Congress has passed and the President has signed the Bipartisan Student Loan Certainty Act of 2013, which ties federal student loan interest rates to financial markets. Under this Act, interest rates will be determined each June for new loans being made for the upcoming award year, which runs from July 1 to the following June 30. Each loan will have a fixed interest rate for the life of the loan.
The William D. Ford Federal Direct Loan Program provides loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution.
Fees are deducted from each loan disbursement you receive. This means the money you receive will be less than the amount you Actually borrow. You're responsible for repaying the entire amount you borrowed and not just the amount you received.
Loan Origination Fees: Most federal student loans have loan fees that are deducted proportionately from each loan disbursement you receive. This means the money you receive will be less than the amount you actually borrow.
Please find current interest rates and fees associated with these loans at www.studentloans.gov.
Academic year loan limits as determined by Federal guidelines are:
If you are an independent undergraduate (as defined by federal regulations) or a dependent student whose parents are unable to secure a PLUS loan, you may borrow additional unsubsidized Direct Loan funds to the limits listed above. The academic year additional loan limits are:
Students who choose to accept Federal loans offered to them cannot receive their first loan disbursement until a master promissory note is completed and Federal Loan entrance is completed. These are both done one time at the beginning of the student's enrollment and directions to complete these are included with the Award package.
Code of Conduct for Education Loans
Learn more about the code of conduct to which Cabarrus College adheres.