Paying for College: Financial Aid and Support
Your Path to An Affordable Education
Paying for college can feel overwhelming. But it doesn’t have to be.
We understand that for many students, cost is the biggest concern when thinking about college, especially at a private school. Calumet College of St. Joseph works hard to change that perception and the reality. Most of our students pay far less than the published tuition price. In fact:
- One-third of our students’ tuition is fully covered through scholarships and grants (no loans required)
- Half of our graduates complete their degree with no student debt at all
- Over 95% of our students receive financial aid
- All admitted students are automatically considered for internal scholarships and grants
Our dedicated Financial Aid counselors are here to help you explore every option to lower your cost of attendance, including work-study opportunities, federal aid and specialized programs designed for your unique circumstances, interests and achievements.
Your goals are within reach. We want to help you create a clear, manageable plan to pay for college and invest in your future with confidence.
Understanding the Real Cost of College
Our listed tuition price is not what most students actually pay to attend. Thanks to scholarships, grants and other aid, the real cost of Calumet College is often much lower. Here’s how students like you reduce their costs and make college affordable:
Scholarships
We offer various scholarships based on merit, athletics and other criteria.
Grants
Additional institutional grants can further reduce your costs.
Federal and State Grants
Many students qualify for need-based aid like Pell Grants or state-funded aid like the O’Bannon Grant.
Loans
Loans can help bridge the gap between your aid package and remaining costs.
The Value of a Calumet College of St. Joseph Degree
Your education is more than a cost—it’s an investment in your future. Calumet College of St. Joseph graduates see strong returns on their investment, with half of our students graduating debt-free and many entering careers with earning potential well above their college costs.
In fact, Indiana bachelor’s degree holders earn, on average, $1 million more over their lifetime compared to those with only a high school diploma.* Our commitment to affordability – over 95% of our students receive financial aid – helps students earn their degree at a fraction of the cost of other private colleges.
*Source: Indiana Commission for Higher Education, College Value Report.
About Financial Aid
Creating a Plan to Pay for College
If you’re not sure how to cover the cost of college, you’re not alone. You also have more choices than you might think
- You can earn scholarships and grants that lower your costs without needing to be paid back.
- You can get a job through work-study and earn money while you’re in school.
- There are special programs for veterans and for students from Hammond, Indiana, like the College Bound program.
- You can also use federal loans to help cover costs now and pay them off later.
Take a closer look at each option and start exploring what works for you.
Feeling overwhelmed? You don’t have to figure this out on your own. Our Financial Aid team is here to explain your choices, answer your questions and help you build a plan that fits you. Call them at (219) 473-4296 or email finaid@ccsj.edu to start the conversation.
Understanding Financial Aid
Types of Aid
Financial aid comes in many forms, and most students receive a customized mix of support. Scholarships, grants, loans and work opportunities all work together to lower your costs and open the door to a degree that pays off for life.
No matter your family’s income, you have options. Even middle-income families qualify for aid, and many of our students graduate with little or no debt. We are here to guide you through each step, so you can focus less on what college costs and more on what your future holds.
Frequently Asked Questions
“How will I pay for college?”
It’s the biggest question on most families’ minds. The good news is, you’re not alone and you have more options than you might think.
“What kinds of aid are available?”
Most students receive a customized package that includes scholarships, grants and loans. Some aid is based on academic achievements or interests, some on financial need and others are available simply because you filled out the FAFSA.
“Will my family even qualify?”
Many families are surprised to learn they qualify for more aid than expected, even those with middle incomes. By completing the FAFSA, you ensure you’re considered for every opportunity.
“Can I really graduate without a lot of debt?”
Yes. In fact, about half of Calumet College students graduate debt-free. We work with you to maximize your aid and keep your costs as low as possible.
All students are automatically considered for Calumet College scholarships based on their application for admission. To be considered for need-based financial aid including federal grants, federal loans and Work-Study, submit the FAFSA as soon as possible after October 1st. The FAFSA is the only application Calumet College requires to be considered for need-based financial aid.
Learn more about the sources and types of financial aid below. Try our net price calculator for an estimate of your potential financial aid award.
Federal Grants
To be considered for federal grants, students are required to file the Free Application for Federal Aid at www.fafsa.gov on an annual basis. The FAFSA is available on October 1st each year for the following academic year. Each grant program name has a link to follow to the Federal Student Aid website for additional information.
Federal Pell Grant is a program for undergraduate students working on their first bachelor’s degree program who demonstrate financial need. Awards will vary based on estimated college costs and the number of credit hours the student is enrolled in. Federal Pell Grant lifetime eligibilty is limited to 12 semesters or the equivalent.
Federal Supplemental Opportunity Grant (FSEOG) is a program for undergraduate students working on their first bachelor’s degree, are eligible for a Federal Pell Grant, and who demonstrate exceptional need. CCSJ defines students with exceptional need as students with a zero Expected Family Contribution (EFC)*. The EFC is calculated from the information provided on the FAFSA. Funds are limited and are awarded to students on an annual basis which are not guaranteed from year to year.
*Note that if remaining funds are available after awarding FSEOG to all Federal Pell Grant Recipients, the college shall award remaining FSEOG funds to eligibile students with the lowest EFCs.
