Financial Aid

The Office of Financial Aid      

CCSJ Student Loan Information

There are three primary forms of loans available for CCSJ students

1.Federal Subsidized Loan – This is a loan for which you must qualify based on financial need. The amount for which you qualify is based on your dependency status, enrollment status, and on your level of need.

2. Federal Unsubsidized Loan – This loan is not based on financial need. However, the amount that you may borrow is limited by your dependency status, enrollment status, and cost of attendance.

Your CCSJ estimated award letter will list the maximum federal subsidized and unsubsidized loan amounts for which you qualify based on the information available to the CCSJ Office of Financial Aid at the time the award letter was created. Though federal subsidized and unsubsidized loan money may be listed on your award letter, there is no requirement that you take out these loans. Also, you do not need to apply for the entire loan amount; you may apply only for the portion of the loan that you need.

If you are a student and would like to apply for your federal student loan, please click here>>Apply for a Federal Student Loan

Interest Rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans
The current interest rate for the 13/14 school year for Subsidized Loans is 3.86%, as well as 3.86% for Unsubsidized Loans for Undergraduate students. Unsubsidized loans for Graduate students are at 5.41%.Students are also assessed a federal origination fee when accepting a loan, which is deducted directly from the loan once it is disbursed to student accounts (1.072% for all student loans). Parent Plus Loans are at a 6.41% interest rate with an origination fee of 4.288%.


Interest rates will be established each year for Direct Subsidized, Direct Unsubsidized, and Direct PLUS loans for which the first disbursement is on or after July 1 through the following June 30. The rate will be the sum of a uniform “index rate” plus an “add-on” that varies depending on the type of loan (Subsidized/Unsubsidized or PLUS) and the borrower’s grade level (undergraduate or graduate/professional). Thus, interest rates will be the same for Direct Subsidized Loans and Direct Unsubsidized Loans taken out by an undergraduate student, with a different rate for Direct Unsubsidized Loans taken out by a graduate/professional studentn and for PLUS Loans taken out by parent borrowers or graduate/professional student borrowers. Interest Rate Chart


3. PLUS* (Parental Loan for Undergraduate Students) Loan – PLUS loans are federal loans available to parents of undergraduate students. The loan limit for PLUS loans is based on the student’s cost of attendance minus other forms of financial aid received. The parent must pass a credit check to qualify for a PLUS loan. Repayment of PLUS loans can be differred until the participating student ceases to attend college at least half time.

If you are a parent of a CCSJ undergraduate student and would like to apply for a Federal Parent PLUS Loan, please click here>> Apply for a PLUS Loan

*PLUS loans are not listed on CCSJ Estimated Financial Aid award letters. Please contact the CCSJ Office of Financial Aid to find out more about applying for a PLUS loan.


Alternative Loan

Another loan option that may be available to assist in the financing of a student's education in addition to the Federal loans is an alternative loan. Alternative loans, also known as private loans, are those defined as loans that come from a bank, credit union, or other nongovernmental source. These loans are not regulated by the federal government and have adjustable interest rates. The terms of the loans will vary from lender to lender, and the interest rate may be significantly higher than that of a Federal loan. Calumet College of St. Joseph does not promote specific lenders. In fact, we want to ensure that all students have exhausted all other Federal loan options before suggesting an alternative loan. We implore you to thoroughly research all options before making your decision.

Alternative Loan Code of Conduct:
Calumet College of St. Joseph does not participate in any revenue -sharing arrangements with any lenders, does not steer borrowers to particular lenders or delay alternative loan certifications, and does not participate in offering of funds for private loans to students in exchange for providing concessions or promises to the lender for a specific number of federal student aid loans, a specified loan volume, or a preferred lender arrangement. This code of conduct is applicable to all officers, employees, and agents of the College and employees of the Office of Financial Aid are prohibited from receiving gifts from a lender, guaranty agency, or loan servicer; as well as accepting compensation for any consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans and service on an advisory board, commission, or group established by lenders or guarantors, except for reimbursement for reasonable expenses.
(This information is in accordance with the U.S. Department of Education’s regulations on lender relationships)

The following web sites may provide you with useful information in researching lenders offering private educational loans.


Loan Limits
The federal government limits the loan amount you can borrow based on your enrollment status, dependency status, and year in school. Below are the current annual loan limits. All students requesting a student loan for the first time are required to complete entrance counseling, a master promissory note, and a loan application (all of which can be located by clicking here: Apply for a Federal Student Loan). All returning borrowers must complete a new loan application at least once each year. Before leaving CCSJ, students who have borrowed Stafford loans are required to complete Exit Counseling. These counseling sessions will provide you with detailed information about the student loan process.

***New Federal Time Limitation on Direct Subsidized Loans for First-Time Borrowers effective July 1, 2013! There is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. In general, you may not receive Direct Subsidized Loans for more than 150% of the published length of your program. This is called your "maximum eligibility period". For example, if you are enrolled in a 4-year bachelor's degree program, the maximum period for which you can receive Direct Subsidized Loans is 6 years (150% of 4 years = 6 years). If you are enrolled in a 2-year associate degree program, the maximum period for which you can receive Direct Subsidized Loans is 3 years (150% of 2 years = 3 years). After you have received Direct Subsidized Loans for your maximum eligibility period, you are no longer eligible to receive additional Direct Subsidized Loans. However, you may continue to receive Direct Unsubsidized Loans.
In addition, if you continue to be enrolled in any undergraduate program after you have received Direct Subsidized Loans for your maximum eligibility period, the government will no longer (with certain exceptions) pay the interest that accrues on your Direct Subsidized Loans for periods when they would normally have done so. Review information on the new limit on the maximum period of time a student can receive Direct Subsidized Loans here.

Dependent Undergraduates

***Subsidized

Unsubsidized

First Year

$3,500

$2,000

Second Year

$4,500

$2,000

Third Year & Beyond

$5,500

$2,000


Independent Undergraduates

***Subsidized

Unsubsidized

First Year

$3,500

$6,000

Second Year

$4,500

$6,000

Third Year & Beyond

$5,500

$7,000


Graduate & Professional Students

Unsubsidized

All Years of Study

$20,500


Find out about loan repayment amounts and budgeting tips by going to: www.studentaid.ed.gov


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Contact Information Office of Financial Aid

Hours:
Monday, Thursday, Friday: 8:30 A.M. - 5:00 P.M.
Tuesday, Wednesday: 8:30 A.M. - 7:00 P.M.

Summer Hours (June and July):
Monday, Tuesday, Thursday, Friday: 8:30 A.M. - 5:00 P.M.
Wednesday: 8:30 A.M. - 7:00 P.M.

Room: 120
Telephone: (219) 473-4296 (Indiana)
                      (773) 721-0202, Ext. 296 (Illinois)
                      1-877-700-9100 (Toll Free)
FAX: (219) 473-4340