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Federal Direct Loan Program

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: 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:

  1. Entrance Counseling is required prior to filling out the loan application.  Go to http://mappingyourfuture.org.  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.
  2. Complete the Direct Loan Application. 
    1. Click on www.studentloans.gov.
    2. Click on SIGN IN.
    3. Click on APPLY MPN.
    4. Click on Apply for a Subsidized /Unsubsidized Direct Loan, then follow the instructions.
  3. After completing the entrance counseling and Direct Loan application, complete the Direct Loan Information Form and mail it to:
    • Craven Community College
    • Attention: Susie Games - Financial Aid
    • 800 College Court
    • New Bern, NC  28562

Direct Loan Tip and Information Form (Word) | Direct Loan Tip and Information Form (pdf)

See the information below to help you determine the maximum you can borrow for an academic year.  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. Once it has been posted, please allow up to 3 weeks to received a check in the mail.  Note – if you are a first time borrower, see the disbursement date under “Important Dates” on our website.

You may contact Susie Games at gamess@cravencc.edu if you have questions or 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.

IMPORTANT

PLEASE READ THE INFORMATION BELOW ON DIRECT LOANS

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, 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

  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 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.

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

    Dependent students : $23,000.00
    Independent Students : $46,000.00

  3. All student borrowers are required to complete Federal Direct Loan entrance counseling. To complete entrance counseling, student borrowers should go to http://mappingyourfuture.org.
  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. Student borrowers must be maintaining satisfactory academic progress, 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.
  7. It is the student borrower's responsibility to notify the school of any change in his/her address.
  8. 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.
  9. 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.
  10. Direct Loan 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 http://mappingyourfuture.org.
  11. A student borrower will need to be attending at least six (6) credit hours to be eligible to receive a loan check.  Taking a class that does not begin at the beginning of a term (For example, a B-term class beginning in the middle of a Term) will cause a student’s loan disbursement to be delayed if the late start or B-term class is what makes the student 6 credit hours.
  12. 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 guidelines.  You must repay the loan even if you do not complete you program of study.

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 www.nslds.ed.gov for this information.

Remember – loans must REPAID – borrow wisely.