Understanding Student Loan Options
Save With The Sub!
To lower your potential debt, understand your student loan options.
Subsidized Loans = no interest while in school
- No interest is charged until six months after you graduate or are no longer enrolled in college (at least six credit hours).
- The federal government pays interest while student borrowers are in school
- Eligibility is based on financial need
Unsubsidized Loan = Interest begins accruing when you receive your loan
- Interest is added to the loan balance, increasing the amount you owe. To avoid higher debt, pay interest as it is charged
- Eligibility is not based on financial need
Congratulations! If you are reading this, it means you have made the first of many wise decisions - learning how to be a responsible student loan borrower!
Columbus State Community College encourages wise money management in an effort to
help students prevent excessive indebtedness and reduce loan default rates. By reducing
your student loan debt, you can reduce your future repayment amount, reduce interest
that will accrue on your loans, and make funding available for the continuation of
Student Loan Debt FACTS:
- $1.6 trillion in student loan debt
- 44.2 million Americans with student loan debt
- Student loan delinquency rate of 11.2% (90+ days delinquent or in default)
The average student leaves college with about $39,000 in student loan debt. The monthly payment on a $39,000 student loan is approximately $448 (assuming 6.8% interest and a 10-year repayment plan), which can cause financial strain if you’re not prepared for it. Add roughly $14,857 in added INTEREST to that original loan amount too!
How Much Should I Borrow?
If you plan to transfer to a 4 year school after completing your degree here at CSCC, consider the maximum loan eligibility for Undergraduate students. There is a limit to the amount you can borrow throughout your Undergraduate career!
Now that you know what your bill is, take a look at your loan eligibility on Financial Aid Self Service in your CougarWeb account. Identify and categorize your expenses and determine the amount of loans needed to pay for those other expenses as well as tuition and fees. If you decide to pay out of pocket, Tuition Payment Options are available.
Have you accepted all of your student loans and decided that you no longer need the full loan amount? Yes- you can revise your financial aid award.
If you have already accepted your student loans on Financial Aid Self Service in CougarWeb you will need to submit an Award Revision Form. For assistance with this form visit either Student Central on the Columbus Campus, Student Services on the Delaware Campus , or make an appointment with a Financial Aid Advisor by calling the Telephone Information Center at 614-287-5353
If you have not accepted your loans yet on Financial Aid Self Service, keep in mind that you have the ability to REDUCE the awarded loan amount.
If you don't keep an eye on how much you've borrowed, when, and from whom, your debt may get out of control. Don't be one of the majority of students who, incorrectly estimate their debt. You don't need an unpleasant surprise waiting for you at the end of your college career.
Monitoring your student loan debt is easy with the National Student Loan Data System (NSLDS). This website gives you loan amounts, disbursements, outstanding balances, and loan statuses for all your federal student loans. It even identifies and provides contact information for your loan servicer!
Anytime! The NSLDS is available 24/7. All you need to log in is a FSA ID. If you don't
have a FSA ID you can create one here.
Keep Track of Your Loan Debt
Keep track of your student loan debt amount and who your loan servicer is by visiting the National Student Loan Database.
Loan Resource Information
Helpful CSCC Resources
|Why Choose Columbus State? Net Price Calculator
|Apply for Scholarships Student Services at CSCC Financial Literacy Tutorials
What are some common student loan misconceptions?
What is Debt?
How much money should I be willing to borrow for school?
What are my Federal Direct Student Loan limits?