Iraq and Afghanistan Service Grant is a program for students whose parent or guardian was a member of the U.S. armed forces and died as a result of performing military service in Iraq or Afghanistan after the events of 9/11. Students must be eligibile for a Federal Pell Grant and must have been younger than 24 years old or enrolled at least part-time at a college or career school at the time of the parent’s or guardian’s death. Awards vary.
State Grants
To be considered for most state grants, students are required to file the Free Application for Federal Aid at www.fafsa.gov on an annual basis. The FAFSA is available on October 1st each year for the following academic year. FAFSA deadlines may apply and will vary from state to state. Each grant program resource has a link to follow for additional information.
Indiana State Grants consist of multiple programs and are administered through The State Student Assistance Commission of Indiana (SSACI). Students must file the FAFSA by April 15 each year for consideration.
Other State Grants and scholarship programs should be researched through the state government department where the student resides for eligibility criteria and application procedures.
Your financial aid package will most likely include Federal Direct Student Loans. These loans are taken out in the student’s name and do not require repayment while you are enrolled at least half time in a degree or program. Once you begin repaying the loans, the standard repayment term is 10 years. Student and parent loan funds will not be credited to your account until all necessary applications and promissory notes have been completed by you and/or your family.
Subsidized Federal Direct Student Loan
This loan is issued to the student by the federal government. You must file a FAFSA and demonstrate financial need to qualify.
- The government will pay the interest while you’re enrolled, and during your post-graduation grace period.
- The fixed interest rate for loans borrowed for the 2021-2022 school year is 2.75%.
- The loan has a 1.057% origination fee (for loans issued between October 1, 2020 and September 30, 2021).
- Repayment is deferred until after graduation unless you drop below half-time enrollment.
- Repayment will begin after a six-month grace period.
Unsubsidized Federal Direct Student Loan
This loan is issued to the student by the federal government. You must file a FAFSA to qualify.
- You will pay all the interest, although you can have the payments deferred until after graduation.
- The fixed interest rate for loans borrowed by undergraduate students for the 2022-2023 school year is 4.99%.
- The loan has a 1.057% origination fee (for loans issued between October 1, 2022 and September 30, 2023).
- Repayment is deferred until after graduation unless you drop below half-time enrollment.
- Repayment will begin after a six-month grace period.
What is the Difference Between Subsidized and Unsubsidized Stafford Loans?
The Subsidized Stafford Loan is a federally based loan program with eligibility determined based on cost of attendance, year in school, dependency status, and need. Interest is paid by the federal government while the student is in attendance taking at least 6 credit hours. Repayment begins 6 months after the student stops attending school at least half time, graduates, or ceases enrollment.
The Unsubsidized Stafford Loan is federally based loan program with eligibility NOT tied to need. Maximum eligibility is set by the federal government based on cost of attendance, year in school, and dependency status. Interest payments are the responsibility of the student as soon as the funds are disbursed, but may be deferred until repayment begins. Repayment begins six months after the student stops attending school at least half time, graduates, or ceases enrollment.
If you will have education costs not covered by other sources of financial aid (such as scholarships or student loans), you and your family may want to consider a parent or private loan. These additional loans are not listed in your award package. Based on your individual need, you may choose to apply for them.
Federal Direct Parent Loan (PLUS)
The student must file a FAFSA for a parent to borrower a PLUS loan. This loan is issued by the federal government to parents including adoptive parents or a stepparent whose financial information was reported on the FAFSA.
- Repayment is the parent’s responsibility.
- The fixed interest rate for loans borrowed for the 2022-2023 school year is 7.54%.
- The loan has an origination fee of 4.228% (for loans issued October 1, 2020 through September 30, 2023).
- Parents may borrow up to the cost of the student’s education minus the student’s financial aid award.
- Credit approval or a credit-worthy endorser is required.
- Be sure to borrow enough to cover both semesters.
- Funds will be deposited directly into the student’s account in two disbursements.
- Repayment begins within 60 days after the final loan disbursement (usually spring semester).
- You may request deferment while the student is enrolled, for up to four years.
To apply for a federal direct parent loan, begin the process at studentaid.gov.
Private Loan
Private education loans are issued in the student’s name and generally require a creditworthy cosigner. Loan rates, fees, terms and repayment start date vary from lender to lender. Students are encouraged to carefully compare loan terms before borrowing.
- The interest rate may be fixed or variable.
- Fees will vary by lender.
- You may request up to the cost of your education minus your financial aid award.
- Credit approval is required and both student and cosigner are equally responsible for repayment.
- Be sure to borrow enough to cover both semesters.
- You must reapply for your loans each year.
- If you need assistance determining how much you can borrow, contact Student Financial Services.
Private loan lenders: You are free to borrow private student loans from a lender of your choice. Calumet College of St. Joseph does not have a preferred lender list or preferred arrangements with any lender.
Work-Study Jobs
A variety of campus employment opportunities are available at Calumet College. Jobs are funded through the federal work-study program. A completed FAFSA application is required to determine eligibility.
Working while enrolled can be an important aspect of your experience at Calumet College. Students have the opportunity to choose a job and the hours that will work around your class schedule. A job may relate to a student’s academic work or provide the opportunity to explore career possibilities. Every two weeks earnings are paid directly to the student. Some choose to use earnings to defray educational expenses while others pay for personal expenses.
