How to Apply for a Stafford Loan

1. Complete the FAFSA online
2. Receive award letter from the CCCC Financial Aid Office
3. Request loan packet from the Financial Aid Office
4. Online Entrance Counseling and Master Promissory Note
5. Return the Loan Request Form to the Financial Aid Office to process your loan

You must first apply for financial aid by filing the Free Application for Federal Student Aid (FAFSA). You may complete your FAFSA online at www.FAFSA.ed.gov.

The Financial Aid Office will review the processed FAFSA and determine your eligibility for all types of financial aid including grants, work study, and student loans. Once you have received your award letter from the Financial Aid Office, you may request a Federal Stafford Loan if your award is not sufficient to cover your needs.

Most financial aid, including student loans, is disbursed six to eight weeks after the beginning of the semester; therefore, you should plan your budget accordingly. If you have applied for your student loan before your bill is due, the Business Office will see the amount approved and deduct the semester amount from your bill. When the funds arrive, the Business Office will first pay your tuition, fees and any other charges on your account. If there is excess, the Business Office will mail you a check for the remainder. Most loans are for the full year, so your loan will be split into two equal disbursements, one half applied to the fall semester and one half applied to the spring semester.

All students applying for a Federal Stafford Loan must go online, complete the online Entrance Counseling and the Master Promissory Note. Students must submit the Loan Request Form to the Financial Aid Office with the amount requested. Your loan will not be processed until all of the completed paperwork is recieved. You are not guarenteed the amount requested. You will be sent an award letter once your loan is processed showing you the amount that was able to be certified.

The maximum annual loan totals are based upon your year of enrollment. Dependent freshmen (under 30 credits) are eligible for up to $5,500. Independent freshmen are eligible for up to $9,500. Dependent sophomores (over 30 credits) are eligible for up to $6,500. Independent sophomores are eligible for up to $10,500.

To begin your online loan application process, you must select one of the following lenders. Students and their families have the right and ability to borrow through any lender of their choice, regardless of our list. Using one of the lenders on the list gives us more control over the approval and disbursement of funds with any updates that may be needed. Cape Cod Community College receives no incentives or inducements from any lender.

Repeat borrowers who have previous loans should be careful to choose their previous servicer so that the loans will automatically be combined. Last year, Bank of America lender used Great Lakes servicer.

Lender	Code	Servicer	Benefits	Online Link
Edamerica	831453	EdFinancial	0.25%Reduction for Automatic payment 1% Default Fee 0.5% Origination Fee
Discover	891312	Great Lakes	0.25%Reduction for Automatic payment 1% Default Fee 0.5% Origination Fee
Citizen's	810240	Sallie Mae	0.25%Reduction for Automatic payment 1% Default Fee 0.5% Origination Fee