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Alternative/Private Education Loans

CCC&TI will not be processing regular student STAFFORD loans (Subsidized and Unsubsidized) from the Federal Direct Loan Program beginning with the  2013-14 Academic Year. Students interested in using other types of loans may find the following information helpful as they search for an outside lender. Alternative (sometimes called Private) Education loans are private loans outside the realm of traditional federal student and parent loans. These loans are more like those you would get for a house or car, in that your credit history is reviewed by the lender. Students should file the 13-14 FAFSA first, so any possible grants and scholarships can be determined before they apply for an alternative loan.

STEP 1

If you are thinking about borrowing a private education loan, we strongly recommend you research potential lenders to find the best one for you.  Remember in your search to compare interest rates, repayment terms, eligibility criteria, whether or not a cosigner would be required in your case, grace period information if any, and any available borrower benefits available from each lender you contact. For further information about evaluating private student loans as you research your options, you may find this handout helpful from CFNC.org, Private Loan Brochure

Below are a few lenders our students have borrowed from in the past, but you may find others on the web not listed here.

STEP 2

Contact your lender directly and/or use the form below to give to your lender once you have determined the lender you want to use for the school year.
1) Please remember that alternative loans are applied for one school year at a time.
2) The next school year is the 13-14 Academic Year that begins 8/15/13 through 5/7/14.
3) Your lender may ask you for school year dates when requesting your loan, and you can use these dates as your beginning and ending dates for your loan request.
4) Students planning to attend Summer 2014 can use 7/28/14 as the end-date on their loan request with their lender.

Private Education Loan Self Certification Form

Step 3

Once your lender approves your loan:
1) The lender will ask the school to certify the loan, and CCC&TI will begin certifying alternative loans for fall in June 2013, for spring in November 2013, and for summer in April 2014.
2) The lender will later mail the loan check to CCC&TI, and students must appear with photo ID to pick up the check in the Business Office on the first day of class for the term, so please plan accordingly when paying for off-campus housing and utilities.
3) Students must cash the check and pay any bill due to the College the same day they pick up their check for that term.
4) Maintain attendance for the term. Withdrawing can prevent future disbursements.
5) Be sure to follow up with your lender periodically about your repayment.


Home Foreclosure Prevention

Students concerned about foreclosure on their homes due to job loss or certain other hardships may qualify for mortgage help while in school and looking for work.

To find out if you are eligible, contact  NC Foreclosure Prevention or call them at 1-800-623-8631. See flyer from the NC Foreclosure Prevention Fund.