If you indicate interest in this program on the current year FAFSA and have demonstrated financial need, an estimated Federal Work-Study award amount will be listed on your financial aid award letter. To apply, please visit the Office of Financial Aid.
For more information on available student employment options at Calumet College, please visit Career Services.
The Yellow Ribbon Program is a provision of the Post-9/11 GI Bill® that can help students attend expensive private schools at little or no cost to themselves. Normally, Post-9/11 GI Bill® payments at private schools are limited to a national maximum amount by law, although that amount changes every year, it seldom covers the full tuition and fees that private schools charge for enrollment.
Now You Have A Private College Choice!
Hammond College Bound Basic Qualifications
- Complete an application which will define educational history, college destination, and provide for a release of academic records (high school cumulative GPA).
- Provide proof of home purchase date and proof of homestead deduction.
- Demonstrate that he/she resides in an owner-occupied home within Hammond City limits. Proof of homeownership for the purposes of College Bound will require that the parent or legal guardian own a home with a current homestead exemption.
- Be able to provide proof of legal guardianship in those situations where a natural parent is not the legal guardian. Student eligibility will be impacted by the date in which such guardianship is established.
- Attend any accredited public or private school. Home-schooled students may apply for the scholarship through the program’s exception process.
For more information, please call (219) 473-4215 or visit the City of Hammond’s College Bound Program Page
Net Price Calculator
This calculator provides an approximation of what a new, undergraduate student can expect to pay to attend Calumet College of St. Joseph. It is not intended for use by continuing, graduate, international, or part-time students. The process will take about 10 minutes. You will need:
- Your family’s 2023 tax return and W2s
- The student’s academic information (including GPA, class rank, ACT scores, and SAT scores)
NOTE: This is not an official application for financial aid. The results provided here are an estimate, do not guarantee the actual aid you will receive, and shall not be binding on Calumet College of St. Joseph, the State of Indiana, or the U.S. Department of Education. The estimate is subject to the accuracy of the information you provide, may change if financial or family characteristics change, and does not incorporate any special circumstances, which are reviewed after you officially apply for aid. This software incorporates estimated simulated U.S. Department of Education formulas; all rights reserved. The student must complete the Free Application for Federal Student Aid (FAFSA) to determine eligibility for federal funds.
Ways to Pay for Your Education
The Financial Aid Process
Step 1: Apply for Admission
When you apply to Calumet College, you’re automatically considered for scholarships based on your application. No extra forms or scholarship applications are needed!
Step 2: Complete the FAFSA
Fill out the Free Application for Federal Student Aid (FAFSA) at fafsa.gov.
Use CCSJ’s school code: 001834
Apply as soon as possible after October 1 and by Indiana’s April 15 deadline
You and one parent (if you’re a dependent student) will need an FSA ID to sign the FAFSA.
Step 3: Link Your Tax Info
Use the IRS Data Retrieval Tool in the FAFSA to safely link your tax information. This helps speed up the process and reduces extra paperwork.
Step 4: Watch for your award
Once we receive your FAFSA, we’ll build your financial aid award. This may include scholarships, grants, work-study, and federal loans.
- New students: Awards are sent out as early as possible after January 1
- Returning students: Awards will be released after you register for classes and we verify your academic progress
Ask for help
Have questions? Everyone does! Financial aid is confusing. Do not hesitate to talk to our Financial Aid team:
Phone: (219) 473-4296
Email: finaid@ccsj.edu
Types of Aid
All students are automatically considered for Calumet College scholarships based on their application for admission. To be considered for need-based financial aid including federal grants, federal loans and Work-Study, submit the FAFSA as soon as possible after October 1st. The FAFSA is the only application Calumet College requires to be considered for need-based financial aid.
Learn more about the sources and types of financial aid below. Try our net price calculator for an estimate of your potential financial aid award.
Federal Grants
To be considered for federal grants, students are required to file the Free Application for Federal Aid at www.fafsa.gov on an annual basis. The FAFSA is available on October 1st each year for the following academic year. Each grant program name has a link to follow to the Federal Student Aid website for additional information.
Federal Pell Grant is a program for undergraduate students working on their first bachelor’s degree program who demonstrate financial need. Awards will vary based on estimated college costs and the number of credit hours the student is enrolled in. Federal Pell Grant lifetime eligibilty is limited to 12 semesters or the equivalent.
Federal Supplemental Opportunity Grant (FSEOG) is a program for undergraduate students working on their first bachelor’s degree, are eligible for a Federal Pell Grant, and who demonstrate exceptional need. CCSJ defines students with exceptional need as students with a zero Expected Family Contribution (EFC)*. The EFC is calculated from the information provided on the FAFSA. Funds are limited and are awarded to students on an annual basis which are not guaranteed from year to year.
*Note that if remaining funds are available after awarding FSEOG to all Federal Pell Grant Recipients, the college shall award remaining FSEOG funds to eligibile students with the lowest EFCs.
Iraq and Afghanistan Service Grant is a program for students whose parent or guardian was a member of the U.S. armed forces and died as a result of performing military service in Iraq or Afghanistan after the events of 9/11. Students must be eligibile for a Federal Pell Grant and must have been younger than 24 years old or enrolled at least part-time at a college or career school at the time of the parent’s or guardian’s death. Awards vary.
