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Loans

Pay for college after you graduate. Finance the cost of a college education so you can get ahead today.

Loans are a form of financial assistance repaid (with interest) at a later date. To be eligible, students must be enrolled in at least six credits.

Federal Direct Loans

The U.S. Department of Education’s federal student loan program provides low, fixed-interest loans for students and parents. There are three types of Direct Loans available. (Note: The U.S. Department of Education is the lender for these loans.)

Direct Subsidized Loans
Direct Subsidized Loans are given to students with financial need. Financial need is determined based on the information you provide on the FAFSA. With this type of loan, you’re not usually charged interest on the loan while you’re in school at least half-time.
Direct Unsubsidized Loans
Unlike Subsidized Loans, Unsubsidized Loans are given to students who don’t demonstrate financial need. With Direct Unsubsidized Loans, you are responsible for paying the interest on the loan during all periods.
Direct PLUS Loans
PLUS loans enable parents to borrow to pay for their child’s academic expenses. Eligibility is not determined by financial need, however, a credit check is required. As a parent, you may borrow the full amount of the cost to attend and are responsible for repaying the loan and any interest.

Alternative Education Loans

Some families turn to Alternative Education Loans, also known as Private Education Loans when federal, state, and institutional financial aid is not enough to cover the cost of education.

Alternative education loans cost more than the education loans offered by the federal government but are less expensive than credit card debt. These loans typically have variable interest rates and eligibility often depends on the applicant’s credit score. Current economic conditions have resulted in some lenders refusing to offer alternative education loans to students enrolled in two-year colleges.

CFCC students should investigate all other funding resources before resorting to an alternative loan.

If borrowing this type of loan, complete the online application .

When notified by the lender that the application has been approved, contact Rachel Cavenaugh, Director of Financial Aid, 910-362-7317 , for an appointment to certify the loan.

NC Student Assist Loan
This loan is a low, fixed-interest rate loan that allows students to defer payments while in school and for up to six months after enrollment. Additional information and requirements. 
NC Parent Assist Loan
This loan is available to parents of benefitting students. Additional information and requirements. 

Loan Disbursement Rules

One-semester-only loans will be paid to students in two equal disbursements. For example, a student requests a Federal Direct Stafford Loan in the amount of $1750 to be received in the spring semester only. The second half of the loan, or $875, cannot be disbursed any earlier than the mid-point of the semester. This second disbursement will not be made to students who are no longer in attendance by the mid-point date.

Because 18% of former CFCC loan borrowers have failed to repay their student loans, U.S. Department of Education mandates that disbursements to current students be made as described above.

Mailing of the Refund Checks

Checks are mailed via the United States Postal Service. Please allow 2 to 3 business days, at a minimum, for your check to arrive at the address that we have on file for you.

Cohort Default Rate

The cohort default rate represents the percentage of student borrowers at a school who begin repayment on Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans during a specific federal fiscal year (FY), which spans from October 1 to September 30. This rate indicates the proportion of borrowers who default or fulfill specific criteria before the subsequent fiscal year concludes.

Cohort Default Rate: 0.0%

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