Plus & Alternative Loans

No – PLUS loans are not guaranteed. Borrowers must pass a credit check in order to be approved for the PLUS loan. Therefore, it is very important that parents wishing to utilize the PLUS loan apply and confirm their approval before the school year begins in September.

Cost of attendance minus other financial aid awarded. Check your financial aid notification letter for your maximum yearly eligibility. CCS strongly encourages you to create a budget and borrow only what you need. PLUS loan funds may be used to pay for the student’s related expenses in addition to tuition and fee costs. Related educational expenses include books & supplies, rent/housing, food, transportation and personal expenses (toiletries, laundry, etc.) and make sure to borrow what you need for the entire academic year (in most cases September – May), not one semester at a time. Multiple applications can have a negative effect on your credit history. You should also remember to consider the loan fees that will be deducted at disbursement when determining your loan amount.

Fixed rate of 8.05% (for loans disbursed 7/1/23 – 6/30/24)

A 4.228% (for loans disbursed 10/1/23 – 9/30/24) origination fee is deducted from PLUS loans before disbursement.

Repayment generally begins 60 days after the final disbursement. For most families, this means March of the academic year. However once your loan has been disbursed you may request that repayment be deferred during periods while your student is enrolled at least half-time (6.0 credits). Visit https://studentaid.gov/manage-loans/repayment

1. Visit this website and complete the Parent Plus Application. Don’t forget to consider the 4.276% loan fee that is deducted when determining the loan amount you want to apply for.
2. Visit this website and complete the Direct Loan Master Promissory Note (MPN) for Parent PLUS loans. The MPN details the terms of the loan and the responsibilities of the borrower. It is a contract with the federal government and signing it is a pledge to repay all the loans disbursed to you during your student’s education. You will be notified as soon as possible if your loan is denied.
3. Once your loan is disbursed, visit NSLDS for detailed account summaries and information on paying for and managing your loans.
4. In most cases, the initial application is the only time you will need to complete the PLUS Master Promissory Note for CCS. Parent Plus Loan Application for Parents of Dependent Students will need to be completed each academic year you wish to apply for PLUS loan funds.

If you do not have Web access, contact the CCS Financial Aid Office for assistance.

Unless special arrangements are made with the Financial Aid Office, the loan will be disbursed electronically to CCS in two equal payments, one for each semester.

Loan funds must first be used toward the balance owed at CCS. If funds remain after the balance is paid, a refund check will be issued for the excess by the CCS Business Services Office. These funds should be used only for the student’s valid educational expenses, such as books & supplies, rent, food and transportation.

When a PLUS loan has been taken, refund checks are processed in the parent’s name unless specified in writing by the borrower.

First time borrowers must wait 30 days from the beginning of the semester before their loans may be applied to their accounts. Therefore, for the first semester, refund checks are not available until roughly five weeks into the semester. First-time students will need to make other arrangements to cover their expenses until their funds arrive.

Contact your loan servicer. If you’re not sure who your loan servicer is, visit https://studentaid.gov/ and login to My Federal Student Aid to get contact information.

Alternative loan borrowers must be 18 years of age and a U.S. citizen or eligible noncitizen, or have a U.S. citizen or eligible noncitizen as their cosigner.

You must be enrolled at least half-time (6.0 credits) to receive some kinds of alternative loans.

Many banks and educational lending organizations offer an alternative loan option. CCS does not endorse any lender.

Please feel free to conduct your own research and utilize any lender you prefer. Some additional time may be necessary while we work with your selected lender to set up the necessary processing channels. If you need assistance with any aspect of your loan processing, please contact Mathew Catanese in the Financial Aid Office (313.664.7496).

Whichever lender you ultimately choose, we recommend that you research lenders’ interest rates and payment terms before you decide which to apply for. Doing multiple loan pre-approvals may have a negative effect on your credit rating.

In most cases yes, these loans can be deferred while you are in school. You should discuss deferment options with the lender before you decide which loan to apply for. Students are responsible for requesting deferment status from their alternative lenders.

Fees vary depending on the lender you choose, whether or not you have a cosigner and your associated credit scores.

Interest rates vary depending on the lender you choose, whether or not you have a cosigner and your associated credit scores. In most cases your interest rate will not be determined until final approval is granted. Make sure you know your finalized interest rate before you sign your promissory note.

Cost of attendance minus other financial aid awarded. Check your financial aid notification letter for your maximum yearly eligibility.

CCS strongly urges you to create a budget and borrow only what you need. 
Make sure to borrow what you need for the academic year (in most cases September to May), not one semester at a time—multiple applications can have a negative effect on your credit history. Funds can also be borrowed to apply toward summer classes. Contact our office for more information.

Unless special arrangements are made with the Financial Aid Office, the loan will be disbursed electronically to CCS in two equal payments, one for each semester.

The loan funds you receive must first be used to pay the balance that is owed to CCS. If funds remain after the balance is paid, a refund check will be issued for the excess by the CCS Business Services Office. These funds can be used to pay for valid educational expenses, such as books and supplies, rent, food, transportation and personal expenses.

Always contact the lender to find out why. In some cases, the problem may be easily corrected. If you are unable to secure a necessary loan to supplement your financial aid package, please contact our office to discuss other alternatives. CCS strongly encourages students to have all funding in place before the enrollment period begins and charges apply.