Subsidized Direct Stafford Loans: Low interest educational loan offered by the federal government and awarded on the basis of need.  The federal government pays the interest while the student is enrolled at least half-time.  Repayment begins six months after graduation or when the student drops below half time enrollment.  The federal government withholds an origination fee of 1.5%.

This loan is provided by the federal government and processed through the College and the Department of Education. This program allows students to BORROW money to help them meet their educational costs. This money MUST BE REPAID and should be used as a last resort. CSC requires the student to have earned 12 credit hours with a 2.0 GPA before they may borrow a Stafford Loan. A freshman may borrow up to $3500 per academic year (Fall, Spring, and Summer) and a sophomore up to $4500. Interest rate for loans after July 1, 2009 is 5.6%. Loan funds are distributed 30 days after the start of each semester. Loans will be recalculated based on the student´s actual enrollment at the time of disbursement each semester. First time borrowers at CSC must complete loan counseling prior to their first disbursement. Sub Stafford loans are based on financial need, therefore, not all students will qualify.

Unsubsidized Direct Stafford Loans:  Low interest educational loan offered by the federal government and not awarded on the basis of need.  The borrower is responsible for all interest, which occurs during any enrollment, grace, deferment, or forbearance period.  You can choose to pay the interest or allow it to accumulate.  If you allow it to accumulate, it will be capitalized meaning it will be added to the principal amount of your loan and will increase the amount you have to repay. Repayment begins six months after graduation or when the student drops below half time enrollment.  The federal government withholds an origination fee of 1.5%.

This program is available to students who do not qualify for need based money to help meet educational costs and to students who do not qualify for the maximum loan limits under the Sub Stafford Program. CSC requires the student to have earned 12 credit hours with a 2.00 GPA before they may borrow a Stafford Loan. Students may BORROW up to the loan limit of $3500 for freshman and $4500 for sophomore (less any amount borrowed under Sub Stafford.) THIS MONEY MUST BE REPAID. The interest rate and repayment terms are the same as Sub Stafford, but interest will accrue or must be paid by the borrower while he/she is in school and during the grace and repayment period. Minimum enrollment is 6 credit hours per semester.

Potential borrowers must meet the loan eligibility requirements.  CSC´s Default Reduction Plan adds some additional restrictions to the student loan program.  A student must have completed 12 credit hours with a 2.0 GPA before they may borrow a student loan.  If the student does not meet this restriction and they feel they have special circumstances, s/he may submit an appeal to the Financial Aid Office.  Students who are placed on financial aid probation or dismissal may be denied Stafford Loans.

It is your responsibility to notify the Loan Servicing Center promptly of any changes in your name, address, college or enrollment status or employers name and address.  The Direct Loan Servicing Center's phone number is (888) 447-4460 and their hours are Monday-Friday 8 a.m. To 8:30 p.m. (EST). 

$6,096 is the average loan indebtedness of a CSC student.

Borrowing money for college has long-term financial implications.  Like any other debt, a student loan is a serious financial obligation that must be repaid.  In addition to the principal amount borrowed, interest is charged for the use of the funds.  The principal amount, plus interest charged, divided by the repayment period determines the amount of the monthly payments after leaving school.  Failure to make monthly payments on time can affect your credit rating and your ability to borrow for other purposes, such as a car or a house.

This is a loan that allows parents of dependent students to borrow to pay for educational expenses.  Family income is not taken into consideration; therefore, the program is open to almost any family who qualifies based on credit.  You must not have an adverse credit history.  The family can borrow up to the cost of education, less other aid received.  The interest rate is 8.5%.  Repayment begins immediately. Please contact the Financial Aid Office for more information and to request an application.

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