State Grants
To be considered for most state grants, students are required to file the Free Application for Federal Aid at www.fafsa.gov on an annual basis. The FAFSA is available on October 1st each year for the following academic year. FAFSA deadlines may apply and will vary from state to state. Each grant program resource has a link to follow for additional information.
Indiana State Grants consist of multiple programs and are administered through The State Student Assistance Commission of Indiana (SSACI). Students must file the FAFSA by April 15 each year for consideration.
Other State Grants and scholarship programs should be researched through the state government department where the student resides for eligibility criteria and application procedures.
Your financial aid package will most likely include Federal Direct Student Loans. These loans are taken out in the student’s name and do not require repayment while you are enrolled at least half time in a degree or program. Once you begin repaying the loans, the standard repayment term is 10 years. Student and parent loan funds will not be credited to your account until all necessary applications and promissory notes have been completed by you and/or your family.
Subsidized Federal Direct Student Loan
This loan is issued to the student by the federal government. You must file a FAFSA and demonstrate financial need to qualify.
- The government will pay the interest while you’re enrolled, and during your post-graduation grace period.
- The fixed interest rate for loans borrowed for the 2021-2022 school year is 2.75%.
- The loan has a 1.057% origination fee (for loans issued between October 1, 2020 and September 30, 2021).
- Repayment is deferred until after graduation unless you drop below half-time enrollment.
- Repayment will begin after a six-month grace period.
Unsubsidized Federal Direct Student Loan
This loan is issued to the student by the federal government. You must file a FAFSA to qualify.
- You will pay all the interest, although you can have the payments deferred until after graduation.
- The fixed interest rate for loans borrowed by undergraduate students for the 2022-2023 school year is 4.99%.
- The loan has a 1.057% origination fee (for loans issued between October 1, 2022 and September 30, 2023).
- Repayment is deferred until after graduation unless you drop below half-time enrollment.
- Repayment will begin after a six-month grace period.
What is the Difference Between Subsidized and Unsubsidized Stafford Loans?
The Subsidized Stafford Loan is a federally based loan program with eligibility determined based on cost of attendance, year in school, dependency status, and need. Interest is paid by the federal government while the student is in attendance taking at least 6 credit hours. Repayment begins 6 months after the student stops attending school at least half time, graduates, or ceases enrollment.
The Unsubsidized Stafford Loan is federally based loan program with eligibility NOT tied to need. Maximum eligibility is set by the federal government based on cost of attendance, year in school, and dependency status. Interest payments are the responsibility of the student as soon as the funds are disbursed, but may be deferred until repayment begins. Repayment begins six months after the student stops attending school at least half time, graduates, or ceases enrollment.
If you will have education costs not covered by other sources of financial aid (such as scholarships or student loans), you and your family may want to consider a parent or private loan. These additional loans are not listed in your award package. Based on your individual need, you may choose to apply for them.
Federal Direct Parent Loan (PLUS)
The student must file a FAFSA for a parent to borrower a PLUS loan. This loan is issued by the federal government to parents including adoptive parents or a stepparent whose financial information was reported on the FAFSA.
- Repayment is the parent’s responsibility.
- The fixed interest rate for loans borrowed for the 2022-2023 school year is 7.54%.
- The loan has an origination fee of 4.228% (for loans issued October 1, 2020 through September 30, 2023).
- Parents may borrow up to the cost of the student’s education minus the student’s financial aid award.
- Credit approval or a credit-worthy endorser is required.
- Be sure to borrow enough to cover both semesters.
- Funds will be deposited directly into the student’s account in two disbursements.
- Repayment begins within 60 days after the final loan disbursement (usually spring semester).
- You may request deferment while the student is enrolled, for up to four years.
To apply for a federal direct parent loan, begin the process at studentaid.gov.
Private Loan
Private education loans are issued in the student’s name and generally require a creditworthy cosigner. Loan rates, fees, terms and repayment start date vary from lender to lender. Students are encouraged to carefully compare loan terms before borrowing.
- The interest rate may be fixed or variable.
- Fees will vary by lender.
- You may request up to the cost of your education minus your financial aid award.
- Credit approval is required and both student and cosigner are equally responsible for repayment.
- Be sure to borrow enough to cover both semesters.
- You must reapply for your loans each year.
- If you need assistance determining how much you can borrow, contact Student Financial Services.
Private loan lenders: You are free to borrow private student loans from a lender of your choice. Calumet College of St. Joseph does not have a preferred lender list or preferred arrangements with any lender.
Work-Study Jobs
A variety of campus employment opportunities are available at Calumet College. Jobs are funded through the federal work-study program. A completed FAFSA application is required to determine eligibility.
Working while enrolled can be an important aspect of your experience at Calumet College. Students have the opportunity to choose a job and the hours that will work around your class schedule. A job may relate to a student’s academic work or provide the opportunity to explore career possibilities. Every two weeks earnings are paid directly to the student. Some choose to use earnings to defray educational expenses while others pay for personal expenses.
If you indicate interest in this program on the current year FAFSA and have demonstrated financial need, an estimated Federal Work-Study award amount will be listed on your financial aid award letter. To apply, please visit the Office of Financial Aid.
For more information on available student employment options at Calumet College, please visit Career Services.
