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Stafford Loans |
Parent/PLUS Loans |
Alternative Loans |
Perkins Loans |
South Carolina Teacher Loans |
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The FAFSA must be completed in order to receive a federal loan.
These federal loans do not require credit checks or collateral, and have very low interest rates. Loans are either:
Subsidized (the government pays the interest while you are in school) and you must demonstrate financial need.
Unsubsidized (you pay all the interest, although you can have the payments deferred until after graduation). This is called capitalizing, which adds interest payments to the loan balance, increasing the size and cost of the loan.
All students regardless of need are eligible for Unsubsidized Stafford Loans.
Compare and apply for a Stafford loan using our Loan Comparison Assistance Tool
Stafford Loans have variable interest rates (based on 91 day T-bill rates), capped at 8.25% or less, depending on the yearly rates.
All new loan recipients are required to complete entrance loan counseling prior to the disbursement of any federal loan. On-line counseling is available at mappingyourfuture.org. Your loan cannot be disbursed until you have completed loan counseling and the acknowledgement has been received in our office
List of CCU Participating Lenders Check Webadvisor to . |
The FAFSA form is not required to be completed for this loan.
If a FAFSA has been completed, the maximum amount of PLUS loan you can apply for during the academic year will be indicated on your financial aid award notification.
Parents of dependent students can take out loans to supplement their child's aid. The PLUS Loan lets parents borrow money to cover any costs not already covered by the student's financial aid package, up to the full cost of attendance. Credit checks are required.
PLUS Loans have variable interest rates (based on 52 week T-Bill rate). The interest rate is capped at 9%. Repayment begins 60 days after the funds are fully disbursed, with a repayment up Please click on the link to apply online now.
Compare and apply for a Parent/PLUS loan using our Loan Comparison Assistance Tool Information on how PLUS loans are disbursed: |
The FAFSA form is not required to be completed for this loan.
Alternative loans can only be used to pay for educational expenses, such as tuition and fees, room and board, books and supplies, and transportation.
The interest rate is variable and is based on the prime rate throughout the life of the loan, and is adjusted quarterly. Any unpaid interest that accrues while the student is in school will be capitalized and added to the principal balance when the student enters repayment.
Undergraduates usually have a cosigner, preferably a parent or guardian.
Please click on the links to see what each individual lender requires from borrowers, and to apply on line.
Compare and apply for an Alternative Loan using our Loan Comparison Assistance Tool |
The FAFSA must be completed in order to receive a Perkins Loan.
Perkins loans are awarded to graduate and undergraduate students. This is a campus based loan program, with CCU acting as the lender.
This is a subsidized loan with the interest paid by the government while in-school, and during the 9 month grace period.
There are no origination or guarantee fees, with the interest rate of 5%. There is a repayment period of 10 years
Limits:
Undergraduate: $4,000 Graduate: $6,000
Cumulative limits are $20,000 for undergraduate and $40,000 for undergraduate and graduate loans combined.
*These loan funds are limited.***
Priority Date is March 1st |
The FAFSA form is not required to be completed for this loan.
Residents of South Carolina who are planning to enter the teaching profession in the South Carolina public school system and who are seeking their first certification may apply for this program.
This is a non need based loan and can be forgiven at a rate of 20% per year if teaching service is in a critical need area.
If you teach in both a critical subject and critical geographic area, your loan can be forgiven at a rate of 33 1/3% for each year of full-time teaching.
Critical subject areas must be deemed critical at the time of your employment.
If you decide not to teach, the interest rate for loans made on or after July 1, 2000, shall be the rate on the Federal Stafford Loan, plus 2%. This is a variable rate, not to exceed 10 1/4%, adjusted annually.
Funding is limited and applications are available in the spring for the upcoming academic year, and can be picked up in the Office of Financial Aid.
The deadline to apply is June 1st. |