Loans

Loans are borrowed funds that must be paid back.

FFELP Subsidized Stafford Loan

The FFELP Subsidized Stafford Loan is awarded based on demonstrated financial need. The US Department of Education pays the interest while you are in college and during the six-month grace period after you graduate, leave school or enroll less than half time. The federal government also pays your interest during deferment. To qualify, you must meet all the requirements for federal student financial aid and have your eligibility for the Federal Pell Grant determined.

FFELP Unsubsidized Stafford Loan

The FFELP Unsubsidized Stafford Loan is for all eligible students, regardless of their income and assets. You must meet the same requirements as those for the FFELP Subsidized Stafford Loan, except for demonstrating financial need. You are responsible for paying all the interest on the loan; but you can allow it to accumulate while you are in college and during the grace period. If you do, the interest will be added to the amount you borrowed when repayment begins and future interest will be based on the higher loan amount. It is to your advantage to pay the interest while you are in college. The interest rate for this loan is fixed at 6.8%.

If you are an independent student, an additional FFELP Unsubsidized Stafford Loan may be awarded to help cover any remaining unmet need or to replace some of your Expected Family Contribution (EFC).

Federal PLUS Loan

The Federal Parent Loan for Undergraduate Students (PLUS) allows parents of the student’s household or any biological parent(s) who are credit-worthy to borrow up to the cost of the student's education minus any other financial aid for their child. Repayment begins within 60 days of the final disbursement; but borrowers may request an in-school forbearance for up to 60 months (5 years) while the student is enrolled. The interest rate for this loan is variable, but will not exceed 9%.

Federal Student Loan Interest Rates

Stafford: 6.62% (in-school - 91-day T-Bill + 1.70%)
Stafford: 7.22% (in repayment - 91-day T-Bill + 2.30%)
PLUS: 8.02% (91-day T-Bill + 3.10%)

FFELP Stafford and PLUS Loan Lenders

Students may choose any federally approved lender and here are just a few Cogswell Polytechnical College has worked with:

All Student Loan
888.271.9721
Lender Code: 833752

Nelnet
877.272.7828
Lender Code: 830868

Wells Fargo
800.658.3567
Lender Code: 807176

Citibank
800.967.2400
Lender Code: 826878

Bank of America
800.344.8382
Lender Code: 824421

Private Alternative Loan

Private Alternative Loans are available to students to help pay for their education. Private Alternative Loans usually carry a higher interest rate and fees than federal loans and are typically based on creditworthiness. The amount borrowed may not exceed the total cost of education minus any other financial aid. Private Alternative Loans are usually unsubsidized and generally have a grace and deferment period.