Students are encouraged to exhaust all other resources to help with educational expenses before considering an
educational loan. There are three types of loans offered at Clearwater Christian College. Below are the Direct Loan and Parent PLUS Loan.
The third option is a private loan through your local bank.
Financially speaking, the best option is the Federal William D. Ford Direct Loan Program (formerly the Federal Stafford Loan Program). The Direct
Loan is a low-interest
loan that does not require payment until six months after a student graduates, drops below half time, or withdraws. Through
completing the FAFSA, students qualify for either a subsidized (best option) or unsubsidized loan depending on need and other
eligibility requirements. Both loans are automatically guaranteed and there are limits to the amount that can be borrowed each year.
For freshmen, the maximum amount one can borrow through either option is $3,500, $4,500 for sophomores and $5,500 for juniors and
seniors. Independent students and dependent students whose parents are unable to borrow the PLUS loan are eligible for an additional
unsubsidized loan: up to $4,000 for freshman and sophomores, $5,000 for juniors and seniors. In addition to the above, all students
are eligible for an additional $2,000 unsubsidized Direct Loan upon request.
This means that all first time borrowers at CCC will need to sign a new Master Promissory Note (MPN) and complete Entrance Loan Counseling for the Federal
Direct Loan. Access the Master Promissory Note (MPN) and Entrance Loan Counseling at
Sign in using your U.S. Department of Education issued PIN. Two things needs to be completed.
- Click on "Complete Master Promissory Note." "subsidized/unsubsidized"
- Click on "Complete Counseling." "Entrance Counseling"
Direct Parent PLUS Loan
The second best option for a loan is the PLUS Loan. This is a loan that is in the parent's name, but the money pays for the
student's education. Parents may borrow up to the cost to attend minus any other aid received. Repayment can be deferred until the student is finished with
school. The maximum loan amount is dependent on outstanding need. The loan has a fixed interest rate of 7.21%.
Follow the steps below to complete the new MPN for the Parent PLUS Loan.
- Access the Master Promissory Note (MPN) at https://studentloans.gov. Sign in using the parent's
U.S. Department of Education issued PIN to complete an electronic MPN.
- Click on "Request a Direct PLUS Loan." "Parent PLUS"
Private/Alternative Student Loan
If the Direct Loan is not enough and the Parent PLUS Loan is not an option, your third loan option is a private/alternative student loan.
If you are interested in obtaining one of those loans, go to
Private/Alternative Student Loan Consolidation
If you are interested in consolidating your private loans into one payment, go to
Loan Payment Calculator
Concerned with the long-range impact of a student loan in the future? Check out the
Loan Payment Calculator
and estimate what your monthly loan payments might be.
Exit Loan Counseling
Go to www.studentloans.gov and sign in. Once signed in, click on “Complete Counseling” and from there you will complete the Exit Counseling on the right side of the page.
Federal Direct Loan Repayment
You can view your federal Direct Loan information at www.nslds.ed.gov/nslds_SA. That way you know which loan company holds your loan so you know who to contact to begin repayment.
David is a Biology major that plans to seek employment in a pharmaceutical company and eventually pursue a pharmacy school after
graduation from CCC. In addition to his full load of classes, David works in food preparation in Cathcart Dining Hall and is on the
campus security force. "Although a large balance of my tuition still remains," he said, financial aid does greatly help with the
costs of college."
* federal award
|CCC Founders Award
|Multiple Family Discount
|Subsidized Direct Loan