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Student Loans

Student’s that have completed their Free Application for Federal Student Aid (FAFSA) and who meet qualification requirements for Federal Student Aid may borrow money through the Federal William D. Ford Direct Stafford Loan program to meet their college costs.

You must be registered in an active Degree-Seeking program at Ocean County College and in a minimum of 6 credits to be eligible to apply for a student loan. You may wish to contact the Ocean County College Financial Aid Office on (732) 255-0400 or via email at to ensure you meet loan eligibility requirements.

The results of your Free Application for Federal Student Aid (FAFSA) will determine the type of loan you are eligible for. For more information, please contact the Ocean County College Financial Aid Office on 732.255.0400 or via email at

  • Subsidized loan: A student qualifies for this loan on the basis of need. The loan will be subsidized, which means no interest will accrue, nor is any payment required, until six months after the student ceases to be enrolled at least half-time in an approved post-secondary program.
  • Unsubsidized loan: If a student does not qualify or qualifies only partially for a subsidized loan, all or a portion of the student’s loan will be unsubsidized. This means the student is responsible for the interest on the loan from the date of disbursement. Repayment on both principal and interest will begin six months after ceasing to be enrolled at least half-time in an approved post-secondary program.
  • Combo Sub/Unsub loan: Your loan will be a combination of subsidized and unsubsidized dependent on your eligibility.
  • Alternative: You have applied for a private/alternative loan and you are using the worksheet to identify the amount of the loan.

Your loan amount will depend on your eligibility for financial aid and cannot exceed the total cost of education minus any other aid you may receive. The Ocean County College Financial Aid Department has a policy of allowing students who are applying for a loan to cover the cost of one semester within an Academic Year to borrow no more than 50% of the annual maximums listed below.

YearDependent undergraduate students (except students whose parents are unable to obtain PLUS loans)Independent undergraduate students (and dependent students whose parents are unable to obtain PLUS loans)Graduate and professional degree students (doesn’t apply to OCC students)
First Year (Under 30 completed credits)$5,500 – No more than $3,500 of this amount may be subsidized.$9,500 – No more than $3,500 of this amount may be subsidized.$20,500 – No more than $8,500 of this amount may be subsidized.
Second Year (Over 30 completed credits)$6,500 – No more than $4,500 of this amount may be subsidized.$10,500 – No more than $4,500 of this amount may be subsidized.
Third Year and beyond (doesn’t apply to OCC students)$7,500 – No more than $5,500 of this amount may be subsidized.$12,500 – No more than $5,500 of this amount may be subsidized.
Maximum total debt from Direct Stafford Loans when you graduate$31,000 – No more than $23,000 of this amount may be subsidized.$57,500 – No more than $23,000 of this amount may be subsidized.$138,500 – No more than $65,500 of this amount may be subsidized. The graduate debt limit includes Stafford Loans received for undergraduate study.

*These amounts are subject to change by the Federal Government. Please refer to Federal Direct Loans for further information.

A Federal loan is disbursed in installments, normally after the attendance census date of each semester. Loan proceeds are credited directly to the student’s account.

First-time borrowers at Ocean County College must wait 30 days from the beginning of the semester before a loan can be disbursed.

You will receive notification via email from Ocean County College and via mail from the lender when each disbursement is released.

You must meet loan eligibility requirements at the time of disbursement or the loan will be cancelled.

  • File the Free Application for Federal Student Aid (FAFSA).
  • Be enrolled in a Degree or eligible Certificate program.
  • Register and maintain enrollment in at least six credits.
  • Not currently be in default or owe and overpayment on prior aid.
  • If I apply for a Fall only loan, I must reapply for additional loan funds upon registering for the Spring and Summer terms.
Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the lender. It also explains the terms and conditions of your loan(s).

A MPN MUST be signed and a copy received by the Ocean County College Financial Aid office BEFORE a loan can be placed as “pending” on a student’s account and before the first disbursement can be made. The MPN is a multi-year document that only needs to completed once during your time at Ocean County College.

To complete a MPN online, you will be required to use your Department of Education-issued PIN number.

