A Stafford Loan is a low-interest loan available to students enrolled in a minimum of 6 credits per semester. These loans are made by a lender, such as a bank, credit union, or savings and loan association, and are guaranteed by the federal government. Depending on the student's need, as calculated by the U.S. Division of Education, these loans are either made on a subsidized basis, where the federal government pays the interest during the enrollment period, or on an unsubsidized basis, where the student pays the interest.

To determine your loan eligibility, we will assume the same enrollment status (full-time, 3/4 time, 1/2 time) for both the fall and spring semesters based upon the anticipated enrollment information you provided on your FAFSA.

Maximum loan amounts for dependent students are:

0 - 29 credits $3,500 per year
30 - 59 credits $4,500 per year
60 or more credits $5,500 per year

Maximum loan amounts for independent students are

0 - 29 credits $7,500 per year
30 - 59 credits $8,500 per year
60 or more credits $10,500 per year

Maximum loan amounts for graduate students are $18,500 per year

Rights and Responsibilities of a Student Loan Borrower

In accordance with federal regulations, first-time Stafford loan borrowers must complete entrance counseling on the web at http://mapping-your-future.org. No loans can be credited to a student's account until entrance counseling is complete.

Students who are recipients of a federal Stafford loan who drop below six (6) credits, or graduate must complete an exit counseling session at http://mapping-your-future.org.

Federal Stafford Loan Master Promissory Note (MPN)

The Federal Stafford Loan Master Promissory Note (MPN) is a promissory note under which you may receive multiple subsidized and unsubsidized Federal Stafford Loans over a maximum ten-year period.

  • If you complete a Federal Stafford Loan (MPN) as a freshman or during your first semester at Caldwell, you will NOT have to complete another application for 10 years, or until you enter another College.
  • You will receive a Loan Guaranty Summary from your guarantee agency. Your lender will provide you with a Loan Disclosure Statement.
  • If you are a first-time borrower at Caldwell College, your first disbursement of loan proceeds can not be made until 30 days after the first day of your enrollment period or start of classes
  • Your loan will be disbursed according to a schedule established by Caldwell College and Federal guidelines. It will be made in two or more installments and transferred electronically to your college account.
  • First time borrowers of a Federal Stafford Loan must complete an entrance interview before you receive your loan. This ensures that you have received loan counseling and understand your responsibilities.
  • Please remember that a Federal Stafford Loan is a loan, not a grant. You must repay the funds you borrow, plus interest and fees. If you have any questions, do not hesitate to contact the Office of Financial Aid at 973-618-3221 or at .

STAFFORD LOAN, LENDER SELECTION AND ENTRANCE INTERVIEW PROCEDURES

Caldwell College has selected three lenders who provide quality service to our students: Citibank; Sallie Mae Education Trust; and Wachovia. If you are a new student at Caldwell College, you may select any lender you desire. However, for your convenience, we have provided the Borrower Benefits and loan applications for the three recommended lenders noted above for your review. Once you receive your financial aid award letter from Caldwell College, and decided on a lender, you should complete your Master Promissory Note (MPN) and Entrance Interview on-line using the two steps below.

If you are a returning student and you have not borrowed a Stafford Loan during previous semesters, you will need to select a lender as noted above, complete your Stafford Loan Promissory Note (MPN) and Entrance Interview on-line using the two steps below.

If you are a returning student (to Caldwell College) and have borrowed a Stafford Loan in a previous semester, you DO NOT need to complete another application. Your loan will be processed automatically for the amount indicated on your award letter from Caldwell College, unless we are otherwise notified. To decline or accept a lesser amount please notify us at .

Please note that if you apply for a loan without selecting a lender, it is our policy to select one of the lenders from our recommended list for you to facilitate the process. You may contact our office with any questions regarding this process.

You must complete the Loan Entrance Counseling if this is your first time borrowing a Stafford Loan at Caldwell College. Click on the link below to begin.

(Once completed, you will automatically be redirected to step 2.)

To complete your application online, please click on the link below. (Only new students to Caldwell College or a returning student who has not previously borrowed a Stafford Loan at Caldwell)

Please note: If you decide to use a lender other than the preferred lenders listed above, you must obtain a pre-printed loan application, and mail it to our office with the proper mailing address for approval and/or guarantee to:

Caldwell College
Office of Financial Aid
120 Bloomfield Avenue
Caldwell, NJ 07006