Loans
CCA participates in the Federal Family
Education Loan Program (FFELP). This loan program includes the Federal Stafford loan (Subsidized and
Unsubsidized), and the Federal PLUS loan. These loans allow the student to borrow money from a private lender
to help pay for education costs. The lender will make a loan directly to you through the school. More detailed information about the loan
program is in the CCA Financial Aid Handbook.
To apply for a student loan you must have a completed financial aid file at CCA and be in compliance with the
CCA Satisfactory Progress Policy. After your financial aid eligibility has been determined, you can complete
a Master Promissory note for a Federal Stafford Loan at
http://www.elmselect.com.
To be eligible for these loans you must:
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Have a completed Financial Aid file including determination of Pell Grant eligibility.
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Complete and return a valid Master Promissory note at http://www.elmselect.com
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Be enrolled in a degree program or certificate program.
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Be attending at least half-time (six credit hours minimum) for the entire loan period.
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Not be in default on any type of student loan.
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Not owe a repayment on a federal student grant
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Be in compliance with the CCA Financial Aid Satisfactory Progress Policy.
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First time borrowers at CCA must have completed the Entrance Loan Counseling section at http://mappingyourfuture.org/oslc/
Loans are an effective and reliable method of funding higher education. However, there are a few things that you should consider before borrowing a loan.
When you borrow a loan, you are accepting the responsibility of repaying the loan plus the interest. The specific amount of money you borrow is called the principal. Interest is a percentage of the principal, which you pay as a fee for borrowing. When it comes time to pay back the principal and interest you usually pay in monthly installments. If you fail to repay (or default) the government may penalize you.
It is your responsibility to know all of the terms and conditions.