FINANCIAL AID OFFICE UPDATE
We understand that your family may be suffering financially from the Covid-19 economic shutdown or other outside factors (job loss, loss of hours/income, extensive medical expenses, death in the family, private school tuition, or another extenuating circumstance). If your current financial circumstance differs greatly from what is shown on the FAFSA, we invite you to complete the form below to see if you qualify for a Special Circumstance Petition (undergraduate students only, graduate and doctoral students are not eligible):
Click here to complete the Special Circumstance Petition Request Form for 2022-2023.
A student’s financial aid may be affected if the student: withdraws, drops, stop attending, is determined to have never attended, or does not begin attendance in all enrolled classes. Some of the federal aid programs this may affect are:
THE LAST DAY TO DROP A CLASS WITH A REFUND
The last date to drop a class is the date in the semester when the Financial Aid Office is required to evaluate your Federal Aid eligibility based on your enrollment status, established eligibility, and classes you began attendance in as of the last day to drop a class with a refund. If the Pell Grant or other federal aid you were awarded does not match these eligibility requirements, your award will be adjusted per federal regulations.
Please refer to the specific semester’s academic catalog to determine what the specific date the last day to drop a class is for the given semester.
AFTER THE LAST DAY TO DROP A CLASS WITH A REFUND
Any classes added after the last day to drop a class will not count towards your Federal Pell Grant eligibility, regardless of the start date for the class. If you drop, withdraw from, or do not begin attendance in classes that you were registered for, your financial aid award will be adjusted. All award amounts listed on InsideCBU are subject to change.
More details regarding the attendance and withdrawal process can be found here.
Free Application for Federal Student Aid
Click Here to complete the FAFSA.
Click Here for more information on the EFC.
Click Here to complete verification online.
Federal Stafford loans are offered to undergraduate students at a low fixed interest rate. Students must be enrolled at least half time (6 units) to be eligible. Repayment begins six months after the student leaves school or drops below half-time status. Students must complete Entrance Counseling and a Master Promissory Note before they can receive their first disbursement (See section below).
Click here for more information about Federal Direct Loans
23/24 Award Year - Subsidized/Unsubsidized Loans - 5.50% Fixed (Valid July 1, 2023 to June 30, 2024) ______________________________________________
23/24 Award Year - Parent PLUS Loan - 8.05% Fixed (Valid July 1, 2023 to June 30, 2024)
Subsidized/Unsubsidized Loans – 1.057% (10/01/2023 to 09/30/2024)
Example: $5,500 loan for the 2023/2024 school year:
FA23 Disbursement $2,750 - 1.057% = $2,721
SP24 Disbursement $2,750 - 1.057% = $2,721
Total Received = $5,442
Undergraduate Loan Limits
Dependent Students* Independent Students
Freshman (0-29 units) $5,500 ($3,500 sub) $9,500 ($3,500 sub)
Sophomore (30-59 units) $6,500 ($4,500 sub) $10,500 ($4,500 sub)
Junior (60-89 units) $7,500 ($5,500 sub) $12,500 ($5,500 sub)
Senior (90+ units) $7,500 ($5,500 sub) $12,500 ($5,500 sub)
Total $31,000 ($23,000 sub) $57,500 ($23,000 sub)
*Parent PLUS denials will allow an addition $4,000 of Unsubsidized loan (Freshman/Sophomore) and an additional $5,000 for Junior and Seniors - cannot exceed Independent aggregate limit.
This includes undergraduate federal loans.
Click Here to complete the PLUS Application or PLUS Counseling (parent's FSAID is needed to log in)
Click Here for more information
**23/24 PLUS Loans are available at studentaid.gov**
Private Educational Loans are available to students who do not qualify for Federal Loans but need additional aid. These loans are not need-based; rather, they are based on creditworthiness. Most students will need a creditworthy co-signer such as a parent or other relative to obtain a private education loan. Terms and conditions applicable to these loans vary greatly. Factors such as interest rate, APR, length or repayment, loan minimum and maximum, and fees should be carefully considered when researching and choosing a private educational loan.
CBU offers two online private loan comparison tools; ELM Select and Credible.
Click on the links below to view a list of lenders.
ELM Select Credible
** 23/24 Private Loans are now available**
Do I have to pay the interest on an unsubsidized Stafford loan while I am in school?
No, you do not have to pay any interest while you are in school. However, you may choose to make payments in an effort to keep the interest down. When you leave school, the accrued interest on the unsubsidized loans will be capitalized (added to the principal). You will then pay interest on the interest that has been capitalized.
Why didn’t I receive a subsidized Stafford loan?
Why don't I see my loans posted to my account on my expected disbursement date?
How soon can I expect a refund?