The Yellow Ribbon Program is a provision of the Post-9/11 GI Bill® that can help students attend expensive private schools at little or no cost to themselves. Normally, Post-9/11 GI Bill® payments at private schools are limited to a national maximum amount by law, although that amount changes every year, it seldom covers the full tuition and fees that private schools charge for enrollment.
Now You Have A Private College Choice!
Hammond College Bound Basic Qualifications
- Complete an application which will define educational history, college destination, and provide for a release of academic records (high school cumulative GPA).
- Provide proof of home purchase date and proof of homestead deduction.
- Demonstrate that he/she resides in an owner-occupied home within Hammond City limits. Proof of homeownership for the purposes of College Bound will require that the parent or legal guardian own a home with a current homestead exemption.
- Be able to provide proof of legal guardianship in those situations where a natural parent is not the legal guardian. Student eligibility will be impacted by the date in which such guardianship is established.
- Attend any accredited public or private school. Home-schooled students may apply for the scholarship through the program’s exception process.
For more information, please call (219) 473-4215 or visit the City of Hammond’s College Bound Program Page
The Financial Aid Process
If you or your family have encountered personal or financial hardships that were not accurately reflected at the time you filled out your FAFSA, our Financial Aid Department can review your file for consideration of special circumstances.
Below are examples of situations that are considered to be special circumstances:
- Loss or reduction of employment, wages, or unemployment compensation
- Loss of untaxed income or benefits e.g. Social Security benefits or child support
- Separation or divorce
- Death of a student’s parent (or independent student’s spouse)
- Unusual expenses (such as medical costs)
If you feel you have an extreme situation that may allow for a Special Circumstances Review, visit the campus Financial Aid Office to determine if you should complete the Special Circumstances Review Form. We will review your situation with you and determine what documentation you will need to submit to support your request for this review.
Students are chosen for verification by the Department of Education when they initially submit a FAFSA, or when corrections are submitted to verify that the information they put on the FAFSA matches their tax documents to receive aid. Decisions pertaining to who is chosen for verification is made by the Central Processing System. Students selected for verification will have a message printed on their Student Aid Report (SAR). The Financial Aid Office has the authority to verify additional students at their discretion, often to resolve conflicting information.
Students are encouraged, but not required, to submit all required verification documentation to the Financial Aid Office (FAO) within 2 weeks of receipt of request for documentation to give Financial Aid Administrators (FAAs) time to complete verification and package financial aid. This allows the student to know their funding amounts prior to the start of classes and will ensure that aid is ready to disburse to the student account. Calumet College will accept verification documentation at any time up to 120 days after the last day of the student’s enrollment at the institution or the verification deadline published in the Federal Register, whichever is earlier. However, the institution still recommends that the student submit documentation as early as possible, ideally within 2 weeks of receipt of documents requested as verification corrections may need to be received and processed prior to the 120 days or Federal Register . Should the student fail to submit documentation, leaving time for any corrections to be processed and received by the institution within the allowed timeframe, the student forfeits their federal aid for that academic year.
CCSJ does not package or disburse financial aid or process special circumstances (professional judgements) prior to verification completion. Should a student who disbursed under an Institutional Student Information Record (ISIR) that was not selected for verification be flagged for verification on a later ISIR transaction and fail to complete verification, the student must return any Federal Pell Grant or Federal Supplementation Opportunity Grant (FSEOG) funds they received that year. You cannot employ or permit further Federal Work-Study (FWS) employment, and you cannot originate or disburse any additional Federal Direct Loans (subsidized, unsubsidized, or PLUS).
Due to the COVID pandemic, the Department of Education recognizes the need to continue to provide relief to millions of students and colleges facing challenges and barriers resulting from the ongoing national emergency. The Department is continuing their waiver of certain verification requirements into the 2022-2023 award year. The Department will maintain verification requirements that strictly focus on identity and fraud for the remainder of the 2022-2023 award year and waiving the remaining verification requirements. This waiver applies no matter where institutions are in the verification process, e.g., if documents have been collected or requested but verification has not yet been completed or if an institution has not started the verification process or requested verification documents. This does not exempt institutions from requirements to resolve conflicting information concerning a student’s eligibility. This waiver begins effective May 18, 2022, the date DCL ID: GEN-22-06 was published.
Verification Requirements
The student will be notified via email if they have been selected for the verification process which will indicate the applicable award year. The student and parent(s), if dependent on the FAFSA should provide additional documentation to the Financial Aid Department within 2 weeks of receipt of request to expedite aid processing:
-
- A completed Dependent or Independent worksheet to verify types of income, household size, and number in college. The financial aid office will provide the correct form as they are award year specific.
-
- Income verification for the 2022-2023 award year:
- Student and Parent(s) (if dependent on the FAFSA) 2020 tax information by using the IRS Data Retrieval Tool on the FAFSA or by providing a signed copy of your 2020 Federal Income Tax return and schedules 1, 2, 3, if applicable or obtain a federal 2020 Return Tax Transcript from the IRS (www.irs.gov/transcripts) and/or
- Tax non-filers who did not work or file taxes in 2020 will need to complete Form 4605-T, “Verification of Non-filing.”
