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 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

See Stafford Loan info

See Plus Loan info

See alternative loan info

Get application

completed online – See Stafford Loan info

completed online — See Plus Loan info

See alternative loan info

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