Applying for Loans
The following loans may or may not be part of your Financial Aid award. Please refer to your award letter to determine the amount of your eligibility. If you wish to obtain a loan that does not appear on your award letter contact the Financial Aid Office for information.
Federal Stafford Subsidized & Unsubsidized Loans
A Stafford Loan will be awarded to all students who complete a FAFSA and submit all required documentation and who are enrolled at least half-time.
UNSUBSIDIZED loans are available to independent students as a supplemental loan and also to dependent students who do not qualify for the Subsidized Stafford and/or whose parents have been denied a PLUS loan. These loans are "unsubsidized" because the interest will either be paid by you or added to the balance of your loan while you are in school.
Eligibility for a SUBSIDIZED Loan is available to students who demonstrate financial need. This loan is "subsidized" because the government pays the interest on the loan while you are in school.
Borrowing limits are as follows:
- 0-27 cumulative units: $5,500, of which a maximum of $3,500 may be subsidized
- 28-57 cumulative units: $6,500 of which a maximum of $4,500 may be subsidized
- 58-89 cumulative units: $7,500 of which a maximum of $5,500 may be subsidized
- 90+ cumulative units: $7,500 of which a maximum of $5,500 may be subsidized
Please note: All students who will utilize the Federal Stafford Loans must complete Entrance Counseling. Federal regulations require entrance loan counseling for students borrowing for the first time at CLU. Click here to complete the Stafford Loan entrance counseling requirement.
Continuing CLU Students
If you have borrowed a Stafford Loan at CLU before, you only need to accept your award online and click here to initiate your loans.
IMPORTANT NOTE: College Loan Corporation, Northstar and FinanSure have withdrawn from the Federal Family Education Loan Program. If one of these lenders were your previous lender you will be required to select a new lender as a first-time borrower below.
New CLU Borrowers
To apply for a Stafford Loan, the student must initiate the process after receiving an award letter. Click here to view our preferred lenders and begin the process.
Federal Perkins Loan
The Federal Perkins Loan Program provides long-term, 5-percent interest loans to students with exceptional financial need. Under the program, loans are awarded through the Financial Aid office. The school acts as the lender, and the loan is funded by both the government and the university. Like any other student loan, you must pay back a Perkins Loan.
If you have been awarded a Federal Perkins Loan you will be notified by the Financial Aid office to come in and complete the Perkins Loan Contract , a Statement of Rights and Responsibilities , and a Perkins Promissory Note during the first month of your first term of enrollment. New CLU borrowers must complete entrance counseling for Perkins.
The Parent Plus Loan
The Federal Plus Loan for parents is an excellent option to assist in financing a college education. It is available to parents, legal guardians, and stepparents of dependent, ADEP students enrolled at least half time (at least 4 units/semester). To view our list of preferred lenders and apply for the PLUS loan, click here.
Generally, you can borrow up to the Cost of Attendance less any other financial aid the student is receiving. If you have questions, contact the financial aid office.
If your PLUS loan is denied your dependent student may borrow additional funds through the Additional Unsubsidized Federal Stafford Loan Program, up to the following maximums:
- Freshman and Sophomore - $4000
- Junior and Senior - $5,000
Continuing Parent Borrowers: If you have borrowed a PLUS loan at CLU before, click here to reapply for the loan.
Alternative Loans
What is an Alternative Loan?
An Alternative loan is designed primarily to help students with educational expenses that exceed other available assistance (such as scholarships, grants, and Federal Stafford Loans, Plus and Perkins). In other words, alternative loans were designed to bridge the gap between college costs and traditional financial aid resources. Alternative loans cannot exceed the cost of attendance minus other financial aid. To view the lender comparison tool please enter the information requested below.
While we encourage students to exhaust all Federal loan options first, often these loans are what is needed to "bridge the gap" and make CLU affordable. In order to help you in this regard, CLU has chosen multiple partners (see our brochure for a list). Please review the brochure for a comparison chart of private loan lenders.
