Loans

Federal, State and Alternative Educational Loan Information:

Federal Student Loan “Debt Relief Plan” Explained

The Biden-Harris Administration’s Student Debt Relief Plan Explained, August 24, 2022.

Visit https://studentaid.gov/debt-relief-announcement/.

Federal Direct Stafford Loan (DL)

Select to apply- Federal Direct Stafford Loan (DL)

Borrower Required Counseling and Acknowledgment for Subsidized/Unsubsidized Loans:

Federal Direct Stafford – ENTRANCE Counseling (New/Continuing borrowers )
Federal Direct Stafford – EXIT Counseling (prior borrowers currently not enrolled or less 6 term credits)

What are the conditions for continued eligibility?

COVID-19 Relief for Student Loan Borrowers (FedLoan Servicing)
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 (1^st 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 (2^nd 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 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:

1. Official Cohort Default Rates for Schools (Search Database enter OPE-ID:007729) or
2. IES- NCES National Center for Education Statistics – Morris