Student and Parent Loans

CSM participates in the Federal Family Education Loan Programs (FFELP), which include the Federal Stafford Loan Program and the Federal Parent Loan for Undergraduate Students (PLUS) program. You may apply for either loan for the fall or spring semester. Students should make other arrangements to pay during the summer, such as FACTS or cash payment.

Each of these programs has a separate application form and other special application requirements which can be obtained from the Financial Assistance Department.  Loan applications will not be processed for students with less than a 2.0 cumulative grade point average. Both Stafford and PLUS loans require at least half-time (six credits per semester) enrollment. The college will approve only one loan at each grade level (freshman or sophomore).  

If you wish to apply for a Federal Stafford or Federal PLUS loan, your loan application, entrance interview, master promissory note, and all other required applications/documents (e.g  FAFSA results, verification documents, etc.) must be received and completed in the Financial Assistance Department by November 1 for Fall and April 1 for Spring.                  

• Federal Stafford Loan Program:
  In addition to completing steps 1 through 3 of the Applying for Financial Assistance section, the Stafford Loan applicant must also complete and submit CSM's Federal Stafford Loan Request Form to the Financial Assistance Department, as well as participate in a Loan Entrance and Loan Exit Interview. The department will determine the student's eligibility for a loan, and, if eligible, send the application on to the lender of the student's choice. Eligible applicants demonstrating sufficient financial need will receive a Subsidized Stafford Loan, where the federal government pays the interest on the loan while the borrower is in school. Eligible applicants without financial need will receive an Unsubsidized Stafford Loan, where the borrower either pays the interest on a regular basis or agrees to let the bank "capitalize" the interest, i.e., add the interest to the loan balance. Loan funds are sent to the college for delivery to the student. Repayment begins after the student graduates or otherwise ceases to be at least a half-time student.
  
  
• Federal Parent Loans for Undergraduate Students (PLUS):
  Federal PLUS loans are made to parents of dependent students who may borrow up to the full cost of attendance per academic year per dependent child in college. Generally, parents must begin repayment within 60 days of the disbursement of the loan. Parents must complete and submit CSM's Federal PLUS Loan Request Form to the Financial Assistance Department.  This loan has a separate application form. PLUS loans are not based on financial need, and borrower credit-worthiness is a factor.

Interest rates for the program are tied to Federal Treasury bill rates and change from year to year. The interest rate for Stafford and PLUS loans is set by federal law. 

If you already have a student loan and you wish to find out who services your loan and how to contact them, click here.  You'll be able to find out who holds your student loan, who guaranteed your loan and who you can call to find out more about your loan.  This service is provided by the National Student Loan Clearinghouse and is placed on the College of Southern Maryland web site for your convenience.  

Please Note:  The Maryland Higher Education Commission offers a student loan repayment program aimed at encouraging nurses, nurse faculty and teachers to work in certain areas and fields in Maryland.   Should you be interested  in more details please go to: www.mhec.state.md.us

Outside Loans

The college believes that there are many avenues open to families that may assist them in paying for education.  If you use loans to pay for your education, it makes sense to use the Federal Family Education Loan Program (FFELP-Stafford) first.  The loan has a relatively low interest rate and (some) do not have to repaid until after you graduate from college.  We encourage the student to file the Free Application For Federal Student Aid (FAFSA) so FAD may determine their eligibility for the (FFELP) Stafford loan program.

For families looking beyond these loans, the Financial Assistance Department (FAD) will complete private loan applications.  All necessary forms must be submitted to the FAD office.  Applying for these will not act as a deterrent for you to pay the college bill.   This means that if you owe $2,500 to the college, applying for a $2,500 private loan will not defer your bill.