Educational Loans

Lender List

In order to provide the best customer service to our students and parents, Community Christian College has identified several lenders based on the following criteria: interest rate reductions offered, loan benefits to the borrower, prior experience, on line service, and superior customer service.

How do I apply for a loan?

• Complete the FAFSA (Free Application for Federal Student Aid )
• Complete a Master Promissory Note (MPN )
• Complete the Stafford Loan Request Form ( LR )
• Complete Entrance Counseling (On-line at Open Net)

TYPES OF LOANS

Federal Stafford Loan (amounts vary)

This loan program for students is available through many banks, savings and loan institutions, and credit unions. Please note the following facts about the Stafford Loan:

• Applicant must complete the FAFSA
• Student must attend at least half-time (six qtr. credits or more)
• A low fixed rate of 6.8%
• Guaranteed, long-term loan (not based on credit)
• Maximum Amounts:
  • Freshman (0-40.5 qtr credits), $3,500
  • Sophomore (41-93 qtr credits), $4,500
• Independent students can borrow an additional Umsubsidized 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.

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 either or line or in-person in the Financial Aid Office. You will also be required to complete an Exit Interview before graduation or upon leaving Community Christian College.