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Education Loans

Help Pay for your Education with Future Earnings

Loans can be an important financial resource for students who need help getting through school and are willing to pay for their education with future earnings. Below are the detailed descriptions of different  loan options available for undergraduate students.

Subsidized Federal Stafford Loans

A Subsidized Federal Stafford Loan is a low-interest loan made to the student by a lending institution such as a bank, credit union, or savings and loan association. These loans are insured by a guarantee agency and reinsured by the federal government. The federal government pays the interest on the loan while the student is enrolled at least half time (six credit hours per semester) and during a "grace period" which follows separation from the school. The Subsidized Stafford Loan has a fixed interest rate of 6.0%, a standard repayment term of 10 years, and repayment does not begin until 6 months after graduation or dropping below half time status.

Unsubsidized Federal Stafford Loans

Unsubsidized Federal Stafford Loans are available for students who do not have full or any Subsidized Federal Stafford Loan eligibility, or for independent students who need more aid than a Subsidized Federal Stafford Loan can provide. They have the same terms as the Subsidized Federal Stafford Loan except that the student, rather than the government, pays the interest while the student is still in school, and the fixed interest rate is 6.8% instead of 6.0%.

For more detailed information about the Federal Stafford Loan programs visit the U.S. Department of Education web page for Stafford Loans. If students are eligible for a Federal Stafford loan, they need to complete an Entrance Counseling session. This session covers the rights and responsibilities of a Stafford Loan borrower and is a federal requirement prior to obtaining the loan funds. Once students have completed the Entrance Counseling session, and the loan has been certified by CCU, and been sent to the Servicing Agency for origination, an e-mail is sent from our office with instructions on completing the Master Promissory Note.

Federal Perkins Loans

Federal Perkins Loans are low-interest, fixed-rate loans awarded to students demonstrating exceptional need. The funds are very limited, with Colorado Christian University acting as the lender. The government pays the interest on this loan while the student attends school at least half time, and continues until nine months after the student leaves school. Once repayment begins, the student will have minimum payments per month plus interest. Part of the student's Federal Perkins debt may be canceled (repaid for you) for service in the military, law enforcement, or for teaching a subject matter or in a location where there is a shortage of qualified teachers. Payments may also be deferred for specific reasons outlined by the federal government, at which time the government again makes interest payments for the student.

Federal Parent Loan for Undergraduate Students (PLUS) Loans

Federal PLUS loans are low-interest loans made to the parent of a dependent student attending at least half time (six credit hours per semester). Capital is provided by an outside lending institution and is subject to credit approval. A parent may borrow up to the cost of education as determined by CCU’s Director of Financial Aid, minus any other aid received.  Students must complete the FAFSA to be eligible to receive a Parent PLUS loan.  A Parent PLUS loan is disbursed in two equal disbursements – the first in the fall semester, and the second scheduled for the spring semester.  Parents may choose lenders through the Sallie Mae’s web site and application process, through which all application information, certification, and loan disbursement is processed electronically.

Private Education Loans

Many lending institutions offer education loans to students enrolled in a degree seeking program to assist them in meeting the costs of higher education.  For those students whose eligibility for Federal Loan programs do not meet their financial needs, it may be necessary to look to Private Credit loans for additional assistance.  These loan programs are credit based and some students may require a co-borrower to qualify.  All freshman students are required to have a co-borrower, regardless of previous credit history.  Interest rates and repayment terms vary by lender.  If students chose an Alternative loan, we do recommend that they borrow conservatively.

Choosing a lender for your Alternative Loan is a personal decision and it is important students research available interest rates as well as repayment options and borrower benefits. The Sallie Mae Servicing Corporation has partnered with the Council for Christian Colleges and Universities (CCCU), of which CCU is a member institution. As a result of this arrangement, Sallie Mae offers low interest rates and borrower benefits to CCU students through Private Education Loans. Alternative loan eligibility may be based on past credit history and may require a co-signer. If you are interested in obtaining an alternative loan through Sallie Mae, you can apply online.