- Income verification for the 2023-2024 award year:
- Student and Parent(s) (if dependent on the FAFSA) 2021 tax information by using the IRS Data Retrieval Tool on the FAFSA or by providing a signed copy of your 2021 Federal Income Tax return and schedules 1, 2, 3, if applicable or obtain a federal 2021 Return Tax Transcript from the IRS (www.irs.gov/transcripts) and/or
- Tax non-filers who did not work or file taxes in 2021 will need to complete Form 4605-T, “Verification of Non-filing.”
- Income verification for the 2022-2023 award year:
For additional information on verification please select the Verification tab above.
Notification of Changes
The Financial Aid Administrator will notify the student of award changes to their primary email address when the verification process is complete, usually within 1-2 business days. The email will contain the link to the Wave portal to view complete financial aid award details.
For forms, additional information on the verification process or the resolution of conflicting information, please contact the Office of Financial Aid at (219) 473-4296. You can also visit the Federal Student Aid website.
Return of Title IV Policy
Federal financial aid recipients who withdraw from all courses before 60% of the term is completed are subject to Title IV regulations. Calumet College must always return any unearned Title IV funds within 45 days of the date the school determined the student completely withdrew from all attempted courses for the payment period and offer any post-withdrawal disbursement within 30 days of the date the school determined the student withdrew. Title IV funds are federal funds which include the Federal Pell Grant, SEOG, and all Federal Direct Loans.
The date of official withdrawal is the date the student begins the withdrawal process by completing required paperwork with Academic Advising. If a student officially completely withdraws after the 60% point in any given term, none of the student’s federal financial aid will be returned.
An unofficial withdrawal occurs when a student does not complete withdrawal paperwork nor does the student notify the instructor of their intent to withdraw due to an illness, accident, grievous personal loss or other circumstance beyond the student’s control. Because this student stops attending, the withdrawal date defaults to the midpoint of the semester and the student will receive the grade of FW. When a student receives Ws or FWs for all courses attempted, that student will then be subject to R2T4 regulations.
If a student completely withdraws, drops, or stops attending before financial aid is disbursed for the semester, the student may be eligible to receive a Post-Withdrawal disbursement. A Post-Withdrawal disbursement is for students who were eligible to receive Title IV Aid, but the aid did not disburse before the student stopped attending. The Financial Aid Office will determine if any aid was earned by using the calculation below in the example based on the student’s withdrawal date.
If a student did not receive all of the funds that were earned, that student may be due a post-withdraw disbursement. If the post- withdraw disbursement included loan funds, you may choose to decline the loan funds so that you don’t incur additional debt. Your school may automatically use all or a portion of your post- withdraw disbursement (including loan funds, if you accept them for tuition and fees. For all other school charges, the school needs your permission to use the post-withdraw disbursement. If you do not give you permission (which some schools ask for when you enroll), you will be offered the funds. However, it may be in your best interest to allow the school to keep the funds to reduce your debt at the school.
A school must return Title IV funds to the programs from which the student received aid during the payment period as applicable, in the following order, up to the net amount disbursed from each source:
- Unsubsidized Direct Loans (other than Direct PLUS Loans)
- Subsidized Direct Loans
- Direct PLUS Loans
- Federal Pell Grants for which a Return is required
- Federal Supplemental Educational Opportunity Grants (FSEOG)
A sophomore withdraws three weeks into the semester. She was charged full-time undergraduate tuition of $8,365. A $2,250 subsidized Direct Loan paid some of charges; she paid the remainder from savings and has a $0 balance on her student account on the day of withdrawal. There are 109 days in the semester; she attended 23.
- Percentage of earned aid = 23/109 = 21.1% earned.
- Unearned aid = 100% – 21.1% (earned) = 78.9% unearned.
- $2,250 (aid received) X 21.1% = $474.75 earned.
- $2,250 – $474.75 = $1,775.25 unearned.
- Amount of Aid to be Returned by School = Institutional charges times unearned percentage; $11,300 X 78.9% = $8,915.70.
- Since $8,915.70 exceeds the amount of unearned aid, the lesser number is used. Therefore, $1,775 of the subsidized Direct Loan disbursement would be reversed from her student account. The loan debt is reduced but the student would have a tuition balance of $1,775 which would need to be paid before she could register for another term.
Student Loans
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.
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.
Interest Rates for Direct Subsidized Loans, Direct Unsubsidized Loans
For more information regarding interest rates, visit StudentAid.Ed.Gov
Student Loan Default Rate
Cohort Default Rate is the percentage of a school’s borrowers who enter repayment on student loans during a federal fiscal year (October 1 to September 30) and default prior to the end of the next one to three fiscal years. The following are the rates released by the Department of Education for CCSJ:
|
Cohort Year |
3-Year Official Rate |
|
2017 |
12.9% |
|
2016 |
14.7% |
|
2015 |
13.5% |
|
2014 |
14.6% |
|
2013 |
11.3% |
|
2012 |
11.9% |
|
2011 |
17.9% |
|
2010 |
17.9% |
|
2009 |
13.1% |
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 PLUS loan is based on creditworthiness meaning a credit check must be submitted. Repayment of PLUS loans can be differed until the participating student ceases to attend college at least half time.
If a parent is declined as a result of the credit check, the parent can appeal the results by going to studentaid.ed.gov and documenting extenuating circumstances or by obtaining an endorser. Another option for a declined PLUS loan is for the undergraduate student to request additional unsubsidized loans from the Office of Financial Aid.
