Starting July 1, CCAC will begin using the William D. Ford Federal Direct Student Loan program. This program provides low-interest loans for students and parents directly from the Department of Education instead of private banks or other financial institutions. If you want to supplement your financial aid award with loans you can find out more about this direct lending program or contact the appropriate campus financial aid office.
CCAC students use the William D. Ford Federal Direct Stafford Loan. This loan may be subsidized or unsubsidized.
William D. Ford Direct Federal Stafford “Subsidized” Loan
Direct Federal Stafford Subsidized Loans are based on financial need as well as annual and aggregate limits. The federal government pays the interest on this loan until you enter repayment six months after graduation or you are no longer enrolled at least half-time (6 credit hours).
William D. Ford Direct Federal Stafford “Unsubsidized” Loan
Direct Federal Stafford Unsubsidized Loans are based on annual and aggregate limits and do not make financial need a basis. Interest begins to accrue upon the first disbursement. The option does exist to pay interest on this type of loan while in school or you may delay payment by capitalizing the interest until repayment begins. Principle repayment begins six months after graduation or you are no longer enrolled at least half-time (6 credit hours).
Attention Parents: If you are the parent of a dependent student, as part of William D. Ford DirectPlus, you may be able to borrow additional funds through the William D. Ford Direct Federal Plus Loan. Federal parent Plus loans enable parents with good credit histories to borrow money to pay the educational expenses of their dependent, undergraduate student enrolled at least half-time (6 credit hours). Although parent Plus loans are not need based, families must complete a Free Application for Federal Student Aid (FAFSA) to ensure that all eligibility requirements for receiving financial aid are met.
Private Alternative Loans
Students who require additional funding may wish to pursue an alternative loan from a private lender. Students may apply for any amount up to the cost of education, as determined by the Financial Aid Office, minus any other aid (including federal loans) that you are receiving. You will want to compare several lenders to find the best alternative loan to meet your needs. Once you have applied and are approved for a private loan, through a lender of your choice, you must contact the Financial Aid Office and request to have your loan certified.
Students who need to resolve problems or disputes on any of the following federal loans: Direct Loans, Federal Family Education Loans, Guaranteed Student Loans, SLS Loans or Perkins Loans may contact the Federal Student Aid Ombudsman or call toll free 1.877.557.2575.