Applying for a Stafford Loan at Craven Community College

A completed Free Application for Federal Student Aid (FAFSA) is the first step in applying for a Stafford Loan with Craven Community College. (www.fafsa.ed.gov) After you have completed the FAFSA for the current academicyear, and received an award notification from Craven Community College, you then need to complete ALL the following steps:

Entrance Counseling is required prior to filling out the loan application. Go to http://mappingyourfuture.org . Click on "Complete Online Student Loan Counseling" (left hand margin), then "Stafford Entrance". Make sure you list Craven Community College as the school you are entering to ensure the Financial Aid office receives confirmation the counseling has been completed.
Complete the Stafford Loan Application. Click on the link for the ELM website, http://www.elmselect.com . Complete a loan application with the lender of your choice.
Two (2) business days (business days are Monday through Friday) after completing the entrance counseling and loan application, call Susie Games at 638-7451 for an appointment to discuss how much you are eligible to borrow and disbursement dates. The amount received in subsidized or unsubsidized loan is determined by your individual eligibility. All loan checks are picked up at the cashier's window.

Important information concerning Stafford Loans

*Entrance & Exit Loan Counseling

An Entrance Loan Interview (http://mappingyourfuture.org) is required prior to filling out the loan application.

Federal regulations require Student loan borrowers to complete an Exit Interview counseling session before graduating or dropping below half-time (less than 6 credit hours). The exit counseling session provides information about how to manage student loans after college.

On both Entrance and Exit counseling, you must list Craven Community College as the school you are entering/leaving to ensure the Financial Aid office received confirmation the counseling has been completed.

*Eligibility Requirements

Student borrowers must be maintaining satisfactory academic progress (SAP), as defined by Craven Community College, to receive a loan check. This means a student has to maintain a minimum cumulative grade point average with Craven of a 2.0, pass two-thirds (67%) of the course work attempted (course work attempted includes withdrawals, automatic withdrawals, incompletes and repeated courses) and complete degree requirements within 150% of the published program length for a full-time student. See Satisfactory Academic Progress section of the financial aid site to get more information concerning SAP.

A student borrower will need to be attending at least six (6) credit hours to be eligible to receive a loan check.

Disbursement dates are listed in the financial aid section of our website.

*General Information

The maximum amount a student may borrow each academic year depends on 1) year in college as determined by the credits completed toward the program, 2) length of academic program, and 3) established cost of attendance at Craven. The maximum Subsidized Stafford Loan for a first year student (0-29 hours earned) is $3,500. The maximum Subsidized Stafford Loan for a second year student (30 or more hours earned) is $4.500. Your maximum eligibility for a subsidized Stafford loan may be less based on your Expected Family Contribution (EFC) figure, other financial aid and scholarships received. Your maximum Subsidized Stafford Loan will be determined when you meet with the financial aid loan counselor.

Independent students may be eligible to apply for an unsubsidized Stafford Loan. The combined total of subsidized and unsubsidized annual debt cannot exceed $7,500 for first year students and $8,500 for second year students.

Subsidized Stafford Loans means that the borrower is eligible for federal interest benefits and the interest on the loan is paid by the Federal Government while the borrower is enrolled and attending college at least half time. An unsubsidized Stafford loan means that the student does not qualify for this benefit and therefore is responsible for paying all accrued interest.

Depending on the student's financial need, as determined by the US Department of Education and the Financial Aid Office, the requested loan amount may include subsidized and unsubsidized loans.

Applicants must remember that loans have to be repaid and should borrow as little as possible. Loan repayment generally begins six months after the student ceases to be enrolled at least half time. As a borrower, you are obligated to repay the loan in accordance with the lenders' guidelines. You must repay the loan even if you do not complete you program of study.

The lender may charge the borrower an origination fee of up to 3% on the loan principal. The fee will be deducted proportionately from each disbursement. In addition, an insurance fee of up to 3% of the loan principal may be deducted from each disbursement.

*Picking up Loan Checks

When your loan check comes in – your attendance will be verified to make sure you are still enrolled for at least 6 credit hours. You may pick up your loan check at the cashiers window. You must present a pictured I.D.
If a student is taking distance education courses, and does not live close to the college, the loan check can be mailed at the student's expense.
When the 2^nd loan check is received by CCC – the student borrower's GPA, passing percentage and enrollment status will be verified. If the student borrower's GPA is a 2.0 or greater, they are passing at least two-thirds (67%) of their course work attempted, and attending at least 6 credit hours, the student will be able to pick up your 2^nd disbursement.