William D. Ford Federal Direct Loans
CF students are eligible to participate in the William D. Ford Federal Direct Loan Program. There are three loans in this program: the Subsidized Stafford Loan, the Unsubsidized Stafford Loan and the Parent Loan for Undergraduate Students, PLUS.
Applicants must apply for grants first by completing the Free Application for Federal Student Aid.
All borrowers must complete a Master Promissory Note before their loan can be processed. This can be done online at http://studentloans.gov/myDirectLoans/index.action.
First-time borrowers at CF must complete Entrance Counseling in order to receive a Federal Direct Loan. Loans will not be processed until entrance counseling is completed. This can be done online at http://studentloans.gov/myDirectLoans/index.action. The Entrance Counseling will provide important information regarding the loan, including deferment and repayment information.
To receive any loan, the student must enroll in at least six credit hours each semester, meet Standards of Academic Progress, and not have a previously defaulted loan(s).
In order for the loan to remain in payment deferment, the student must enroll in at least six credit hours (not including summer). Once the student has stopped attending at least six credit hours, the six-month grace period begins and the student must complete exit counseling (also a requirement). Exit counseling may be done online at http://studentloans.gov/myDirectLoans/index.action (exit counseling).
Exit counseling will give important information about repaying loan(s) and options that are available should there be a problem with the terms of the loan(s).
Note: If the student has defaulted (failed to make payments) on a prior student loan at any institution or has excessive loan debt, CF reserves the right to refuse to certify additional student loans.