Loans

Financial aid awards are posted to student accounts beginning on the Monday after the Add/Drop deadline. Loan agency funding may take up to 10-14 business days from their disbursement date before the college receives your funds. The college receives/posts federal funding on Mondays. From the date it is posted to your account Cambridge College has 14 business days to refund any eligible excess funds.

Federal Student Loans

Alternative Loan Programs

Loan Forgiveness Programs

Teacher Loan Forgiveness Program - FFEL and Direct Loan Programs
  • To qualify for up to $5,000 in loan forgiveness under this program you must not have had an outstanding balance on a FFEL or Direct Loan program loan as of October 1, 1998.
  • To qualify for the increased amount of loan forgiveness up to $17,500 available for certain mathematics, science, and special education teachers, you must not have had an outstanding balance on a FFEL or Direct Loan program loan as of October 1, 1998, or on the date that you obtained a FFEL or Direct Loan program loan after October 1, 1998. 
  • For more complete information about this program, download the  Stafford Loan Forgiveness Program for Teachers (PDF) .
Community Service Loan Forgiveness

This provision excludes from income any student loan amounts forgiven by nonprofit, tax-exempt charitable or educational institutions for borrowers who take community service jobs that address unmet community needs. For example, a recent graduate who takes a low-paying job in a rural school will not owe any additional income tax if, in recognition of this service, his or her college or another charity forgives a loan it made to him or her to help pay his or her college costs. This provision applies to loans forgiven after August 5, 1997. [Link]