General Information About Loans
To be eligible for Federal loans you must first complete a Free Application for Federal Student Aid (FAFSA).
If you are a new borrower at CSM, you will need to select a lender on the CSM loan request form. (DO NOT submit the loan request form through a lender's website.) CSM's recommended lenders are:
Loan disbursements are credited to the student's CSM Billing Account either on the first day of classes or when the funds are received, whichever is later.
When you are deciding how much to borrow, you should request the amount for the full year. Loan funds are distributed in two equal disbursements - one per each semester of enrollment.
Once you have been awarded a loan, you must follow the instructions on your Trailhead account to actually borrow the funds. We do NOT assume that you want to borrow the loan funds. New students will be sent log-in information for CSM Trailhead and loan application information in June.
Federal Loans
There are two types of Stafford loans:
Subsidized:
The Subsidized loan is a need-based award for which the federal government pays the interest while the student is in school and in authorized deferment and grace periods. All principal payments are deferred until six months after graduation or a student drops below half-time enrolment.
Unsubsidized:
The Unsubsidized loan also requires the filing of the FAFSA, but is not need-based. All principal payments are deferred until six months after graduation or a student drops below half-time enrolment. The student is responsible for interest while in school and in authorized deferment and grace periods; interest payments can be paid quarterly or capitalized.
Parent Loan for Undergraduate Students (PLUS)
The PLUS loan requires the filing of the FAFSA. It is a non-need, credit-based loan, meaning that the parent borrower must be able to pass a credit check. If the borrower is denied the PLUS loan, the student may have additional unsubsidized Stafford eligibility.
Perkins Loan
The Perkins loan is a need-based award given to students who have a high need as determined by FAFSA. Funds are limited and are offered on a first come, first serve basis.
Private Loans
Optional or Alternative Loans
Optional Loans are regular consumer student loans. They typically have higher interest rates and fees than the federal loans. However, they also have higher annual and maximum loan limits. For students who need to borrow higher amounts to make it through school, these are a good option. These loans are credit-based and may require a co-signer.
Compare Alternative Loan Lenders.