Entrance Counseling helps you understand your responsibilities regarding your loan. Except for Parent Direct PLUS loan borrowers, all first time borrowers at Ocean County College are required to complete Entrance Counseling.

Entrance Counseling MUST be completed and a copy of the confirmation page received by the Ocean County College Financial Aid office BEFORE a loan can be placed as “pending” on a student’s account and before the first disbursement can be made.

For more information on the Federal Direct PLUS loans, you can visit Student Aid on the Web.

  • Applicant parent must be the student’s biological, adoptive parent or step-parent.
  • Student must be unmarried and under 24 years of age.
  • Student must be enrolled in a minimum of six credits.
  • Applicant and PLUS Loan borrowers cannot have an adverse credit history (a credit check will be done).
  • Applicant parent and student must be U.S. citizens or eligible non-citizens.
  • Applicant parent and student cannot be in default on a previous loan or owe an overpayment on a Federal Education Grant.
Once you are no longer enrolled in at least 6 credits in an eligible program, you’ll receive a 6-month grace period during which you are not required to make loan payments. You must begin repayment at the end of your grace period. You are required to complete Exit Counseling upon graduation from Ocean County College.

For more information on loan re-payment, in-school deferments, grace periods and loan consolidation, please visit Direct Loans – Graduating or Leaving School.

The Direct Loan Program offers different repayment options designed to meet the need of almost every borrower. For more information on these plans, you can visit Direct Loan Repayment Plans.

You can calculate your repayment amounts using the Federal Repayment Calculator.

Problem making a payment? See these helpful tips.

A Federal Direct loan may only be cancelled prior to it’s disbursement date. You may request the cancelation of your loan directly through the Ocean County College Financial Aid office. There are also certain conditions upon which all or part of your loan may be cancelled – for more information on these conditions, please visit Direct Loans – Cancellation and Consolidation.

Federal Loan Cancellation Eligibility Summary

Cancellation TypeFederal Stafford
Total and Permanent Disability or Death100%
Full-time teaching in elementary or secondary school that serves low-income studentsUp to $5,000 of aggregate loan amount after completion of five consecutive years of teaching beginning after 10/7/1998.
Bankruptcy (only in rare cases)100% (Only when there is a court decision that repayment would be an undue hardship)
Closed School (before student could complete program of study)100% For loans received on or after 01/01/1986
Under certain circumstances, you can receive a deferment or forbearance on a Federal loan. During a deferment, you are allowed to postpone payments temporarily, and no interest will accrue on a subsidized loan.

If you are temporarily unable to meet the repayment schedule, but are not eligible for a deferment, you can receive forbearance for a limited and specific period. During forbearance, your payments are postponed or reduced, but interest continues to accrue on subsidized loans.

Deferments and forbearances are not automatic. You must formally request a deferment or forbearance through the procedures established by your lender. You must continue to make payments until you’re notified that the deferment or forbearance has been granted.

The National Student Loan Data System (NSLDS) is the U.S Department of Education’s central database for student aid. You may obtain information on the amount(s) of your loan(s) and contact information for your lender(s).

If you/your parent fail to make continuous payments towards your loan or you stop making payments, you/your parent could be placed into Loan Default. If you are in Loan Default, the following may happen;

  • The lender can require you to repay the entire amount of the loan immediately.
  • The lender can sue you to collect the loan.
  • The lender can notify Credit Bureaus of the your default status, which can affect your future credit rating.
  • The I.R.S can withhold your Income Tax refund and apply it toward your loan.
  • You will not qualify for future Federal and/or State financial aid until the default is resolved.

Ocean County College Student Loan Cohort Default Rates

If you or your parent is in dispute over loan funds received while a student at Ocean County College and you’ve taken all necessary steps to resolve the dispute but feel it has not been resolved to your satisfaction, you have the right to contact the Federal Student Aid Ombudsman Group for further assistance in resolving your case.

Loan information is available from the Ocean County College Financial Aid office and can be mailed to students or parents upon request. Alternatively, read and download our publications and fact sheets.

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