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 |
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|---|---|---|---|
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 |
Direct loans |
|
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 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, deducted before disbursement. |
4.0% origination fee, deducted before disbursement. |
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 |
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Get application |
completed online – See Stafford Loan info |
completed online — See Plus Loan info |
