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Student Loans

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

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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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.

Student Loan Repayment

Are you feeling overwhelmed by your student loan obligations? CNM has partnered with Inceptia, a nonprofit organization dedicated to guiding you through repayment—completely free of charge. From clarifying your loan details to identifying practical solutions, Inceptia’s friendly counselors will support you from start to finish throughout your repayment journey.

You may receive a phone call, email, or letter from Inceptia offering personalized support. If you find yourself struggling with payments, they’ll work with you to explore options that fit your budget. Remember, they will never ask you to send them money—these services are provided at no cost to you.

For additional resources and guidance, visit Inceptia’s Student Knowledge HQ at HeroKnowl.org.