of 3.76%
    • The origination fee from 7/1/2016 through 9/30/2016 will be 1.068%
    • The origination fee from 10/1/2016 through 6/30/2017 will be 1.069%

Unsubsidized Loan

  • Enrolled in a minimum of 6 billable hours (half-time)
  • Interest is calculated from first disbursement
  • If disbursed between 7/1/2016 through 6/30/2017, it will have a fixed interest rate of 3.76%
    • The origination fee from 7/1/2016 through 9/30/2016 will be 1.068% 
    • The origination fee from 10/1/2016 through 6/30/2017 will be 1.069%

Parent Loan (PLUS)

Parent Loan for Undergraduate Student (PLUS) Process:
  1. The student must complete a FAFSA.
  2. The parent must complete the loan application with the Department of Education. Click “Log In.” After logging in with your FSA username and password, read and complete all the requested information.
  3. If APPROVED, the parent must complete a PLUS Master Promissory Note (MPN). If DECLINED, the student may complete the box on the back of this CCBC PLUS Loan Application Request form (select the correct aid year).
  4. Whether the PLUS loan is approved or declined, return the CCBC Loan Application Request form (select the correct aid year) to our office.

If disbursed between 7/1/2016 through 6/30/2017, it will have a fixed interest rate of 6.31%

  • The origination fee from 7/1/2016 through 9/30/2016 will be 4.272% 
  • The origination fee from 10/1/2016 through 6/30/2017 will be 4.276%

Direct Loan Consolidation

  • Borrowers are able to combine subsidized and unsubsidized loans into one loan.
  • Visit Direct Loan Servicing Center for loan consolidation information.

Loan limits

Annual (Fall, Spring, and Summer)

Loan Type Subsidized Unsubsidized Total
First-Year Dependent
(0-27 credit hours earned)
$3,500 $2,000 $5,500
Second-Year Dependent
(28 or more credit hours earned)
$4,500 $2,000 $6,500
First-Year Independent
(0-27 credit hours earned)
$3,500 $6,000 $9,500
Second-Year Independent
(28 or more credit hours earned)
$4,500 $6,000 $10,500

Lifetime loan limits for undergraduates

  • Dependent $31,000 (no more than $23,000 may be subsidized)
  • Independent $57,500 (no more than $23,000 may be subsidized)

Loan disbursement information

  • Check your SIMON for disbursement dates.  After logging in, follow these steps:
    1. Click on the Financial Aid tab.
    2. Click on Award.
    3. Click on Award Disbursement Schedule.
    4. Select the correct aid year using the drop-down menu.
    5. Located the date under the Expected Date column.
  • Continuing/returning CCBC borrowers receive their first loan disbursement about three (3) weeks from the start of the semester.  New students must wait at least 30 days to receive their first disbursement.
  • Refunds are processed by the Bursar's office and are mailed to your mailing address on file with CCBC within 14 days from the date of disbursement.  Check your SIMON for specific account information.
  • Loan proceeds are disbursed in two equal payments between the fall and spring.  If you have a one-semester only loan (Fall only, Spring only, or Summer only), it will be disbursed in two equal payments within that same semester.

Student Loan Ombudsman

The FSA Ombudsman receives, reviews, and attempts to resolve informally, complaints from loan borrowers. The Ombudsman also compiles and analyzes data on complaints and makes appropriate recommendations. Mail:
U. S. Department of Education
FSA Ombudsman
830 First Street, NE
Fourth Floor
Washington, DC 20202-5144