Student Financial Aid and Scholarships
Cuyahoga Community College maintains a full-service Student Financial Aid & Scholarships Office on each campus. This office is dedicated to helping students navigate financial aid options for paying for their college expenses. Students can meet with a Student Financial Aid Advisor to obtain information about various financial aid options, which includes grants, scholarships, student loans, and public benefits. Learn more about various financial resources available at Cuyahoga Community College.
Important Information about Student Loans
Due to the federal sequestration, a mandatory adjustment of federal student loan origination fees may have had an impact or caused delays, cancellation, and subsequent re-awarding of your federal student loan at Cuyahoga Community College (Tri-C). This federal change may impact students who have or plan to borrow student loans for the Fall 2014 semester on or after October 1, 2014.
Question – What are student loan origination fees for the William D. Ford Federal Direct Loan?
Answer – The U.S. Department of Education charges a loan fee (also called an origination fee) on Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans. The loan fee is an expense of borrowing one of these loans. The loan fee is a percentage of the amount of each loan the borrower receives, and is subtracted proportionately from each loan disbursement.
- Direct Subsidized Loans and Direct Unsubsidized Loans with a first disbursement date on or after October 1, 2014, have a loan fee of 1.072%, an increase from 1.073%
- Direct PLUS Loans (parent and graduate/professional) with a first disbursement date on or after October 1, 2014, have a loan fee of 4.292%, an increase from 4.288%.
Therefore, if you have requested a student loan at Tri-C that had not yet been processed or disbursed (applied to your student account) for the Fall 2014 semester, this change may impact the timing in which you will receive your student loan award. This includes student loans that are missing Entrance Counseling and Master Promissory Note requirements that were not completed by September 30, 2014. This change in origination fees will also impact loan change requests for students wish to change their loan for subsequent semesters or amounts.
Unfortunately, Tri-C cannot release pending student loan funds until the adjustments have taken place. These changes are on an individual student basis. We apologize for the delay and working to comply with this required change in federal regulation.