Types of Loans
There are three types of loans available to students and/or parents at CCS. The chart below gives you a thumbnail sketch of each one, and tells you where to find the detailed information. Applies to loans disbursed between July 1, 2011 and June 30, 2012.
| FEDERAL STAFFORD LOAN | FEDERAL PLUS LOAN | ALTERNATIVE LOAN | |
| Brief Description | Federally guaranteed loans made to students to assist in educational costs. | Loans made to parents of dependent students. intended to supplement financial aid package. | Private loans made to students, usually with a co-signer. intended to supplement financial aid package. |
| Lender | Direct loans See Stafford Loan info |
Direct loans
See Plus Loan info |
See alternative loan info |
| Annual Amount | Maximum amount is determined by grade level (number of credits completed). See financial aid notification letter |
Maximum amount = cost of education minus other financial aid. See financial aid notification letter |
Maximum amount = cost of education minus other financial aid. See financial aid notification letter |
| Interest Rate | Fixed rate of 3.4 – 6.8% (Government pays interest on subsidized loans while the student is in school.) |
Fixed rate of 7.9% | Depends on loan chosen from CCS alternative loan list. Most have a variable rate. |
| Fees | 1.0% origination fee, 0.5% with up-front interest rebate. | 4.0% origination fee, 2.5% with up-front interest rebate. | Depends on loan chosen. |
| Disbursement | Unless otherwise specified, funds are received in 2 equal disbursements, 1 for each semester. | Unless special arrangements made with financial aid office, funds are received in 2 equal disbursements, 1 for each semester. | Unless special arrangements made with financial aid office, funds are received in 2 equal disbursements, 1 for each semester. |
| Repayment | With in-School deferment repayment begins 6 months after the student leaves school or drops below 6 credits enrolled. Several repayment plans are available. |
Begins 60 days after loan is fully disbursed. Payments can be deferred on request. Several repayment plans are available. |
With in-School deferment repayment begins 6 months after student leaves school or drops below 6 credits enrolled. Students are responsible for contacting their lender to request deferment. |
| Get more information | See Stafford Loan info | See Plus Loan info | See alternative loan info |
| Get application | done online – See Stafford Loan info | done online — See Plus Loan info | See alternative loan info |
