Loans
Federal Direct Student Loans
Federal Direct Student Loans are borrowed money that must be repaid.
The Federal Direct Loan Program makes low interest loans available to dependent and independent students who are enrolled for at least six credits per semester. Students may be eligible for either a subsidized and/or unsubsidized Federal Direct Loan as determined by the College.
- Subsidized Loans (based on financial need): The Federal Government pays the interest on these loans while the student is in school or in a period of deferment.
- Unsubsidized Loans: The student pays the interest after the loan is disbursed until he or she repays the loan in full.
Federal Direct Loan Limits
| Dependent Students | Base Amount | Additional Unsubsidized Loan Amount |
|---|---|---|
| Freshman (0-30 credits) | $3,500 | $2,000 |
| Sophomore (31 or more) | $4,500 | $2,000 |
| Independent Undergraduate Students |
Base Amount | Additional Unsubsidized Loan Amount |
|---|---|---|
| Freshman (0-30 credits) | $3,500 | $6,000 |
| Sophomore (31 or more) | $4,500 | $6,000 |
Aggregate Loan Limits
- Undergraduate Dependent Students: $31,000 (of which $23,000 can be subsidized)
- Undergraduate Independent Students: $57,500 (of which $23,000 can be subsidized)
To process your Federal Direct Loan, complete the following steps:
- Complete Entrance Counseling and a Master Promissory Note* online at www.studentaid.gov
- Submit a Direct Loan Request Form to the Financial Aid Office.
If we are able to determine that a student has had a prior Federal Direct Loan, we will not require the completion of the Federal Direct Loan Entrance Counseling and Master Promissory Note. Once the Financial Aid Office is in receipt of your Direct Loan Request Form, and we are able to confirm you have completed the Entrance Counseling and Master Promissory Note, the loan will be awarded.
Parent Loan for Undergraduate Students (PLUS)
Parents who wish to borrow under the Parent Loan for Undergraduate Students Loan Program must apply for the PLUS Loan online at www.studentaid.gov and complete the PLUS Loan request form found on the College’s forms menu.
PLUS Loan eligibility is determined by the following calculation:
Cost of Attendance (COA) – ALL Expected Financial Aid = PLUS Loan Eligibility
PLUS Denials
Students whose parents are denied a PLUS Loan may be eligible to borrow additional unsubsidized Federal Direct Loan funds. In this case notify the financial aid office by submitting a Direct Loan Request form and a copy of the parent’s PLUS Loan denial letter.
Deadlines
Students must submit the federal loan request 2 weeks prior to the end of the current semester they are enrolled. Unless the student attended at an eligible level during the Fall semester, the Fall/Spring request can be submitted 2 weeks prior to the end of the Spring semester. Allow approximately 30 days for processing. Loans that are awarded prior to the billing due date will hold course registration only if the amount is enough to cover their costs.
Loan Exit Counseling
If you have received Federal Direct Loans at Camden County College and have graduated or will be transferring, you are required to complete Exit Counseling. You may complete this counseling online at www.studentaid.gov.
Loan History
Students who would like to view their borrowing history or have questions about payments, previous loans or default resolution, can visit www.nslds.gov to view information and obtain contact information for lenders and servicers.
Private/Alternative Educational Loans
These loans are the sole responsibility of the consumer. You may contact our office to determine how we can work best with the lender that you select. Camden County College does not have any preferred lenders and will certify any private loan a student is credit approved for, within their cost of attendance. These are credit based loans with individual repayment plans.
Repaying your Student Loans
Before you begin, know that all information pertaining you your specific loan(s), repayment, your servicer, the mandatory exit interview and the steps you need to take upon graduation, leaving school, or, if you’ve dropped below half-time enrollment, is available at the National Loan Data System (NSLDS).
When do I begin paying back my loan?
After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you are required to begin repayment.
During this period, you’ll receive repayment information from your loan servicer, and you’ll be notified of your first payment due date.
Payments are usually due monthly.
What are the interest rates?
The interest rate varies depending on the loan type and (for most types of federal student loans) the first disbursement date of the loan. Current interest rates can be found at studentaid.gov/understand-aid/types/loans/interest-rates.
