Student Financial Aid Office
Federal Direct Loans
Deadline to submit a Spring 2017 Direct Loan Application is May 12, 2017
The William D. Ford Direct Loan is the primary loan program utilized by CSI students. To apply you must complete the loan application provided by CSI, be matriculated, carry at least six credits each term, and file the FAFSA each year. Direct Loans can be either subsidized or unsubsidized, and the variable interest rate is guaranteed to go no higher than 8.25%. Subsidized loans are based on financial need and no interest is charged as long as you maintain continuous half-time enrollment (six equated credits). Unsubsidized loans are not need-based and interest is charged to you from the time the loan is disbursed. Repayment of Direct Loans begins six months after you graduate, withdraw from school or drop to less than half-time status, and Exit Counseling is required. Additional information including current interest rates can be found at Studentloans.gov.
Application process for First-time CSI borrowers:
- Sign a Master Promissory Note
- Complete Entrance Counseling and print out the results of entrance exam.
- Complete the CSI Direct Loan Application.
Direct (Parent) PLUS Loans allow parents with good credit ratings to borrow up to the cost of their child's education, minus any financial aid the student is receiving. These loans are not need-based, but students who have parents wishing to take a PLUS Loan must file the FAFSA. Direct PLUS Loan Applications are available directly from the Office of Student Financial Aid or on the downloadable forms page under “Direct Loan Forms”.
Federal Perkins Loans
Perkins Loans are low-interest loans available to matriculated students who have completed at least 30 credits and have exceptional financial need. You must file the FAFSA, register for at least six equated credits and maintain a 2.0 GPA. Each year you must pass the Entrance Interview
exam and sign a Master Promissory Note to receive a Perkins Loan. Exit interviews
are required of all recipients who fall below six equated credits, graduate or leave school. Loans may not be given to students who have previously defaulted or owe a Title IV repayment.