William D. Ford Direct Loan

Stafford Direct Loan

NOTE: During the months of August, September and January, allow a processing period of 3 - 4 weeks for your loan request to be assessed. If you are registering for classes and have no other aid awarded, you must make payment arrangements through the Business Office to prevent your classes from being dropped for non-payment. An installment contract is available on your Pathway account.

Federal Subsidized Loan Borrowing Limitations

As of July 1, 2013, a first-time Federal Subsidized Student Loan borrower is no longer eligible for the Subsidized Student Loan program if he or she exceeds 150% the maximum time frame of their degree program. Total credits required to complete a program vary, students should contact the Financial Aid Office.

Based upon available information from the U.S. Department of Education, the interpretation of the maximum time frame rule is all attempted credit hours (including all remedial course work, transfer hours, withdrawals, audits, CCAF hours, repeat classes, changes in majors, etc.).

As per Department of Education guidelines all terms of attendance including periods when students did not receive financial aid are counted in the total number of attempted credit hours.

In addition, a borrower reaching the maximum time frame limit becomes ineligible for the interest subsidy benefits on all Federal Subsidized Loans disbursed to the borrower on or after July 1, 2013.

Changes to the interest subsidy during grace period

Provisions in the Consolidated Appropriations Act 2012 temporarily eliminate the interest subsidy on Direct Subsidized Loans during the six month grace period. This Applies to new Direct Stafford Loans for which the first disbursement is made on or after July 1, 2012, and before July 1, 2014. The accrued grace period interest not paid will be capitalized.

Before You Apply

1. Complete a Free Application for Federal Student Aid (FAFSA), and list Clovis Community College as a school to receive your information.
2. Submit all requested forms and documents to complete your financial aid file. CCC will not award your loan until your financial aid file is complete.

Application Instructions

1. Complete & submit to the financial aid office the 2016-2017 Loan Request information form. Do not submit multiple loan request forms for the same semester(s).
2. All borrowers must complete Loan Entrance counseling and sign a Master Promissory Note (MPN) online at https://studentaid.gov. Be sure to list Clovis Community College as a selected school to receive the results.
3. CCC will process your request after your file is complete and CCC has received confirmation of entrance counseling, a signed MPN and your completed loan request form. Loan requests that meet this criteria will be processed in date received order.
4. You may decline the loan award on Pathway or send a written request to CCC to reduce the loan award. The award will be accepted unless you decline it.
5. All borrowers will receive a disclosure/disbursement statement from the Department of Education that provides details of your loan disbursement information.

Annual Loan Limits — the maximum possible CCC can award you IF you are eligible according to the Department of Education formula for determining loan eligibility (Fall 2016 + Spring 2017 + Summer 2017):

	Dependent			Independent (and dependents whose parents are denied PLUS)
	Subsidized	Unsubsidized*	Total	Subsidized	Unsubsidized*	Total
Freshman	$3,500	$2,000	$5,500	$3,500	$6,000	$9,500
Sophomore	$4,500	$2,000	$6,500	$4,500	$6,000	$10,500
*add subsidized amount if student's unmet need does not meet subsidized eligibility criteria

 
CCC will reduce your loan award if necessary to comply with the Department of Education eligibility formula if you are awarded additional aid after the original loan award. A revised award letter will be sent to your CCC email.

• Freshmen — less than 30 non-remedial hours earned in current program of study or current program of study is less than one academic year in length.
• Sophomore Level — 30 or more non-remedial hours earned in current program of study.
• Loans for only one semester will be prorated if anticipated graduation date is less than one year away.

Basic Requirements:

• Students must be enrolled and attending at least six (6) eligible hours to receive funds.
• Students must be making Satisfactory Academic Progress.
• Students must meet all Federal general eligibility requirements.
• No loans, subsidized or unsubsidized, will be certified for less than $250.

For the Federal Student Loan Program, Clovis Community College follows a scheduled academic year. At CCC a scheduled academic year consists of consecutive Fall/Spring/Summer semesters. Students who receive a maximum loan for any period during the award year will not have new loan award eligibility until the following Fall semester unless they advance a grade level.

Apply

Please complete and submit the William D Ford Loan Application to the Financial Aid Office.

To complete the Entrance Counseling Test you must attend on-campus Entrance Counseling.

Distance Education students and those unable to attend on-campus counseling may view the online Entrance Interview Loan Entrance Counseling.

Student Resource Page:

• Income Potential of Occupations
• Repayment Tool
• NSLDS for Students
• Federal Direct Loan Servicers
• Interest Rates Information