Applying for Federal Direct Student Loans

Atlantic Cape Community College currently participates in Federal Direct Student Loan Programs which consists of the Federal Direct Stafford Loan and the Federal Direct Parent Loan for Undergraduate Students (PLUS).

To be considered for Federal Direct Student Loans students must complete the following steps:

  • Free Application for Federal Student Aid (FAFSA)You must complete the FAFSA in one of the following ways:
    • FAFSA on the web (www.fafsa.ed.gov).  If you choose to complete the FAFSA on the web and do not have a FSA ID, you may go to fsaid.ed.gov to request one.
    • A paper application (available by calling 1.800.433.3243 and having one mailed to you directly)
  • Atlantic Cape’s Direct Student Loan Request.  You can request a new Student Loan by accessing your Student Self Service account.  To request a new loan, go to "New Loan Request". Processing can take up to 4 weeks and will begin only after your FAFSA is completed and reviewed by the Financial Aid Office. See your Self Service Checklist to see if these steps are completed.                 
  • Direct Loan Master Promissory Note (MPN). This step must be done on the web at StudentLoans.gov or from your Self Service account. You will need your FSA ID in order to sign your MPN online. Signing the MPN electronically will shorten the time frame needed to get your loan funds to you. Once you have a Direct Loan Master Promissory Note (MPN) on file with the United States Department of Education, you are no longer required to complete a new promissory note for each new loan. You will only have to complete a new Student Loan Request each year from Self Service.
  • Entrance Interview (The Entrance Interview form is required by the US Dept. of Education to make you aware of your rights and responsibilities as a borrower). Students who have previously borrowed a Federal Direct Loan and have completed an Entrance Interview are not required to complete a second interview. First time loan borrowers and persons who have borrowed from the Direct Loan Program more than 10 years ago must complete an Entrance Interview before your loan request will be processed. The interview may be completed by following the steps below. Click directly into the link below or access you Self Service account.
    • Sign into StudentLoans.gov using your FSA ID.
      Use of another person's FSA ID constitutes fraud. Use only your own ID information.
    • "Complete Counseling" found in the left navigation bar
    • Select "Entrance Counseling" under "Choose Counseling Type"
    • Select the school(s) you want to notify of counseling completion
    • Select Student Type Undergraduate

You only have to complete the Entrance Interview one time at Atlantic Cape Community college. 

Students who are in an Appeal/Probationary status must also complete the Financial Aid Loan Appeal Worksheet. Click here to download the worksheet.

How much you can borrow?

 The amount students can borrow each year for subsidized and unsubsidized Stafford Loans depends on their grade level and on whether they are dependent students or independent students.

 

 

Dependent Students

Subsidized and Unsubsidized loans

 

Freshman (less then 32 credits)

$3,500 combined subsidized and/or unsubsidized plus

$2,000 additional unsubsidized for dependent first-year undergraduates.            

Total of $5,500.

Sophomore (32 credits or more)

$4,500 combined subsidized and/or unsubsidized plus

$2,000 additional unsubsidized for dependent second-year undergraduates.       

Total of $6,500.

 

 

Independent Students*

Subsidized and Unsubsidized loans

 

Freshman (less then 32 credits)

$3,500 combined subsidized and/or unsubsidized plus

$6,000 additional unsubsidized for independent first-year undergraduates.        

Total of $9,500.

Sophomore (32 credits or more)

$4,500 combined subsidized and/or unsubsidized plus

$6,000 additional unsubsidized for independent second-year undergraduates.    

Total of $10,500.

*Includes students whose parents have been denied a PLUS loan

 

The amount a student can borrow is also limited by the student's school costs, other financial aid the student may receive, and (in the case of subsidized loans) the student's expected family contribution.

Listed below are the aggregate (total) limits for all subsidized and unsubsidized Stafford loans, whether solely from the Direct Loan Program or in combination with FFEL Stafford loans:

  • $31,000 for a dependent undergraduate student (no more than $23,000 may be subsidized)
  • $57,500 for an independent undergraduate student1 (no more than $23,000 may be subsidized) 

With a PLUS loan, the parent of a dependent student can borrow up to the cost of the student's education minus other financial aid the student receives.

The maximum loan limits are based on the academic year.  In most cases, the amount that you borrow will be split between two semesters.

Default

Please take care to borrow only what is necessary.  If you plan to transfer to a four year institution after Atlantic Cape your expenses may increase and the need for borrowing may be greater.  If you borrow above your means and cannot repay your loan you may enter into default.  Defaulted students will lose all eligibility for aid, including loans. (Until you repay the loan in full)  A default can also hurt your credit score and prevent you from future purchases, like a car or mortgage.