NOTE: CCCC requires the student to complete a FAFSA before certifying all loans. Entrance counseling and a signed Master Promissory Note (MPN) are a requirement under the federal default-reduction regulations before disbursing the loan funds. All transfer students who are using Financial Aid must have all previous college transcripts submitted and evaluated for Satisfactory Academic Progress before aid will be awarded.
A student loan is considered self-help aid. It is a legal obligation, and the funds must be repaid (principal plus interest). Families whose income and savings are not sufficient to finance college costs may borrow funds through low-interest educational student loans. All borrowers are encouraged to carefully read and understand the obligation assumed in any student loan. Ask questions, know what the terms and conditions of the loan are, and do not borrow more than is needed. Borrowers are advised to read and keep personal files of all student loan materials. At Cloud County Community College, students loans can be obtained through the William D. Ford Direct Loan Program. These loan funds are William D. Ford Federal Direct Loans (Subsidized and Unsubsidized) and William D. Ford Federal Parent Loans (PLUS), and are borrowed directly from the federal government and processed through Cloud County Community College’s Financial Aid Office. Disbursement of these loans will be in at least two equal installments. Loans are not automatically applied to student accounts. Students must complete and return the Federal Direct Student Loan Acceptance Form located on the back of the award letter to request student loans. Students must also complete Entrance Counseling and the Master Promissory Note at www.studentloans.gov prior to any loan disbursement. Students are able to access their loan information at www.nslds.ed.gov/nslds_SA.
A Subsidized William D. Ford Federal Direct Loan is awarded on the basis of financial need. The government pays the interest on the loan while the student is in school. Direct Subsidized loans will not be eligible for an interest subsidy during the six month grace period. This provision eliminates the interest subsidy provided during the six-month grace period for subsidized loans who which the first disbursement is made on or after July 1, 2013 and before July 1, 2014. If you received a subsidized loan during this time frame, you will be responsible for the interest that accrues while your loan is in the grace period. You do not have to make payments during the grace period (unless you choose to) but the interest will be added (capitalized) to the principal amount of your loan when the grace period ends. This provision does not eliminate the interest subsidy while the borrower is in school or during eligible periods of deferment. Subsidized loans for which the first disbursement is on or after July 1, 2014 and prior to July 1, 2015, will have a 4.66% fixed interest rate. An Unsubsidized William D. Ford Federal Direct Loan is not awarded on the basis of financial need. Unsubsidized loans for which the first disbursement is on or after July 1, 2014 and prior to July 1, 2015, will have a 4.66% fixed interest rate. The interest rate for William D. Ford Direct Loans is adjusted every July 1, and is based on the 10-year Treasury Note plus a statutorily defined "add-on". Interest is charged from the time the loan is disbursed until it is paid in full.
For Direct Loans the maximum loan limit per year for freshman (0-29 completed hour) will be $5,500.00 per school year with up to $3,500.00 of which may be subsidized loans. The maximum loan limit per year for sophomores (30-64 hours completed) will be $6,500.000 per school year with up to $4,500.00 of which may be subsidized loans. These amounts are based on full time enrollment status and all federal aid my not exceed the school’s budget or cost of attendance. The interest rate for William D. Ford Direct Loans is adjusted every July 1, and is based on the 10-year Treasury Note plus a statutorily defined "add-on". Loan funds are to be used towards education related expenses.
Federal Direct Parent Loan (PLUS) is available to the parents of eligible dependent students who need additional funds to pay education-related expenses. To be eligible to receive a PLUS loan, parents will be required to pass a credit check. The maximum loan is up to the cost of attendance, minus all other financial aid received, whichever is less. This amount is for full-time enrollment status. The interest rate for a PLUS loan is variable and is adjusted every July 1, based on the 10-year Treasury Note plus a statutorily defined "add-on". PLUS loans disbursed on or after July 1, 2014 and prior to July 1, 2015 will have an interest rate of 7.21%. Please contact the Financial Aid office at 800-729-5101 ext 283 for a PLUS loan application or questions. For additional information regarding PLUS loan please visit www.studentloans.gov.
Loans will be cancelled and funds returned to the lender for the following reasons: (1) Enrollment level is less than half-time at time of disbursement; or (2) Student withdraws from all classes before loan is disbursed.
All application forms should be completed accurately, thoroughly, have appropriate signatures, and be mailed/turned in to the appropriate financial aid program(s). Be sure to check the application deadline. Most applications are not processed after their deadline.
NOTE: Cloud County Community College does not participate in alternative loan programs.
NOTE: The Title IV School Code for Cloud County Community College is: 001909
If you have any questions, or need assistance in completing a FAFSA, call the Financial Aid Office (785-243-1435, ext. 281), or come by the office, located at either the Concordia or the Geary County campus.
LOAN COUNSELING: A Student that withdraws from school or drops below 6 credit hours should contact the Financial Aid Office to complete the required Exit Loan Counseling. More information concerning the William D Ford Loan Program can be found on the Direct Loan web site www.direct.ed.gov