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Summer Term Starts May 15

Student Loans

Information about student loans including eligibility and tips for student loan borrowers.

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Student Loan Eligibility

  • Complete your FAFSA and financial aid file.
  • Enroll in a minimum of 6 financial aid eligible credit hours (non-credit classes or ABE are not considered eligible). Congress also establishes loan limits that may be prorated depending on your student classification.
  • Enroll in an eligible program of study.
  • If you are a first-time federal loan borrower, you need to complete the Entrance Counseling and sign a Master Promissory Note.
  • Maintain financial aid Satisfactory Academic Progress.
  • If you qualify for a Federal Subsidized Direct Loan, you may borrow up to $3,500 per year as a first-year student and $4,500 per year as a second-year student.
  • Private student loan requirements vary by lender. 

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Entrance Counseling Information Sessions

If you are a first-time federal loan borrower, you need to complete the Federal Loan Entrance Counseling and sign a Master Promissory Note. If this is your first time receiving loans at CNM you will be required to complete the CNM First Time Borrower Counseling in addition to the Federal Loan Entrance Counseling. Please review the presentation below and follow the instructions provided on the presentation. 

Policies and Rules

Student Loan Tips

If you decide to borrow, here are some points to remember:

  • If you’re a freshman student and a first-time borrower, you must complete the entrance counseling, sign a master promissory note and apply online for your loans. In addition, your first disbursement can’t be made until 30 days after the first day of term.
  • If you drop below half-time during a term in which you are receiving a student loan, all subsequent disbursements may be canceled.
  • Be an informed borrower. Review loan deferment provisions, repayment terms, and refinancing and consolidation options before your loan repayment begins.
  • Keep records on all your loans, keep them up-to-date and keep them together in one place.
  • Keep your lender informed of your current address, any name changes, any changes in your repayment status and any problems you may have with loan repayment.
  • Retain the Notice of Loan Guarantee; it details the interest rate, the type of loan you have, total amount borrowed (provided all loans have been processed through the same guarantee agency), and your projected monthly payment.