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.)
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.
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%