Student Loans

Cuyahoga Community College is committed to promoting student success through responsible student loan borrowing. Student loans are borrowed money that has to be repaid, with interest, to the U.S. Department of Education. The William D. Ford Federal Direct Loan is a low-interest loan for students to help pay for the cost of college education. Moderate student loan borrowing demonstrates financial responsibility and ensures students incur limited debt to finance their education.

Important Announcement

• Students that are in a "repayment loan status", payments will automatically stop from March 13, 2020 through Aug. 31, 2022.
• To provide relief to student loan borrowers during the COVID-19 national emergency, federal student loan borrowers are automatically being placed in an administrative forbearance, which allows you to temporarily stop making your monthly loan payment. This suspension of payments will last until Aug. 31, 2022, but you can still make payments if you choose. Read the borrower Q&As below to learn more.
• The Secretary of Education removed the subsidized usage loan limit restriction (SULA) for any borrower who receives a Federal Direct Stafford Subsidized Loan on or after July 1, 2021.
• Students undergoing cancer treatment may be eligible to receive additional deferment on their qualifying federal student loans for up to six months following the conclusion of their treatment. Students with loans made before the enactment of Sept. 28, 2018, do not qualify for this program. For detailed information regarding Loan Deferment for Cancer Treatment, please visit Federal Student Aid’s resource guide Deferment for Cancer Treatment. 

Public Service Loan Forgiveness Program

The US Department of Education recently announced significant changes to a federal student loan forgiveness program that aims to help government and nonprofit workers but has failed in many cases to deliver on its promise of debt relief.

Eligibility for the Public Service Loan Forgiveness program is temporarily expanded through Oct. 31, 2022, so that it now includes borrowers who have older loans that didn't originally qualify as well as those who were in the wrong repayment plan but met the other requirements.

Resources:

• Fact Sheet: Public Service Loan Forgiveness (PSLF) Program Overhaul
• Public Service Loan Forgiveness (PSLF) Help Tool | Federal Student Aid

Annual Student Loan Acknowledgment

Complete an annual student loan acknowledgment each year to accept a new federal student loan.  The goal is to help students understand how loans will affect their financial future.

Who should complete this?
Borrowers accepting a subsidized/unsubsidized loan, a PLUS loan for graduate/professional students, or a PLUS loan for parents.

How long will it take?
Most people complete the acknowledgment in less than 10 minutes.

What do I need?

• Verified FSA ID

For First-time borrowers ONLY, you will also need:

• School Name
• Degree Name
• Field of Academic Program

What am I acknowledging?
1) If this is your first time accepting a federal student loan, you are acknowledging that you understand your responsibility to repay your loan.

2)If you have existing federal student loans, you are acknowledging that you understand how much you owe and how much more you can borrow.

NEW STUDENT LOAN BORROWERS:
First-time student loan borrowers are required to complete an Entrance Counseling session as well as the Master Promissory Note prior to borrowing a student loan. The Entrance Counseling session helps students understand their rights and responsibilities as a student loan borrower. The Entrance Counseling and Master Promissory Note must be completed before student loan funds can be approved.

EXISTING STUDENT LOAN BORROWERS:
Students who have borrowed federal student loans are required to complete and Exit Interview Counseling session upon graduating, dropping below six (6) credit hours, or withdrawing from school. The Exit Counseling session can be completed online at www.nlsds.ed.gov. The Office of Student Financial Aid & Scholarships also provides comprehensive financial education counseling sessions to assist students with understanding all student loans borrowed and potential repayment options. 

William D. Ford Federal Subsidized Loan (FDLS)

• Up to $3,500 for students (0-29 credits) - 1st year
• Up to $4,500 for students (30+ credits) - 2nd year
• Subsidized student loan interest is deferred while enrolled in at least half-time/part-time status (6 credits)
• Effective July 1, 2012 - subsidized loans are no longer eligible for interest subsidy during the 6-month grace period
• The 2021-2022 interest rate is at 3.735% for the Direct Subsidized Loan
• The 2022-2023 interest rate is at 4.99% for the Direct Subsidized Loan

William D. Ford Federal Unsubsidized Loan (FDLU)

• For independent students, up to $6,000 in addition to the subsidized student loan
• For dependent students, up to $2,000 in addition to the subsidized student loan
• Unsubsidized student loan interest is capitalized while enrolled in at least half-time/part-time status (6 credits), and payment is deferred
• The 2021-2022 interest rate is at 3.73% for the Direct Unsubsidized Loan
• The 2022-2023 interest rate is at 4.99% for the Direct Unsubsidized Loan
• UNSUBL Form (for students who's parent's are unwilling to provide FAFSA information)

William D. Ford Parent Loan for Undergraduate Students (PLUS)

• Parents may borrow loans for undergraduate students to assist with the cost of educational expenses
• Student must be enrolled in at least 6 credits per semester
• Amount of loan may be up to the cost of attendance, less any financial aid that the student receives
• Interest rates and amounts based on approved credit rating; May require a cosigner
• For the 2021-2022 academic year, the Direct PLUS loan interest rates are fixed at 6.28%
• For the 2022-2023 academic year, the Direct PLUS loan interest rates are fixed at 7.54%

DISCLAIMER: For student and parent loan borrowers, any information regarding loans borrowed will be sent to the National Student Loan Data Systems (NSDLS) and may be provided to other servicers. 

Nursing Education Assistance Loan Program (NEALP)

• Must be repaid if student does not serve as a full-time nurse in Ohio for five years
• Ohio students enrolled in at least 6 credit hours and accepted into an approved Ohio pre-licensure nurse education program
• Up to $1,500, based on estimated family contribution (EFC) on the FAFSA, and enrollment status
• For additional information regarding NEALP and how to apply, please visit the Ohio Department of Higher Education Regents website

Charles E. Schell Loan

• Must be an enrolled student for credit or in a workforce program at Cuyahoga Community College
• Must be a resident of Ohio, West Virginia, Kentucky or adjoining States
• Must be between the ages of 15 and 25 years of age
• Must be a citizen of and born in the United States
• Must maintain a 2.0 cumulative grade point average at Cuyahoga Community College
• Schell Loan application

Private Education Loan

• Students must complete the FAFSA application
• Loans are offered by private lenders, with unique criteria and features, based upon the lender
• Students may be eligible to borrow when enrolled as full-time, half-time, or less-than-half-time status in degree and certificate programs, as well as in vocational programs
• Interest rates may be fixed or variable
• Additional information about private education loans

Perkins Loan

Cuyahoga Community College no longer participates in the Perkins Loan Program. For student who have previously borrowered Perkins Loan, please contact ECSI for questions and concerns regarding repayment.