Understanding Student Loan Options

Save With The Sub!

To lower your potential debt, understand your student loan options.

Subsidized Loans = no interest while in school

No interest is charged until six months after you graduate or are no longer enrolled in college (at least six credit hours).
The federal government pays interest while student borrowers are in school
Eligibility is based on financial need

Unsubsidized Loan = Interest begins accruing when you receive your loan

Interest is added to the loan balance, increasing the amount you owe. To avoid higher debt, pay interest as it is charged
Eligibility is not based on financial need

Responsible Borrowing

Congratulations! If you are reading this, it means you have made the first of many wise decisions - learning how to be a responsible student loan borrower!

Columbus State Community College encourages wise money management in an effort to help students prevent excessive indebtedness and reduce loan default rates. By reducing your student loan debt, you can reduce your future repayment amount, reduce interest that will accrue on your loans, and make funding available for the continuation of your education.

student loan debt graphic

Student Loan Debt FACTS:

$1.6 trillion in student loan debt
44.2 million Americans with student loan debt
Student loan delinquency rate of 11.2% (90+ days delinquent or in default)

The average student leaves college with about $39,000 in student loan debt. The monthly payment on a $39,000 student loan is approximately $448 (assuming 6.8% interest and a 10-year repayment plan), which can cause financial strain if you’re not prepared for it. Add roughly $14,857 in added INTEREST to that original loan amount too!

How Much Should I Borrow?

Step 1: How much is my bill for the semester?

Log into your CSCC Self-Service account and click on Student Finance.

You can find the current Tuition and Fee Information here - Tuition & Fee Information.

Step 2: I'm planning to transfer after completing my degree here at CSCC, are there limits to how much I can borrow to go to school?

If you plan to transfer to a 4 year school after completing your degree here at CSCC, consider the maximum loan eligibility for Undergraduate students. There is a limit to the amount you can borrow throughout your Undergraduate career!

Step 3: How much money do I really need to borrow this semester?

Now that you know your tuituion and fees for the semester, take a look at your loan eligibility on Financial Aid Self Service. Identify and categorize your expenses and determine the amount of loans needed to pay for those other expenses as well as tuition and fees. If you decide to pay out of pocket, Tuition Payment Options are available.

Not sure where to start in creating and managing your budget?

Step 4: I want to revise my loan amount, how do I do that?

Have you accepted all of your student loans and decided that you no longer need the full loan amount? Yes- you can revise your financial aid award.

If you have already accepted your student loans on Financial Aid Self Service you will need to submit an Award Revision Form. For assistance with this form visit either Student Central on the Columbus Campus, Student Services on the Delaware Campus , or contact the Telephone Information Center at 614-287-5353

If you have not accepted your loans yet on Financial Aid Self Service, keep in mind that you have the ability to REDUCE the awarded loan amount.

Step 5: Should I keep track of how much money I have borrowed?

Yes!

WHY?

If you don't keep an eye on how much you've borrowed, when, and from whom, your debt may get out of control. Don't be one of the majority of students who, incorrectly estimate their debt. You don't need an unpleasant surprise waiting for you at the end of your college career.

HOW?

Monitoring your student loan debt is easy with the National Student Loan Data System (NSLDS). This website gives you loan amounts, disbursements, outstanding balances, and loan statuses for all your federal student loans. It even identifies and provides contact information for your loan servicer!

WHEN?

Anytime! The NSLDS system is available 24/7. All you need to log in is a FSA ID. If you don't have a FSA ID you can create one. Visit StudentAid.gov and click on Log In at the top of the page to access your information.

Know Who to Contact About your Student Loan

Keep track of your student loan debt amount and who your current federal loan servicer is by reviewing your National Student Loan Database (NSLDS) information. It is important to understand your rights and responsibilities as a federal student loan borrower. Here is a guide that will help you understand this important information - Direct Loan Entrance Counseling Guide.