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Loans

Columbus State Community College’s Office of Financial Aid works with students and parents to assist in obtaining student loans for those students who qualify. The categories of student loans available at CSCC are as follows:

Federal Direct Student Loans

How to Apply:

  • Complete and submit the FAFSA at www.fafsa.ed.gov.
  • First time borrowers and transfer students must complete Loan Entrance Counseling at www.studentloans.gov. Student will be required to use his/her Personal Identification Number (PIN) from the U.S. Department of Education to complete this process.
  • First-time borrowers (or it has been over 10 years) must complete a Master Promissory Note (MPN) at www.studentloans.gov. Student will need Personal Identification Number (PIN) from U.S. Department of Education to complete this process.
  • Effective July 1, 2012, students who are first-time borrowers must wait for 30 days after the first day of the term to receive the first disbursement of the loan.

Federal Direct Subsidized Loans

In order to qualify, student must:

  • Have unmet financial need as determined by the FAFSA
  • Be enrolled at least half-time (6 credit hours)
  • Meet all other eligibility criteria for receiving Federal Student Aid

Interest rates and repayment:

  • For loans disbursed between July 1, 2009 and June 30, 2010 the interest rate is fixed at 5.6% with an origination fee of 1.5% with a 1% rebate.
  • For loans disbursed between July 1, 2010 and June 30, 2011 the interest rate is fixed at 4.5%. There is an origination fee of 1.0% with a 0.5% rebate.
  • For loans disbursed between July 1, 2011 and June 30, 2012 the interest rate is fixed at 3.4%. There is an origination fee of 1.0% with a 0.5% rebate.

  • For loans disbursed between July 1, 2012 and June 30, 2013 the interest rate is fixed at 3.4%.

  • For loans disbursed between July 1, 2013 and June 30, 2014 the interest rate is fixed at 3.86%. The origination fee for loans disbursed between July 1, 2013 and November 30, 2013 is 1.051%. Effective December 1, 2013 the origination fee is 1.072%.
  • Repayment begins when student graduates or ceases to be enrolled at least half time for a period of at least 6 months.
  • Repayment period of 10 years. For more information on all repayment options, visit www.studentloans.gov.

Elimination of interest subsidy during grace period:

Effective for loans made on or after July 1, 2012 and before July 1, 2014, the interest subsidy during the 6 month grace period has been eliminated. The repayment period still begins 6 months after the student is no longer enrolled at least half-time, however, the interest that accrues will be payable by the student rather than the federal government.

Eligibility Amounts:

  • First year students (students who have completed less than 48 quarter credit hours OR, effective 2012-2013, 30 semester credit hours): $3,500 per academic year.
  • Second year students (students who have completed more than 48 quarter credit hours OR, effective 2012-2013, 32 semester credit hours): $4,500 per academic year.
  • The allowable aggregate amount of Stafford Subsidized Loans for an undergraduate student is $23,000.

NEW**  Limit On Direct Subsidized Loan Eligibility For Undergraduates Borrowing For The First Time On Or After July 1, 2013

Subsidized loans can be borrowed for up to 150% of the published length of the program of study. For a 2-year associate degree program, the maximum period of subsidized loan eligibility is 3 years. Read for more information on the 150% Federal Direct Subsidized Loan Limit.

Federal Direct Unsubsidized Loans

In order to qualify student must:

  • Have completed FAFSA results on file.
  • Be enrolled at least half-time (6 credit hours)
  • Meet all other eligibility criteria for receiving Federal Student Aid

Interest rates and repayment options:

  • For loans disbursed between July 1, 2009 and June 30, 2010 the interest rate is fixed at 6.8% with an origination fee of 1.5% with a 1% rebate.
  • For loans disbursed between July 1, 2010 and June 30, 2011 the interest rate is fixed at 6.8%. There is an origination fee of 1.0% with a 0.5% rebate.
  • For loans disbursed between July 1, 2011 and June 30, 2012 the interest rate is fixed at 6.8%. There is an origination fee of 1.0% with a 0.5% rebate.

  • For loans disbursed between July 1, 2012 and June 30, 2013 the interest rate is fixed at 6.8%. There is an origination fee of 1.0% without rebate.

  • For loans disbursed between July 1, 2013 and June 30, 2014 the interest is fixed at 3.86%. The origination fee for loans disbursed between July 1, 2013  and November 30, 2013 is 1.051%. Effective December 1, 2013 the origination fee is 1.072%.

     

  • The borrower is responsible for interest accrued while in school, during deferment, and grace period.

  • Repayment begins when student graduates or ceases to be enrolled at least half time for a period of at least 6 months.
  • Repayment period of 10 years.

Eligibility Amounts:

  • First year independent students (students who have completed less than 48 credit hours): $6,000
  • Second year students (students who have completed 48 or more credit hours): $6,000
  • Dependent students are eligible for up to $2,000 in unsubsidized loans annually, but must submit an Award Revision/Transfer Report Form requesting the additional loan funding.
  • Dependent students whose parents have applied for and been denied a PLUS loan are eligible for Unsubsidized Loans in the same amounts.
  • The allowable aggregate amount of Stafford Subsidized and Unsubsidized Loans for an undergraduate student is $57,500.

