If you require more aid than what has been provided by your grants, scholarships and Direct Subsidized/Unsubsidized loans, you may want to consider a supplemental loan to cover your remaining tuition costs and/or for your books & supplies or living expenses.
Both of the supplemental loan programs discussed here are credit based and borrowers do have to pass credit checks to receive them. Most students trying to borrow private/alternative loans will require a credit-worthy co-signer, which can also help to lower the interest rate. Since the possibility exists that your loan may be denied once you apply, it is strongly recommended you have your loan fully secured before charges start to apply for the semester. Private loan lenders have been required to add some additional steps to their application procedures which have resulted in processing times of 3-4 weeks.
The maximum amount you can request in a supplemental loan is your assigned Cost of Attendance budget minus other financial aid received.
Parent PLUS Loans
If your parents are willing to take a loan on your behalf, they may want to consider the federal Parent PLUS loan. Click on the link below for more information on the federal Parent PLUS Loan.
First-time Parent PLUS borrowers must complete (1) a Parent PLUS Master Promissory Note and (2) a Parent PLUS Loan Application (see below).
Repeat PLUS borrowers usually only need to complete the Parent PLUS Loan Application to borrow new loans each year. However you will also need to complete a new PLUS Master Promissory Note if:
- Your previous loans were taken at different school
- You are borrowing for a different student
- You were required to add an endorser/co-signer to your previous PLUS loan
Go to https://studentloans.gov/myDirectLoan/index.action to complete a Parent PLUS Master Promissory Note and/or Parent PLUS Loan Application online (the online PLUS application will provide an instant credit decision)
For a printable version of the Parent PLUS Loan Application go to the Financial Aid section on Blackboard to print out the current year application. Fill it out and return it to the CCS Financial Aid Office.
Dependent students whose parents are denied for the federal Parent PLUS Loan can receive an additional $4,000-$5,000 in federal Direct Unsubsidized Loan funds. You can check your eligibility by completing the Parent PLUS Application, which will provide an instant credit decision (see above).
Alternative (Private) Loans
Alternative loans are loans offered to students by various banks and educational lending organizations. Most students will need a credit-worthy co-signer to be approved and receive a desirable interest rate.
Additional information on Federal Parent Plus and Alternative Loans can be found on the CCS website.