Parent eligibility requirements for a Direct PLUS Loan
You must be the student’s biological or adoptive parent or the student’s stepparent, if the biological or adoptive parent has remarried at the time of application. Your child must be a dependent student who is enrolled at least half-time at a school that participates in the Direct Loan Program. For financial aid purposes, a student is considered “dependent” if he or she is under 24, unmarried, and has no legal dependents at the time the Free Application for Federal Student Aid is submitted. (Exceptions are made for veterans, wards of court, and other special circumstances.) If a student is considered dependent, then the income and the assets of the parent have to be reported on the FAFSA.
Additional requirements to receive a PLUS loan
Parent PLUS loan borrowers cannot have an adverse credit history. If upon completion of the credit check, the parent is denied, the parent can appeal the denial by going to www.studentloans.gov and documenting extenuating circumstances or by obtaining an endorser. If then approved, the parent must complete PLUS Loan Counseling before the loan is disbursed. In addition, parents and their dependent child must be U.S. citizens or eligible non-citizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant and must meet other general eligibility requirements for the Federal Student Aid programs. You can find more information about these requirements in Funding Education Beyond High School: The Guide to Federal Student Aid.
Loan limits, interest rates, and loan charges
There are no set limits for Direct PLUS Loans, but you may not borrow more than the cost of your child’s education minus any other financial aid received, such as a Direct Subsidized or Unsubsidized Loan. The school will determine the actual amount you may borrow.
Interest is charged on the Direct PLUS Loans during all periods, beginning on the date of your loan’s first disbursement.
In addition to interest, you pay a loan origination fee that is a percentage of the principal amount of each Direct PLUS Loan that you receive. This fee helps reduce the cost of making these low-interest loans. We deduct the fee before you receive any loan money, so the loan amount you actually receive will be less than the amount you have to repay.
The current interest rate and origination fee can be found at www.studentloans.gov.
Dependent students whose parents have applied for but were unable to get a PLUS Loan are eligible to receive additional Direct Unsubsidized Loan funds.
Repayment
There is no grace period for a Direct PLUS Loan—the repayment period begins 60 days after your school makes the last disbursement of the loan. However, if you’re a parent PLUS borrower who is also a student, you can defer repayment while you’re enrolled in school at least half time and (for Direct PLUS Loans first disbursed on or after July 1, 2008) for an additional 6 months after you graduate or drop below half-time enrollment.
If you’re a parent PLUS borrower, you can defer repayment of Direct PLUS Loans first disbursed on or after July 1, 2008, while the student for whom you obtained the loan is enrolled at least half time, and for an additional 6 months after the student graduates or drops below half-time enrollment (half-time enrollment status is determined by your child’s school). You must separately request each deferment period.
Applying for a Parent PLUS Loan
In order for a PLUS loan to be processed, the consent of the parent borrower is required. The Consent to Obtain Credit Report, which can be downloaded from the link below is to be completed by the parent of the student who wishes to apply for a PLUS loan. A CCSJ Financial Aid staff member will then process the credit check through the Federal Direct Loan website. Credit check approval is a requirement of the Federal Direct PLUS Loan process.
The Federal Direct PLUS loan application form is to be completed by both the student and the parent. The purpose of this form is for the parent to indicate the amount of the loan requested and the academic period for which the loan will be used. If you are unsure of the amount of the loan that you will need, contact the CCSJ Office of Financial Aid at (219) 473-4296.
- Consent to Obtain Credit Report
- 2021-2022 PLUS Loan Request Form
Mail both completed forms to:
Calumet College of St. Joseph
Office of Financial Aid
2400 New York Ave.
Whiting, IN 46394
Or fax to: (219) 473-4340
If your PLUS loan has been approved, the parent requesting the loan must complete the PLUS Master Promissory Note (MPN). If your PLUS loan was approved after documenting extenuating circumstances or by obtaining an endorser, you must complete both the MPN and the PLUS loan counseling.
Denied for a Parent PLUS Loan
If the parent PLUS loan is denied, the undergraduate student can then qualify for additional unsubsidized federal student loans by requesting the additional funds from the Office of Financial Aid.
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 non-governmental 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 the 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 websites may provide you with useful information in researching lenders offering private educational loans.
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 and a master promissory note. 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.
| 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 visiting studentaid.ed.gov.
Repayment of Student Loans
You have many options to choose from in repaying your student loans. Repayment plans can range from 10 years to 30 years. Other plans are based on income, regardless of your indebtedness. The shorter the repayment plan, the less interest you pay on your loans. Deferment and forbearance options are also available if you are unable to pay on your student loans for a period of time. These various repayment options provide borrowers with added flexibility when they are choosing their career path.
In most cases, repayment of your federal student loans begins approximately six months after you graduate. You can access calculators on the Web to see how much you would be paying. For more information on all your repayment options please go to the U.S. Department of Education’s Federal Student Aid Web site.
For loan interest rates, fees and other useful information on student loan borrowing and other tips for loan repayment, here is a resource you might find useful.
Some students choose to consolidate their loans before selecting a repayment plan. To learn more about your student loan consolidation options, please review this helpful Consolidation Information.
