Types of Loans

Cape Cod Community College participates in the Federal Direct Stafford loan program. The College manages the process from issuing these funds directly for the US Department of Education to the student. Neither the school or student receives financial incentives for choosing to borrow Direct Loans.

To qualify for a Federal Direct Loan you must complete the following:

1. Entrance Counseling for Undergraduates: www.StudentLoans.gov
2. Master Promissory Note for Undergraduates: www.StudentLoans.gov
3. Loan Amount Request Form

Federal Direct Loans

For information on how to apply, see: Federal Direct Loans

Subsidized

• This is a need-based loan.
• Interest on the loan is paid by the federal government while you are in school, during your grace period, and during authorized periods of deferment.
• You must be enrolled at least half-time (6 credits per semester) to qualify, and be meeting satisfactory academic progress requirements.
• Repayment begins six months after you are no longer enrolled at least half-time.

Unsubsidized

• This is not a need-based loan.
• You are responsible for paying the interest on your loan from the date of disbursement.
• The interest rate will be fixed at 4.53 percent for the year 2019–2020.
• You must be enrolled at least 6 credits (half-time) to qualify, and be meeting satisfactory academic progress requirements.
• Repayment begins six months after you are no longer enrolled at least half-time.

Parent Plus Loans

To qualify for a Federal Parent Plus Direct Loan go to: www.StudentLoans.gov

1. Select: Parent Borrowers
2. Complete PLUS Counseling
3. Continue with Complete PLUS Loan Master Promissory Note (MPN)
4. Complete the Loan Amount Request Form in the student's name and mark it a PLUS Loan.

Additional information:

• All Parent Plus Loans are credit based; not based on financial need; cannot have adverse credit history. The interest rate for a parent loan for 2019–2020 is 7.08%.
• Requires the student be enrolled in at least 6 credits (half-time) at all times to qualify, and be meeting satisfactory academic progress requirements.
• Loan is in parents name.
• Repayment begins immediately.
• All personal loan information can be found on www.nslds.ed.gov.

Alternative Student Loans

• Private education loans may be available if Federal Stafford loans are not sufficient or you do not quality for the Federal Direct Student Loan. They are generally at a higher interest rate and repayment usually begins at the time of disbursement. Private loans are based on credit worthiness and often require a co-signer.
• It is the student's responsibility to research private loan opportunities. The Financial Aid office does not provide a preferred lender list nor receives any incentives from private lenders. The Financial Aid Office staff will answer questions and advise students, when possible.
• Please notify the Financial Aid Office if you qualify for a Alternative Student Loan.