| Freshman | $3,500 | 5.6 | $2,000 | 6.8 | $4,000 | 6.8 | $3,500 | 5.6 | $6,000 | 6.8 |
| Sophomore | $4,500 | 5.6 | $2,000 | 6.8 | $4,000 | 6.8 | $4,500 | 5.6 | $6,000 | 6.8 |
| Junior | $5,500 | 5.6 | $2,000 | 6.8 | $5,000 | 6.8 | $5,500 | 5.6 | $7,000 | 6.8 |
| Senior plus | $5,500 | 5.6 | $2,000 | 6.8 | $5,000 | 6.8 | $5,500 | 5.6 | $7,000 | 6.8 |
| Aggregate | $23,000 | $31,000 | | $23,000 | $57,500 |
Graduate Students
| Base Amount | Additional Amount | Aggregate |
| | | |
| Graduate Status | Subsidized | % | Unsubsidized | % | |
| Degree Seeking | $8,500 | 6.8 | $12,000 | 6.8 | $138,000 |
| Certification | $5,500 | 6.8 | $7,000 | 6.8 | UG $31,000 |
Alternative Private Loans
No private loans, whether student or parent, will be processed without a completed FAFSA on file in the CCSU FA Office.The Financial Aid Office strongly recommends that students and parents utilize federal student and Plus loan eligibility before applying for a private loan. For undergraduate and graduate students, the Direct Stafford Loans are automatically offered and do not require completing an application process through CCSU or a private lender. For the Direct Plus loan, parents and graduate students apply for the loan utilizing the one-page applicaton in the FA Forms file at www.ccsu.edu/finaid.
Private Loan - It is quite easy to apply for a private loan because most lenders post the application and approval process online. Once the lender has approved the loan and the borrower has completed the necessary documents online, the CCSU FA Office is notified withn 24 to 36 hours to certify that the student is a matriculated student at CCSU. The FA Office credits the loan to the student's e.Bill account and disbursement of funds is made upon receipt of funds from the lender - usually the first part of the semester.
Student borrowers are often required to have a co-borrower for the loan. The terms, conditions, and amount of the loan are determined by the borrower's (and co-borrower's) credit history. The total amount of a private loan may not exceed the student's established Cost of Attendance (COA) budget less any other financial aid posted to the student's account.
Plus Loan - A parent or graduate student may require an additional loan to help pay for the student's college education. These loans are referred to as Plus loans and may be obtained and processed the same as for the student's private loan. However, the FA Office strongly recommends that the parent or graduate student chooses to use the Federal Direct Plus Loan from the U.S. Government through the FA Office before applying to a private lender.
The Direct plus loan has a 7.9 percent fixed interest rate whereas the same loan from a private lender has an 8.0 percent fixed. Plus loans are repayable beginning 60 days following the last disbursement but repayment may be deferred upon request to the lender. If a parent is denied a Plus loan, the dependent student becomes eligible for an additonal Federal Direct Stafford Unsubsidized Loan.
The FA Office does not recommend any private lender or provide a list of lenders.
Borrowers need to be very careful in determining financial needs and the amounts of the loan required. The "best loan" is not always the one with the lowest quoted interest rate. Usually the best comparatrive figure to judge which loan may be better is the total cost when the loan is paid off. There are several websites that proivde private lender information. Beware whenever an upfront fee is required to process the loan application.
Terms and conditons for private education loans may vary greatly according to specific lender guidelines, including:
1. Fees charged by some lenders may significantly increase the cost of the loan.
2. Some lenders do not specifically charge fees but roll the costs into the interest rate.
3. Repayment terms may add to the cost of the loan.
4. Lenders use their own requirements to determine a student's and parent's eligibility.
5. Most lenders offer a pre-approval process online to help determine loan eligibility.
