Receiving your Federal Direct Loan Funds
When CMC is notified by the Federal Direct Loan Processor that they have a valid MPN on file for you and you have completed the Entrance Counseling Session, your loan will automatically be credited to your student account, as long as all other federal student aid eligibility requirements have been met.
Request a Reduction or Cancellation of your loan
You have the right to reduce or cancel your loan within 14 days after it credits your student account. This can be done by notifying the Financial Aid Office by email at firstname.lastname@example.org from your CMC email account.
Federal Direct Loan Limits
The federal government sets loan limits on the amount of money a student can borrow. CMC does not package students with loans, however, a student may request to include loans as a revision to their financial aid award. The annual limit applies to the amount a student can borrow in one academic year, while the aggregate limit applies to the maximum amount a student can borrow in a lifetime. Independent and dependent students whose parents are unable to borrow a Direct PLUS loan are are eligible for an additional Federal Direct Unsubsidized Loan. See below.
Junior, Senior, Post-Baccalaureate: $7,500
Independent & Dependent with PLUS denial
Junior, Senior, Post-Baccalaureate: $12,500
Federal Direct Loan Life Time Limits
Undergraduate Dependent: $31,500
Undergraduate Independent: $57,500