Types of Financial Assistance
There are many types of financial aid available to our students. Ninety-eight percent of students receive some combination of the following types of aid totaling approximately $33 million.
Applicants to CCS are automatically considered for CCS Scholarships once they complete their admissions requirements. Awards are based on the portfolio review and academic achievement of the applicant and can vary from student to student during the admission process. Recipients must maintain a minimum cumulative GPA of 2.5 to continue receiving these scholarships.
Federal Pell Grant
A federally-funded grant-awarding $672 to $6,495 per academic year for undergraduate students demonstrating high financial need.
Federal Supplemental Educational Opportunity Grant (FSEOG) Program
A federally-funded grant for undergraduate students demonstrating high financial need. Awards will be made to eligible students with the lowest expected family contributions who receive Pell Grants in that year.
Michigan Tuition Grant and Michigan Competitive Scholarships
The Michigan Department of Education awards tuition grants and scholarships annually (up to $2,800.00 per academic year) to Michigan residents who demonstrate financial need.
CCS Tuition Grant
Institutionally-funded need-based grant program. Amounts vary based on need.
International Student Grant
New and returning International students are awarded $1,500 in the first semester of enrollment each academic year. This award is in addition to the CCS Scholarship/Award.
Undergraduate Loan Programs
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.
Federal Subsidized Direct Student Loans
A federally-subsidized, need-based loan program. Repayment begins six months after graduation, upon enrollment of less than half-time, or upon withdrawal from the College.
Unsubsidized Direct Student Loans
A federal, non-need-based loan program available to independent students or dependent students whose parents have been denied a PLUS loan. Repayment begins six months after graduation, upon enrollment of less than half-time, or upon withdrawal from the College.
Federal Parent PLUS Program
Supplemental loans to parents of dependent students based on credit application. Repayment begins within 60 days after the loan is fully disbursed.
Private supplemental student loans offered by various banks based on a credit application. Most student applicants will require a cosigner.
|FEDERAL DIRECT LOAN||FEDERAL PLUS LOAN||ALTERNATIVE LOAN|
|Brief Description||A federal student loan, made through the William D. Ford Federal Direct Loan Program that eligible students borrow directly from the U.S. Department of Education at participating schools.||A loan made by the U.S. Department of Education to graduate or professional students and parents of dependent undergraduate students.||A nonfederal loan made by a lender such as a bank, credit union, state agency, or school to students; usually with a co-signer. It is intended to supplement a student’s financial aid package.|
|Lender||Department of Ed||Department of Ed||Private Lender|
|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 3.73% (Government pays interest on subsidized loans while the student is in school.)||Fixed rate of 6.28%||Depends on loan chosen from CCS alternative loan list or the Borrower’s lender choice. – Most have a variable rate.|
|Fees||1.059% origination fee, deducted before disbursement.||4.236% origination fee, deducted before disbursement.||Depends on loan chosen. The lender determines the interest rate.|
|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 Direct Loan info||See Plus Loan info||See alternative loan info|
|Get application||Completed online/studentaid.gov||Completed online||See alternative loan info|
Work Study Programs
Federal Work-Study Program
The federally-funded program provides on-campus jobs for students demonstrating financial need. Awards will be made to eligible students with remaining need to the extent of available funds on a first-come, first-served basis.
Student Employment Program
The College-funded work program meets campus needs and employs students ineligible under federal work-study programs.
If you have additional questions about work-study or want to see available positions please contact the Office of Financial Aid at 313.664.7495.