These low-interest loans are available to students who are attending college at least half time. No credit check is required. Repayment begins six months after you graduate or drop below half time. You must submit the Free Application for Federal Student Aid (FAFSA) to gain eligibility for Federal loans. Annual Loan Limits for Subsidized and Unsubsidized Loans have been set by the federal government and are based on your dependency status and year in school.
Federal Direct Subsidized Loans are available to students who have financial need as determined by the FAFSA. The federal government will pay the interest on your Subsidized Loans while you are in school at least half time and during the first six months after you leave school. The interest rate for Subsidized Loans first disbursed to undergraduate students on or after July 1, 2017 and before July 1, 2018 is fixed at 4.45%. Click here to read about the 150% Subsidized Loan Limit which applies to students who are new borrowers beginning July 1, 2013.
Federal Direct Unsubsidized Loans are available regardless of family income. You are responsible for paying all interest on your Unsubsidized Loans. Although payment of the loan is not required while you are in school, the interest will accrue during this time and increase your indebtedness. You have the option of paying the interest as you go to help keep your loan debt to a minimum. The interest rate for Unsubsidized Loans first disbursed to undergraduate students on or after July 1, 2017 and before July 1, 2018 is fixed at 4.45%. The interest rate for Unsubsidized Loans disbursed to graduate students on or after July 1, 2017 and before July 1, 2018 is fixed at 6%.
This credit-based loan program is available to parents of dependent, undergraduate students enrolled at least half time. The interest rate for PLUS Loans disbursed on or after July 1, 2017 and before July 1, 2018 is fixed at 7%. Graduate students also may borrow in the PLUS Loan program but may want to apply for Federal Direct Unsubsidized Loans first. The PLUS borrower must pass a credit check to qualify for the loan. Repayment of the PLUS Loan begins 60 days after the loan is fully disbursed and generally will continue for ten years. In-school deferment is available, but interest will continue to accrue. If a parent is denied a PLUS due to adverse credit, the dependent student will become eligible to borrow up to the independent student annual loan maximum.
These are credit-based loans that have varying interest rates and possible fees. You may need to have a cosigner to be eligible, and some loan programs may require you to be enrolled at least half time.
Exhaust all Federal Direct Subsidized and Unsubsidized Loans before considering a private loan since private loans tend to be more costly than Federal student loans. Compare the terms of various private loan programs to find the loan that works best for you. Click here to learn more about private loans and to access a list of lenders used by CCU students over the past three years.
Charles E. Schell Foundation, Fifth Third Bank Trustee Cincinnati Christian University is proud to offer funds from the Schell Foundation to undergraduate students who meet the qualifications set forth by the Schell Foundation, Fifth Third Bank, and CCU.