Financial Aid

Federal Direct Loan Program


Direct Loan requests will NOT be processed between November 1, 2013 and December 1, 2013. Any loan requests turned in between this time will be processed AFTER December 1, 2013.

Craven Community College will begin processing Direct Loan applications for the 2013/2014 academic year after July 1, 2013. Please turn in any loan requests for the 2013/2014 academic year AFTER July 1, 2013.

Video: What is a Loan?

"Please read completely through all the steps before you begin.
To ensure you have completed all the steps to help in the timely processing of your loan request, print this page and check off each step as it is completed."

Applying for a Direct Loan at Craven Community College

A completed Free Application for Federal Student Aid (FAFSA) is the first step in applying for a Direct Loan with Craven Community College: 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:

  1. Go to and
  2. Sign in (You will need your FAFSA PIN to complete the loan information. If you do not have a PIN, or have forgotten it, go to
    1. Complete Undergraduate Entrance Counseling (on left hand margin)
    2. Complete/sign a new Master Promissory Note (MPN) for Subsidized/Unsubsidized loans.
  3. Visit Click on Financial Aid Review.

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.

  1. Complete the Financial Literacy counseling at Select “North Carolina” and then select “Craven Community College”.
    Read the content and answer the questions. PRINT the confirmation page that appears after you fill out the student information form. Attach this confirmation page to the Direct Loan Request form.
  2. Complete the Direct Loan Request Form: Direct Loan Request Form - (doc).
  3. Mail the Direct Loan Request Form, Financial Literacy confirmation and the NSLDS information to:
    Craven Community College
    Attention: Susie Games - Financial Aid
    800 College Court
    New Bern, NC 28562

What Happens Next

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Remember – loans must REPAID – borrow wisely.


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 if you have questions.
If you need an appointment to discuss how much you are eligible to borrow, you can make the appointment at our Financial Aid Appointment Scheduler on our website.
NOTE: The amount received in subsidized or unsubsidized loan is determined by your individual eligibility.


Federal Direct Loan Program

The 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, Master Promissory Note (MPN), participate in entrance and exit counseling, complete Financial Literacy Counseling, printout NSLDS information, and complete Craven Community College Direct Loan Request Form. 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

  1. Annual limits for (Subsidized Loan)

    First year students (0-29 hours earned) $3500.00
    Second year students (30 or more hours earned) $4500.00

    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 loan application.

    Independent students may be able to apply for an unsubsidized loan. The combined total of subsidized and unsubsidized annual debt cannot exceed $9,500 for freshmen and $10,500 for sophomores. Contact the Financial Aid Office for more information.

  2. The total amount of loan debt (both subsidized and unsubsidized) you can accumulate as an undergraduate student is:

    Dependent students $31,000.00
    Independent Students $57,500.00
  3. All student borrowers are required to complete Federal Direct Loan entrance counseling. To complete entrance counseling, student borrowers should go to

  4. The Federal Direct loan is made in "multiple disbursements." Normally, the student borrower will receive two equal disbursements, one during each regular enrollment period (Fall and Spring). Different circumstances may alter the disbursement dates, so check with the Financial Aid Office if you have any questions.

  5. First time, first year borrowers, those students attending Craven Community College for the first time who have not previously received a Federal Direct loan, may not receive their first loan disbursement until they have been enrolled at Craven Community College for at least thirty days.

  6. It is the student borrower’s responsibility to notify the school of any change in his/her address.

  7. Student borrowers have a six month grace period from the day the student graduates, drops below half time or withdraws completely from school before repayment begins. If the student returns to school before six months have elapsed, he/she will once again have a six-month grace period when enrollment is terminated.

  8. If the student borrower withdraws completely prior to the 60 percent point of the semester, he or she will owe a portion of the loan money received to the college once notification is received. Repayment will begin according to lender guidelines.

  9. Exit counseling is required once the student borrower drops below halftime, withdraws from all classes, or graduates. Exit counseling is designed to prepare a student for repayment of his/her student loans and help him/her with personal financial management. To complete exit counseling, students should go to

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

If you need to know who services your loan or how much you have already borrowed, go to for this information.

Remember – loans have to be repaid – borrow wisely.