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Loan Information


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.

Direct Loan

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 students will need to sign a new Master Promissory Note (MPN) for the Federal Direct Loan. Follow the steps below to complete the new MPN.
  1. Access the Master Promissory Note (MPN) at https://studentloans.gov. Sign in using your U.S. Department of Education issued PIN to complete an electronic MPN.
  2. Click on "Complete Master Promissory Note."
  3. Select Subsidized/Unsubsidized.
  4. Follow the directions to complete the form.
  5. Complete Online Entrance Counseling at https://studentloans.gov. Sign in using your U.S. Department of Education issued PIN to complete the Entrance Counseling.

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 starts two months after the second disbursement on the loan. The borrower must contact the US Department of Education to request a deferment. The maximum loan amount is dependent on outstanding need.

Follow the steps below to complete the new MPN for the Parent PLUS Loan.
  1. Access the Master Promissory Note (MPN) at https://studentloans.gov. Sign in using your U.S. Department of Education issued PIN to complete an electronic MPN.
  2. Click on "Start PLUS Application Process."
  3. Follow the directions to complete the form.

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.

Ashley, a senior Bible major from Largo, Florida receives a number of different financial awards including the CCC Merit Award, the Christian Worker Scholarship, FRAG, and FSAG. After graduation she plans on following God's leading to the mission field of His choice. Ashley is a resident assistant in her dorm.

Ashley's Package
  Fall Spring Total
Pell Grant 2,750 2,750 5,500*
FSEOG 125 125 250*
FRAG 1,213 1,212 2,425
FSAG 550 500 1,050
CCC Merit Award 1,750 1,750 3,500
Christian Worker Scholarship 1,250 1,250 2,500
Total Awards 7,638 7,587 15,225
*federal award