Loan Limits
Loan Amounts: The annual loan amount will be disbursed in two equal payments over two semesters. If the student will only attend one semester, the student may be entitled to half of the annual loan amount. In order to receive a fall only loan, the student must be graduating from his or her program of study. A one term loan will be prorated based on enrollment status. Summer disbursements will be scheduled for release after the add/drop period of the "B" session.
Example loan amounts
Maximum Fall Loan Amount |
Maximum Spring Loan
Amount |
Maximum Summer Loan
Amount |
|
| Dependent Student - completed less than 30 credit hours | $1,750 Subsidized $1,000 Unsubsidized |
$1,750 Subsidized $1,000 Unsubsidized |
0 |
| Dependent student - enrolled in a two year program and completed more than 30 credit hours | $2,250 Subsidized $1,000 Unsubsidized |
$2,250 Subsidized $1,000 Unsubsidized |
0 |
| Dependent student - parents applied for a PLUS loan and were denied | $1,750 Subsidized $2,000 Unsubsidized |
$1,750 Subsidized $2,000 Unsubsidized |
0 |
| Dependent Student - not enrolled in fall | 0 | $1,750 Subsidized $1000 Unsubsidized |
$1,750 Subsidized $1000 Unsubsidized |
| Independent student - completed less than 30 credit hours | $1,750 Subsidized $3,000 Unsubsidized |
$1,750 Subsidized $3,000 Unsubsidized |
0 |
| Independent Student - enrolled in a 2 year program and completed more than 30 credit hours | $2,250 Subsidized $3,000 Unsubsidized |
$2,250 Subsidized $3,000 Unsubsidized |
0 |
| Independent student - graduating in fall (amounts will be pro-rated upon enrollment) | $2,250 Subsidized $3,000 Unsubsidized |
0 | 0 |
Expected enrollment status: Students must maintain enrollment of at least six semester hours for each semester of the loan period. The most common loan period is fall/spring. If your loan period does not include summer, you may take the summer off without penalty. If the loan is canceled or your enrollment drops below half time, exit counseling is required and your one-time grace period may be used.
Loan Process: CF participates in "passive" awarding. Your loan will be awarded and a student will have 14 days to cancel the loan and/ or change the loan amount. If a student does not respond in writing to cancel or change the loan, the loan will be processed.
Please note: Borrowing money for college is a serious financial obligation. In addition to principal borrowed, interest is charged for your use of the funds. We strongly urge you to carefully consider the amount of debt you incur, and we strongly advise against double borrowing (multiple loan types - subsidized and unsubsidized). First-time borrowers at CF must complete a loan entrance counseling session before any loan funds are disbursed. Once a loan has been determined/awarded, you may request only ONE CHANGE per academic year, whether it is to increase or decrease the amount, alter the loan period, add or delete a loan, etc. Any change requested is your ONE CHANGE—not one per category. Failure to complete all requirements will result in a cancellation of your loan(s). Loan counseling is available on the Web at: https://www.dl.ed.gov.
