Financial Aid Loans

Federal, State and Alternative Educational Loan Information:

Federal Student Loan Saving on a Valuable Education “SAVE” Plan

The Biden-Harris Administration’s “SAVE” Student Loan Repayment Plan “will cut payments on undergraduate loans in half compared to other income driven repayment IDR plans….”, August 2023.

Visit https://studentaid.gov/announcements-events/save-plan#benefits

Federal Direct Stafford Loan (DL)

How to Apply – Select: Federal Direct Stafford Loan Application (MPN)

Student Borrower Required Counseling and Acknowledgment for Subsidized/Unsubsidized Loans:

Federal Direct Stafford – ENTRANCE Counseling (Students Before Their First Loan)
Federal Direct Stafford – EXIT Counseling (Students Leaving/Graduating School or Dropping Below Half-Time (6 credits) Enrollment)

What are the conditions for continued eligibility?

Maintain Satisfactory Academic Progress
Maintain class attendance (faculty confirmation required).
Maintain six (6) credits per term (audited courses excluded).

Is there a time limit on how long I can receive loans?

If you are enrolled in a two-year associate degree program, the maximum period for which you can receive the Direct Federal “Subsidized” Loan is three years (150 percent of 2 years = 3 years). Select for loan types Subsidized vs Unsubsidized vs PLUS.

What are the interest rates for federal student loans?

For interest rates and more visit Federal Student Aid – https://studentaid.ed.gov/sa/types/loans/interest-rates

How much can I borrow?

Dependent Undergraduate Student (excluding students whose parents cannot borrow a PLUS Loan *)

Independent Undergraduate Student ~ Combining Loan ~ (including dependent students whose parents were denied a PLUS Loan)

Freshman (1st Yr)

(0 – 23 “earned” CCM credits. Including

CCM “accepted” Transfer credits).

$5,500 TOTAL

$3,500 (subsidized)

$2,000 (addl. unsubsidized-loans first disbursed on or after July 1, 2008)*

9,500 – Max of $3,500 can be in subsidized loan with an additional $6,000 Unsubsidized (first disbursed after 07/01/08), if qualify.

Sophomore (2nd Yr)

(24 – 48 “earned” CCM credits.

Including CCM “accepted” Transfer credits).

$6,500 TOTAL

$4,500 (subsidized) $2,000 (addl. unsubsidized-loans first disbursed on or after July 1, 2008)*

$10,500 – Max of $4,500 can be in subsidized loan with an additional $6,000 Unsubsidized (first disbursed after 07/01/08), if qualify.

Juniors, Seniors, etc.

(CCM approved program (Major) length. Including CCM “accepted” Transfer credits. Excluding – Repeated credits earned/change in major).

$7,500 TOTAL

$5,500 (subsidized) $2,000 (addl. unsubsidized-loans first disbursed on or after July 1, 2008)*

$12,500 – Max of $5,500 can be in subsidized loan with an additional $7,000 Unsubsidized (first disbursed after 07/01/08), if qualify.

* Dependent undergraduates whose parent(s) did not qualify for a PLUS Loan under this category, must submit proof of denial to the Office of Financial Aid in order to qualify for the additional Federal Direct unsubsidized Stafford loan.

Forms (TPD)

How do I apply for an alternative/private student loan? (Subject to credit review by lender)

Alternative/Private Student Loans
New Jersey State Private Student Loans

Federal Student Loan Default Services

1.   Avoid SCAMS
2.  Coronavirus and Forbearance Info for Students, Borrowers, and Parents
3. Federal Student Aid  Fresh Start Default loan initiative to help eligible borrowers in default regain good standing.
4. Federal Student Aid Collections
5. Office of the Ombudsman
(resolve disputes and solve other problems with federal student loans)

County College of Morris – Cohort Default Rate for all prior Federal Student Loan Borrowers:

Official Cohort Default Rates for Schools (Search Database enter OPE-ID:007729) or

IES- NCES National Center for Education Statistics – Morris