CCC

Educational Loans

Effective with the 2010-2011 academic year, Community Christian College offers student low-interest Federal Direct Stafford Subsidized, Unsubsidized, and PLUS Loans.

How do I apply for a loan?

• Complete the FAFSA (Free Application for Federal Student Aid) at http://www.fafsa.gov

• Complete a Master Promissory Note (MPN) at http://www.studentloans.gov

• Complete the Stafford Loan Request Form ( LR )

• Complete Entrance Counseling (On-line) at http://www.studentloans.gov

TYPES OF LOANS

Federal Direct Stafford Loan (amounts vary)

This loan program for students is available through the Department of Education. Please note the following facts about the Stafford Loan:

• Applicant must complete the FAFSA

• Student must attend at least half-time (six quarter credits or more)

• A low fixed rate of 4.5% Subsidized, 6.8% Unsubsidized (2010-2011 academic year)

• Guaranteed, long-term loan (not based on credit)

• Maximum Amounts:

  • Freshman (0-45.0 qtr credits), $3,500 Subsidized, $2,000 Unsubsidized

  • Sophomore (46-93 qtr credits), $4,500 Subsidized, $2,000 Unsubsidized

• Independent students can borrow an additional Unsubsidized Stafford as follows:

  • Freshman $4,000

  • Sophomore $4,000

• Repayment begins six months after any of the following:

  Student graduates, drops below half-time, or discontinues schooling

What's the difference between a Subsidized and Unsubsidized Loan?

Subsidized is a term which means that you don't have to pay the interest on your loan while you are in school (the government actually pays it for you).

Unsubsidized means you pay the interest while in school. If you don't want to pay the interest while in school, you can choose to capitalize it (which means the interest is added to the principal). In actuality, this means that you will have taken out a bigger loan and you end up paying interest on the interest. However, you have the option to pay the interest on an unsubsidized loan while you are in school.

How is it determined whether it is a Subsidized or Unsubsidized Loan?

Several factors go into this decision: other aid the students receive, EFC, and by the information you enter on the FAFSA application. Please note that Community Christian College will always offer you a Subsidized loan if you are eligible for one.

Federal Direct Parent Loan for Undergraduate Students (P.L.U.S.)

The Parent PLUS Loan is available to credit-worthy parents of undergraduate students regardless of income. This loan program allows parents to borrow the difference between the cost of education and the financial assistance the student is scheduled to receive. The current interest rate for the Parent PLUS Loan is 8.5% Repayment of this loan begins within 60 days after the final disbursement is made unless the borrower qualifies for deferments.

If you choose this loan, you must complete a Master Promissory Note on line and complete a credit check.

Entrance/Exit Counseling

All students are required to complete an Entrance Interview as required by federal regulations before loan funds can be disbursed. This requirement can be completed online. You will also be required to complete an Exit Interview before graduation or upon leaving Community Christian College.

To complete the Federal Direct Stafford Loan request form…

Click the link below, print the form, complete and sign it, and submit it to the Community Christian College financial aid office.
Stafford Loan Request Form

To complete Entrance Counseling...

Remember, the loan entrance MUST be completed BEFORE your loan can be processed. The Financial Aid Office will receive reports listing students who have completed their Loan Entrance requirement.

To complete the MPN electronically, click here: MPN

To complete Exit Counseling...

All students who have received a Federal Direct Stafford Loan must complete Exit Counseling. This should be done if a student withdraws, graduates, or falls below half-time enrollment.

Click the link below.

NSLDS Student Access Web Site