Loan links: To Apply for Stafford Loans | Borrowers Rights & Responsibilities | Important Information | Default Status | Eligibility | Payments | Problems | Proration | Repayment | Tips | Types of Loans
Before applying for a Stafford loan, students must first apply for federal financial aid by completing the Free Application for Federal Student Aid (FAFSA). This application determines eligibility for Stafford loans.
Once the institutional FAFSA file is complete, students may apply for a Stafford loan. This procedure must be followed even though students feel they may not be eligible for a grant.
Entrance and Exit Counseling
Students must complete loan entrance counseling and sign a Master Promissory Note to request a loan, which is built into the CNM online loan application.
Students with loans who graduate, withdraw, or leave school, must complete an exit interview. An exit interview is a counseling session all student loan borrowers must attend before exiting CNM. At this session, the financial aid advisor will talk about debt management, what monthly repayments will be, the average amount all borrowers owe, and options such as deferments, forbearance, and loan consolidation.
