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 borrow a loan that does not appear on your award letter, please contact the Financial Aid Office. If you would like to utilize student loans and/or parent loans to meet University costs, you must apply by July 1st, 2008 to allow the loan proceeds to arrive in time to pay your fall bill. If you end up applying for loans later in the term, you must have a complete financial aid and loan application at least 7 business days prior to the end of the term and contact your financial aid counselor.
Federal Stafford Subsidized & Unsubsidized Loans
A Stafford Loan will be awarded to all students who complete a FAFSA, submit all required documentation and who are enrolled at least half-time in a degree or certificate program.
UNSUBSIDIZED loans are available to independent students and to dependent students who do not qualify for the Subsidized Stafford and/or whose parents have been denied a Parent PLUS loan. These loans are "unsubsidized" because the interest will not be paid by the government while you are in school; you can chose to pay the interest while you are in school, or add it to the balance of your loan and pay it when you enter repayment. Currently, the interest rate on the Unsubsidized Federal Stafford Loan is 6.8%.
Eligibility for a SUBSIDIZED loan is available to students who demonstrate financial need as defined by the FAFSA. This loan is called "subsidized" because the government pays the interest on the loan while you are in school. For students borrowing a Stafford Subsidized Loan during the 2008-2009 Academic Year, the loan will have a fixed 6.0% rate when it goes into repayment six months after the student graduates.
Borrowing limits are as follows:
- Freshman - $5,500, of which a maximum of $3,500 may be subsidized
- Sophomore- $6,500 of which a maximum of $4,500 may be subsidized
- Junior - $7,500 of which a maximum of $5,500 may be subsidized
- Senior - $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 loan entrance counseling for all first time student borrowers at CLU.
Continuing CLU Students
If you have borrowed a Stafford Loan at CLU before, you 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 a lender comparison chart, complete entrance counseling, and begin the application process. Note: You will have the opportunity to cancel your loan before you arrive on campus.
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, undergraduate students enrolled at least half time (at least 6 units/semester). To view a PLUS lender comparison,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. If Northstar is your previous lender, please click here to reapply.
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.
Loan Tools
The Loan Repayment Calculator shows you what your monthly payments and interest payment would be like under different repayment plans.
Important note: This calculator estimates what your loan payments might be for your Stafford, PLUS, Grad PLUS, Signature, or other Sallie Mae private loans once they enter repayment.
