Types of Loans

Cape Cod Community College participates in the Federal Direct Stafford loan program. The College manages the process from issuing these funds directly for the US Department of Education to the student. Neither the school or student receives financial incentives for choosing to borrow Direct Loans.

To qualify for a Federal Direct Loan you must complete the following:

1. Entrance Counseling for Undergraduates: www.StudentLoans.gov
2. Master Promissory Note for Undergraduates: www.StudentLoans.gov
3. Loan Amount Request Form

Federal Direct Stafford Student Loan

For detailed information on federal education loans, please review www.studentaid.gov.

Annual Award Limits

In most cases, loans are awarded for the full academic year.  All loans are paid in two disbursements – usually half for fall semester and half for spring semester.

Federal subsidized loans are need-based and do not accrue interest while enrolled at least half time.  Subsidized loans will not exceed $3500 (1^st year) or $4500 (2^nd year).  Unsubsidized loans are not need-based and will accrue interest while attending college.

Below are annual maximums available.  Actual awards are based on cost of attendance and other aid received.  Subsidized will be determined based on federal financial need up to the annual limit.

Dependent Students (FAFSA includes parent information)

• 1^st year (under 30 credits earned or in a certificate)             $5500 per year
• 2^nd year (Associate degree with over 30 credits) $6500 per year

Independent Students (FAFSA does not include parent information)

• 1^st year (under 30 credits earned or in a certificate)             $9500 per year
• 2^nd year (Associate degree with over 30 credits) $10500 per year

Federal student loans also have aggregate borrowing limits based on all previous borrowing at all schools. 

Application Process

1. Complete the Free Application for Federal Student Aid (FAFSA) at studentaid.gov
2. Meet the College’s Satisfactory Academic Progress standards
3. Enroll in at least 6 credits per semester
4. Complete Entrance Counseling each year at studentaid.gov
5. Complete the Master Promissory Note (MPN) each year at studentaid.gov
6. Complete the Loan Request Form (link…???) and submit to the Financial Aid Office

Federal Parent PLUS Loan

The Federal PLUS loan is available to parents of dependent students.  The PLUS loan application requires credit approval.  Parents may borrow up to the cost of attendance less al other sources of financial aid, including student loans.  PLUS loan payments can be deferred while the student is enrolled at least half time, but interest will accrue.

Application Process

1. The student must complete the Free Application for Federal Student Aid (FAFSA) at studentaid.gov
2. The student must meet the College’s Satisfactory Academic Progress standards
3. The student must enroll in at least 6 credits per semester
4. Complete the PLUS application and receive credit approval at www.studentaid.gov
5. Complete the Master Promissory Note (MPN) each year at studentaid.gov

Private Education Loans

Alternative higher education loans are available from private lenders.  These loans require credit approval and may require a co-signer.  The amount available, interest rate, and application process varies by lender.  The maximum amount4Cs can approve is the cost of attendance less all other financial aid, including federal loans.