The Federal Pell Grant is financial aid that does not have to be repaid. The Federal Pell Grant program is funded through appropriations to the U.S. Department of Education from the U.S. Congress. New appropriations are made each year, and the amounts of student awards may change annually.
*Eligibility – This is sought by filing a FAFSA form as described above.
*Guidelines – Through the Federal Pell Grant Program eligible students may receive grants up to $5,802. This amount is currently authorized through the 2016-2017 school year. After a FAFSA is completed, a student will receive a Student Aid Report (SAR). The Federal Pell Grant program eligibility is conveyed through this report. The CSB financial aid office will determine the actual amount of your grant award based upon full time or part time enrollment. Students who have already received a Bachelors degree are not eligible for the Pell Grant.
*Student Responsibility – All CSB enrollees must maintain acceptable attendance, a diligent goal oriented work ethic remaining consistently in good standing and in compliance with all requirements as stipulated in the CSB catalog and handbook.
Unlike grants, student loans are borrowed funds that must be repayed by the student with interest beginning 6 months are graduating or withdrawing from school. New interest rates are negotiated each year by the U.S. Department of Education and the U.S. Congress. The interest rate for both Direct Subsidized and Unsubsidized student loans first disbursed on or after July 1, 2016 is 3.76%.
The Direct Loan Program offers the following types of loans:
*Guidelines – No repayment of the Direct student loan is due while the student remains in school in good standing. Upon graduation or withdrawal, a six month grace period is accorded each student before scheduled payments on principal and the remaining interest begins. Repayment must be made to the lender at a minimum rate of $50.00 per month.
*Eligibility – To be eligible for a Subsidized (interest paid by the U.S. Department of Education) Direct Loan of up to $3,492.00 per school year, the student’s financial need must be evaluated. You must complete a FAFSA to evaluate need. You may be required to verify your family situation. Students may also be eligible for up to $5,987 in Unsubsidized Direct Loans.
*Application – The FAFSA is the application for Federal Direct student loans. A Master Promissory Note (MPN) and Entrance Counseling (EC) is required from each student to disburse these funds. The MPN and EC are completed online at www.studentloans.gov.
*Student Responsibility – After you remain in good standing with CSB and make the most of your education, you will begin to repay your loan beginning six months after you graduate or withdraw from school. Upon graduation or departure from CSB, please be sure you understand your responsibility to the loan servicer in the form of repayment arrangements.
*Repayment – Federal Direct Student Loan repayment begins six months after you graduate or withdraw from CSB and both principal and interest are together repaid at a minimum rate of $50 per month for a term up to 10 years. Examples of repayment schedules are available from the CSB Financial Aid Office.
PLUS loan are borrowed funds that must be repayed by a parent borrower with interest beginning 60 days after the loan is fully disbursed. New interest rates are negotiated each year by the U.S. Department of Education and the U.S. Congress. The interest rate for PLUS loans first disbursed on or after July 1, 2016 is 6.31%.
*Eligibility – To be eligible for a PLUS loan, you must have a dependent student enrolled at least half-time. The parent borrow cannot have an adverse credit history and neither the parent borrower or student can be in default on other Federal student loans.
*Application – A parent must apply for a PLUS loan online at www.studentloans.gov. A credit check and Master Promissory Note are required.
*Repayment – Federal Direct PLUS loan repayment begins 60 days after the loan is fully disbursed. Payment is made monthly for a term up to 10 years. Examples of repayment schedules are available from the CSB Financial Aid Office.