Federal Direct Parent Loan for Undergraduate Students (PLUS)

The Federal Direct PLUS (Parent Loan for Undergraduate Students) loan is an optional federal loan program for parent(s) who wish to access additional resources beyond what a student is eligible to receive.  This credit-based parent loan option may cover up to the total Cost of Attendance (COA). CSCC requires that parents and students file the Free Application for Federal Student Aid (FAFSA) as a part of the PLUS loan process.

As stated on the CSCC PLUS loan application, the majority of the loan funds are received electronically (EFT). At each disbursement, the College is responsible for verification that the student meets all eligibility requirements. Funds received MUST be applied to any outstanding tuition/fee balances for the academic term in which they are received. If the PLUS loan disbursement results in a credit balance on your student’s account, that credit balance will be refunded to the student per the College’s refund policy and calendar.

How to Apply for a Direct PLUS loan

Step 1: Complete a Free Application for Federal Student Aid (FAFSA) online using yours and your student's Personal Identification Number (PIN) to electronically sign.

Step 2: Log on to www.studentloans.gov to complete the PLUS Request Process which includes the credit check. this step must be completed each time the parent wishes to borrow a PLUS loan.

Step 3: Review the Instructions (.docx) and complete the CSCC 2013-2014 Parent PLUS Loan Application.  Be sure to complete all boxes of this form before submitting this form into the financial aid office. All borrowers, new and previous PLUS borrowers, must complete a new Parent PLUS Loan application Form each time the parent wishes to borrow. If any items are left blank, it can result in a delay of processing your application.

Step 4: Master Promissory Note (MPN): This can be done online by signing into www.StudentLoans.gov, (see top left-hand side of page) using your Federal Personal Identification Number (PIN) and following the link, 'Complete Master Promissory Note’, to ‘Parent PLUS'.

Once our office receives the completed CSCC application form, we will forward this information to the Department of Education's Direct Lending system. This process is called "certification". Processing of PLUS loan certifications can take up to 5 to 7 business days. With the receipt of the school's certification and the MPN, the Direct Lending will complete the loan process. Approved borrowers will receive a guarantee statement that includes the disbursements amounts and dates that those disbursements will be sent to the school.

 

If a family is ineligible to borrow a PLUS loan: 

Dependent students whose parents have applied for and been denied a PLUS loan are eligible for Unsubsidized Loans up to $6,000 annually. These students must submit an Award Revision/Transfer Report Form requesting additional loan funding after the credit check has been completed.

 

Interest rates and repayment options:

  • Effective July 1, 2013 through June 30, 2014: fixed interest rate of 6.41%.
  • Origination fee of 4.204% through November 30, 2013. Effective December 1, 2013 the origination fee is 4.288%.
  • Repayment begins within 60 days after the final disbursement of the academic year.
  • Repayment can be deferred if certain conditions are met.

Eligibility amounts:

  • Student’s Cost of Attendance minus any other financial aid awarded.

 

What is NSLDS?

Federal regulations require that information regarding your loan, including loan types and amounts, be submitted to the National Student Loan Data System (NSLDS). This loan information will be accessible by federal loan agencies, lenders, and institutions determined to be authorized users of the data system. You can access your NSLDS information with your Department of Education issued PIN.

 

Private/Alternative Educational Loans

Private Student Loans, also known as Alternative Loans, are originated through private lenders such as banks and credit unions. Columbus State Community College recommends that students complete a FAFSA and take advantage of Federal Student Loans and PLUS loans whenever possible before applying for and accepting Private/Alternative Loans. The Stafford Subsidized and Unsubsidized, and the PLUS Loan programs almost always offer lower borrowing costs than Private/Alternative Loans.

  • Loan is usually made to the student, but often requires a credit worthy co-signer.
  • Loan proceeds can be used to offset educational costs such as tuition, room and board, and books and supplies.

Private/Alternative Loans may be a viable option for students if the student or parent is unable to borrow federal student loans or PLUS loans because they do not meet eligibility criteria for Federal Student Aid programs.

How to apply:

  • Columbus State Community College maintains a list of lenders who have indicated a willingness to process Private/Alternative Loans for CSCC students. You may view that list and apply for an alternative loan at the FastChoice website.
  • Student must submit a Private Education Loan Application Self-Certification form to the lender as part of the application process.
  • We suggest that you begin the application process as soon as you are registered for the minimum number of credit hours required by the lender.
  • Please allow 4-6 weeks for processing and disbursement of funds.
  • If you plan to attend more than one term, please consider applying for funds at one time instead of at the beginning of each quarter.

Eligibility amounts:

  • Student’s Cost of Attendance minus any other financial aid awarded.