Federal Direct Loan ProgramApplying for a Direct Loan at Craven Community CollegeA completed Free Application for Federal Student Aid (FAFSA) is the first step in applying for a Direct Loan with Craven Community College: www.fafsa.ed.gov. After you have completed the FAFSA for the current academic year, and received an award notification from Craven Community College, you then need to complete ALL the following steps:
Accept the terms, and log in using your FAFSA PIN. If you have received loans or grants in the past, your information will be displayed. Review your current outstanding loan amounts. The amount displayed, plus interest, must be repaid in the future or it could be detrimental to your credit history. Applicants must remember loans have to be repaid and should borrow as little as possible. You must print out this information and attach it to your loan request form. NOTE: If you have not had any grants or loans, you will get a message stating “Your identifiers were not found”. Print this and attach to your loan form.
What Happens Next
*** STUDENT BORROWERS ARE REQUIRED TO COMPLETE EXIT COUNSELING Before leaving Craven Community College, OR if you drop below 6 credit hours, you must complete the Exit Counseling at https://www.studentloans.gov. At the end you will send confirmation to Craven Community College showing you have completed the Exit Counseling. You may contact Susie Games at gamess@cravencc.edu if you have questions or you can make an appointment with a financial aid counselor by using our Financial Aid - Appointment Scheduler. if you need an appointment to discuss how much you are eligible to borrow. NOTE: The amount received in subsidized or unsubsidized loan is determined by your individual eligibility. NOTE: Tuition, fees and books are deducted from any Grant or Loan check. If you have any questions about your current or previous loan (your responsibilities, regulations, payment options, complaints, etc.) you may contact our lender or the Department of Education’s Loan Ombudsman at http://www.ombudsman.ed.gov/. Need to know who services your loan or how much you have already borrowed, go to http://www.nslds.ed.gov/ for this information. Remember – loans must REPAID – borrow wisely. Important Please read the information below on Direct Loans The financial aid office will review your application and post to your account what you are eligible to receive. Please check WebAdvisor to see when your loan has been posted. You may contact Susie Games at gamess@cravencc.edu if you have questions. IMPORTANT Federal Direct Loan ProgramThe Federal Direct Loan Program includes subsidized and unsubsidized loans and Federal PLUS Loans to parents. A subsidized loan 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 loan means that the borrower is not eligible for this benefit. Applicants must remember loans have to be repaid and should borrow as little as possible. Students must complete a FAFSA, student loan application and participate in entrance and exit counseling. 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 your program of study. General Information
First year students (0-29 hours earned) $3500.00 Your maximum eligibility for a subsidized loan may be less based on your Effective Family Contribution (EFC) figure, other financial aid and scholarships received. Your maximum subsidized loan will be determined when you complete the steps listed above. In Addition, dependent students may borrow an additional unsubsidized loan of $2,000.00 and independent students may borrow an additional unsubsidized loan of $6,000.00. Please remember it is extremely important for students to borrow wisely. 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.
Dependent students $23,000.00
If you have any questions about your current or previous loan (your responsibilities, regulations, payment options, complaints, etc.) you may contact our lender or the Department of Educations’s Loan Ombudsman at http://www.ombudsman.ed.gov/. If you need to know who services your loan or how much you have already borrowed, go to www.nslds.ed.gov for this information. Remember – loans have to be repaid – borrow wisely. |





