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.
What types of Student Loan Forgiveness plans are there?
Understanding All Types of Student Loan Forgiveness Plans
Public Service Loan Forgiveness (PSLF)
How and when do I have to repay my loan(s) and who is my servicer ?
Repaying your loans
My Loan Account-Debt Resolution
My Loan Servicer
Deferment Options
What options are available to Total and Permanent Disabled prior borrowers?
Total and Permanent Disability (TPD) Discharge
Application Process (TPD)
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