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Loan Amounts: The annual loan amount will be disbursed in two equal payments over two semesters. If the student will only attend one semester, the student may be entitled to half of the annual loan amount. A one-term loan will be prorated based on enrollment status and disbursed in two payments. Loan disbursements will begin each semester after attendance has been confirmed in a minimum of six fundable credit hours. For some students, this means that loans will not disburse until after the B term attendance has been noted.
In addition to annual loan limits, students are subject to aggregate loan limits. The maximum undergraduate dependent student aggregate borrowing is $31,000 (up to $23,000 may be subsidized) and the maximum undergraduate independent student aggregate borrowing is $57,500 (up to $23,000 may be subsidized).
Loan proration is a reduction of the standard annual loan limit for an undergraduate student. Proration of the loan amount is required if the student’s program, or the remainder of the student’s program, is less than a full academic year (24 credits) in length.
Example maximum loan amounts:
| |
Maximum Fall Loan Amount |
Maximum Spring Loan Amount |
| Dependent Student who has completed less than 30 credit hours toward current program of study |
$1,750
Subsidized
$1,000
Unsubsidized |
$1,750
Subsidized
$1,000
Unsubsidized |
| Dependent Student who is enrolled and has completed 30 or more credit hours toward current two-year program |
$2,250
Subsidized
$1,000
Unsubsidized |
$2,250
Subsidized
$1,000
Unsubsidized |
| Dependent Student who is enrolled and has completed 60 or more credit hours toward current bachelor’s program |
$2,750
Subsidized
$1,000
Unsubsidized |
$2,750
Subsidized
$1,000
Unsubsidized |
| Independent Student who has completed less than 30 credit hours toward current program of study |
$1,750
Subsidized
$3,000
Unsubsidized |
$1,750
Subsidized
$3,000
Unsubsidized |
| Independent Student who is enrolled and has completed 30 or more credit hours toward current two-year program |
$2,250
Subsidized
$3,000
Unsubsidized |
$2,250
Subsidized
$3,000
Unsubsidized |
| Independent Student who is enrolled and has completed 60 or more credit hours toward current bachelor’s program |
$2,750
Subsidized
$3,500
Unsubsidized |
$2,750
Subsidized
$3,500
Unsubsidized |
| Independent Student who is graduating in fall with a two-year degree (amounts will be pro-rated upon enrollment) |
$2,250
Subsidized
$3,000
Unsubsidized |
0 |
Expected enrollment status: Students must maintain enrollment of at least six fundable credit hours for each semester of the loan period. The most common loan period is fall/spring. If the student’s loan period does not include summer, he or she may take the summer off without penalty. If the loan is canceled or enrollment drops below half time, exit counseling is required and a one-time grace period may be used.
Loan Process: Loans will be awarded and students will have 14 days to cancel the loans and/ or change the loan amounts. If a student does not respond in writing to cancel or change the loan, the loan will be processed.
Please note: Borrowing money for college is a serious financial obligation. In addition to principal borrowed, interest is charged for the student’s use of the funds. We strongly urge students to carefully consider the amount of debt incurred, and we strongly advise against double borrowing (multiple loan types - subsidized and unsubsidized). First-time borrowers at CF must complete a Master Promissory Note and a loan entrance counseling session before any loan funds are disbursed. Master Promissory Notes, Loan Entrance Counseling, and Loan Exit Counseling are available at www.studentaid.gov. A student’s complete aid history is available at nslds.ed.gov.
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