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
This is 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.
Federal Unsubsidized Direct Student Loans
This federal, non-need-based loan program is available to independent students or dependent students whose parents have been denied a federal Parent 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.
Alternative/Private Loans
These private supplemental student loans are offered by various banks based on a credit application. Most student applicants will require a cosigner.
Federal student loans disbursed to CCS students are reported to the National Student Loan Data System (NSLDS), the U.S. Department of Education’s central database for federal student aid. Students and parent borrowers can view their federal loan history, balances, and repayment information at studentaid.gov.
Find additional details about each Loan types in the chart below
| Category | 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. Loan limits information is available at studentaid.gov | See financial aid notification letter. Loan limits information is available at studentaid.gov. | Maximum amount = cost of education minus other financial aid. – See financial aid notification letter. |
| Interest Rate | current interest rates are available at studentaid.gov (Government pays interest on subsidized loans while the student is in school.) | current interest rates are available at studentaid.gov | Depends on loan chosen from CCS alternative loan list or the Borrower’s lender choice. – Most have a variable rate. |
| Fees | The origination fee is deducted before disbursement. current interest rates are available at studentaid.gov | The origination fee is deducted before disbursement. current interest rates are available at studentaid.gov | 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 Plus Loan info |
| Get Application | Completed online/studentaid.gov | Completed online | See alternative loan info |