Loans

CCBC participates in the Department of Education's Federal Direct Loan Program which includes subsidized and unsubsidized loans for students, and PLUS loans for parents. 

Applying for a student loan

Once a student has a completed file, within one week, student loan(s) will be offered through their SIMON account. After accessing your SIMON account, follow these steps to accept or decline your loans:

  • Click on Financial Aid tab.
  • Click on Financial Aid Status.
  • Select Aid Year and click Submit.
  • Click on Awarded.
  • Click on Terms and Conditions tab.
  • Read all of the Terms and Conditions and select Accept.
  • Click on Accept Award Offer.
  • Use the drop-down menu to accept or decline your loan(s) and Submit Decision.
     

After you have completed these steps, all new CCBC loan borrowers must 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.


Enrollment and disbursement

Enrollment Status

Students must be half-time status to have any loans disbursed to their account.  This requires active enrollment in 6 credits/billable hours every semester.

Dual Disbursements

Federal student loans require two disbursements. Students with fall/spring loans will receive one disbursement in the Fall semester and one in the Spring. If a student has a Fall only or Spring only loan, it will still be disbursed in two equal amounts within the same semester.

You can review your loan disbursement amounts in your SIMON account.

Loan Disbursement

Check your SIMON account 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. Locate the date under the Expected Date column.

Refunds are processed by the Bursar's office.  Per federal laws, CCBC has 14 days from the date of disbursement to supply a student with a refund.

Types of loans

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 disbursement is made
    • On or after July 1, 2018 and before July 1, 2019, it will have a fixed interest rate of 5.05%
    • On or after July 1, 2019 and before July 1, 2020, it will have a fixed interest rate of 4.53%
  • An origination fee is applied to each loan disbursed from:
    • October 1, 2018 through September 30, 2019 will be 1.062%
    • October 1, 2019 through September 30, 2020 will be 1.059%

Unsubsidized Loan

  • Enrolled in a minimum of 6 billable or credit hours (half-time)
  • Interest is calculated from first disbursement
  • If disbursement is made:
    • On or after July 1, 2018 and before July 1, 2019, it will have a fixed interest rate of 5.05%
    • On or after July 1, 2019 and before July 1, 2020, it will have a fixed interest rate of 4.53%
  • An origination fee is applied to each loan disbursed from:
    • October 1, 2018 through September 30, 2019 will be 1.062%
    • October 1, 2019 through September 30, 2020 will be 1.059%

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 disbursement is made on or after July 1, 2019 and before July 1, 2020, it will have a fixed interest rate of 7.08%

  • The origination fee from 10/1/2018 through 9/30/2019 will be 4.248%
  • The origination fee from 10/1/2019 through 9/30/2020 will be 4.236%

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)

Time limitation for Subsidized loans

After July 1, 2013, first-time Direct Loan Borrowers will be subject to new regulation by the Department of Educations which limits Subsidized loan eligibility. In general, a student may not receive Direct Subsidized Loans for more than 150% of the published length of their program. Therefore, timely degree completion can help prevent extra costs incurred by borrowers who could lose the benefit of having the government paying the interest on their loan while in school.

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.
  • Online
  • Toll-free telephone: 877.557.2575
  • Fax number: 202.275.0579
Mail:
U. S. Department of Education
FSA Ombudsman
830 First Street, NE
Fourth Floor
Washington, DC 20202-5144