Students are strongly encouraged to research and exhaust all other resources before choosing to borrow a Stafford Loan. These resources include CF Institutional Scholarships, Federal Work Study and the Tuition Installment Plan. If, after exhausting all other resources, you need to consider a student loan, contact the Financial Aid Office.
Master Promissory Note
First-Time borrowers at the College of Central Florida
By federal regulation, all first-time borrowers of federal direct student loans (subsidized or unsubsidized), at the College of Central Florida must have the first disbursement(s) of their loan(s) delayed 30 days from the start of classes. This applies only to the first semester of attendance in which a Stafford Loan is borrowed and all eligibility requirements must be met before any disbursement of a loan.
Loan Entrance Counseling
Single-semester borrowers at the College of Central Florida (Summer-semester loans are considered single-semester loans)
By federal regulation all single semester federal direct student Loans (subsidized or unsubsidized), must have at least two disbursements. Therefore, any loan that covers a period of one semester (due to student request or as required by federal regulation) will be disbursed in the following manner:
• Disbursement 1: 50% of the total loan amount will be disbursed after the drop/add period has ended, per the college calendar (first-time borrowers at the College of Central Florida are subject to a mandatory 30 day delay of their first disbursement).
• Disbursement 2: The remaining 50% of the total loan amount will be disbursed at the half point of the enrollment period, per the college calendar.
Stafford loan borrowers must meet all eligibility requirements before any disbursement of a loan.
Loan Proration
U.S. Department of Education regulations require that students in their final period of study before graduation have their loan eligibility adjusted to match their enrollment in fundable coursework. For students with less than full-time (12 credit hours) enrollment, this adjustment may mean a reduction of their loan award. A final determination will be made after the add/drop period.
Example 1: A student will graduate in the fall semester upon completion of six fundable credit hours. The loan for the fall semester will be a single-semester loan (see above). Further, the loan will be prorated because she is enrolled half-time. If the student's annual loan limit is $4,500, the calculation is as follows:
6 credit hours remaining ÷ 24 credit hours (an academic year at CF) X $4,500 loan limit = $1,125 loan amount for the fall semester
Example 2: The student above will graduate in the fall semester and is enrolled in 12 fundable credit hours. The calculation is as follows:
12 credit hours ÷ 24 credit hours X $4,500 = $2,250 loan amount for the fall semester
Example 3: The student above is enrolled in 15 fundable credit hours to graduate in the fall semester. The calculation is as follows:
15 credit hours ÷ 24 credit hours X $4,500 = $2,812 loan amount for the fall semester