Income-Driven Repayment Plans and Public Service Loan Forgiveness
Two programs have been created which are of great importance to graduates who have high debts and low incomes, particularly for those who are planning a career in a public interest occupation (government and most non-profit organizations).
Income-Driven Repayment Plans
Loan payments are capped at 10-15% of monthly discretionary income. Discretionary income is defined to be the adjusted gross income of the student (and spouse, if you file jointly) minus 150% of the poverty level for the borrower’s family size. You can learn more about a popular income-driven repayment plan on the Federal Student Aid website by clicking on these links: Income Based Repayment.
A single borrower enrolled in Pay as You Earn who owes $100,000 of debt at an interest rate of 6.8% with an adjusted gross income of $40,000 would pay only $194 per month. The payment amount increases as earnings increase. This amount is significantly lower than the standard monthly payment of $1,155. Any loan balance remaining after 20 years of repayment under Pay As You Earn is forgiven.
Public Service Loan Forgiveness (PSLF) Program
Under this program, loans can potentially be forgiven after 10 years of repayment in an income-driven repayment plan. Borrowers who make 120 on-time payments on their Direct Loans while engaged in a full-time public service occupation can request that their remaining loan balance be forgiven. For more information about the Public Service Loan Forgiveness Program, please see PSLF.
Calumet College of St. Joseph participates in the William D. Ford Federal Direct Loan Program which includes the Direct Subsidized and Direct Unsubsidized Student Loans, the Direct Graduate PLUS Loans, and the Direct Parent PLUS Loans. In some cases, Alternative/Private Student Loans are needed to supplement the cost of education. CCSJ recommends that students exhaust all other methods of financing their education before applying for Alternative/Private loans.
Revenue Sharing
The term “revenue-sharing arrangement” means an arrangement between an institution and a lender which – (i) a lender provides or issues a loan that is made, insured, or guaranteed to students under the Higher Education Act attending the institution or to the families of such students; and (ii) the institution recommends the lender or the loan products of the lender and in exchange, the lender pays a fee or provides other material benefits, including revenue or profit sharing, to the institution, an officer or employee of the institution. CCSJ and its employees will not enter any type of revenue-sharing arrangement with any lender, guarantor, or servicer. CCSJ does not provide students a preferred lender list from which to select a lender for a private student loan. All loans are processed without regard to lender or mode of transmission (i.e., electronic or paper). CCSJ will neither recommend a private loan lender nor accept material benefits including revenue or profit-sharing to the institution, an officer, or an employee of the institution or an agent.
Gifts
Employees of the Financial Aid Office are prohibited from soliciting or accepting any gift from a lender, guarantor, or servicer of education loans
a. Gifts include any gratuity, favor, discount, entertainment, hospitality, loan, or other item. This includes a gift of services, transportation, lodging, or meals, whether provided in kind, by purchase of a ticket, payment in advance, or reimbursement after the expense has incurred.
b. Gifts to family members of an CCSJ employee are considered a gift to the employee if the gift is given with the knowledge and consent of the employee and there is reason to believe the gift was given because of the official position of that employee.
Contracting Arrangements
Employees of the Office of Student Financial Aid shall not accept from any lender or affiliate of any lender any fee, payment, or other financial benefit (including opportunity to purchase stock) as compensation for any consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.
Preferred Lender Status
CCSJ participates in the William D. Ford Federal Direct Loan Program which provides student and parent loans through the U.S. Department of Education. Lenders in the private student loan industry will not be given a preferred status. CCSJ will not produce a preferred lender list that gives any lender an advantage in securing business from AU students.
Private Loan Certification
CCSJ will not assign a borrower’s private student loan to a particular lender; all decisions will be made by the borrower in his/her independent review of borrower benefits and lender services.
CCSJ will not refuse to certify, or delay certification of, any loan based on the borrower’s selection of a particular lender or guaranty agency.
Opportunity Pool Loan
CCSJ will not request or accept from any lender any offer of funds to be used for private education loans (defined in section 140 of the Truth in Lending Act) including funds for an opportunity pool loan in exchange for CCSJ providing concessions or promises regarding providing the lender with a specified number of loans made, insured or guaranteed; a specified loan volume of such loans; or a preferred lender arrangement for such loans.
Staffing Assistance
CCSJ will not request or accept from any lender, guarantor, or servicer of student loans any assistance with call center staffing or financial aid office staffing.
Advisory Board Compensation
Employees of the Financial Aid Office who serve on an advisory board, commission, or group established by a lender, guarantor, or group of lenders or guarantors, are prohibited from receiving anything of value from the lender, guarantor, or group of lenders or guarantors, except that the employee may be reimbursed for reasonable expenses incurred in serving on such advisory board, commission, or group.
Meet
Our Financial Aid Team
Christopher Artim
MelodyAnn Clark
Ruth Holl
Office of Financial Aid
Phone: (219) 473-4296
Fax: (219) 473-4340
Office: Room 120
E-mail: finaid@ccsj.edu
HOURS
- Mondays and Tuesdays: 9:00 A.M. – 7:00 P.M.
- Wednesdays and Thursdays: 9:00 A.M. – 5:00 P.M.
- Fridays: 9:00 A.M. – 4:00 P.M.
You Belong
at Calumet College of St. Joseph!
