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Loans

Borrowing loans to cover your educational costs can help you achieve your educational goals. You should always use federal loans first because they generally carry lower, fixed interest rates and often have more favorable terms than private loans. There is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. Learn more about time restrictions on these types of student loans.

Remember to only borrow what is needed! Loans must be repaid and any additional loans will increase your monthly payment.

Department of Education Repayment Estimator

Most loans to students are disbursed via Electronic Funds Transfer (EFT). Funds are applied directly to the student account to pay for any outstanding charges. Any excess loan funds are disbursed to the student (for Stafford loans) or the parent (for PLUS loans). You may request to use direct deposit for any refund balance. Additional information on direct deposit can be found on the myClarkState student portal.

Clark State processes Federal Stafford and Parent PLUS Loans through the Federal Direct Loan Program.

Federal Direct Loans

The Federal Direct Loans are designed to assist a student in paying for educational expenses through a low interest loan program.

  • Current interest rate on these loans is 5.05% for loans first disbursed on or after July 1, 2018 and July 1, 2019.
  • You have between 10 and 25 years to repay the loan, depending on the amount owed and the type of repayment plan.
  • You will have a six-month grace period before you are required to begin repayment.
  • You must have financial need to receive a Subsidized Federal Stafford Direct Loan. The U.S. Department of Education will pay (subsidize) the interest that accrues on a subsidized loan during at least half time attendance and certain other periods.
  • You do not need to have financial need to obtain an Unsubsidized Federal Stafford Direct Loan. Also, the interest is not paid for you, however you may request to have the interest capitalize.

Federal Direct Loans are limited to $5,500. Independent students may qualify for more. Also, any student in an eligible associate degree or certificate program who has completed at least 30 credit hours may apply for a grade level 2 loan (an additional $1000). Loans will be awarded based on remaining financial need and all other eligibility requirements. It is important to only borrow what is needed for your educational costs. Remember, these loans must be repaid and any additional loans will increase your monthly payment.

Students requesting additional loan funds must complete, in its entirety, the Additional Loan Request form found on our Financial Aid Forms web page. All loans must be accepted on the student Financial Aid Self-Service portal.

A "dependent" student is eligible to request a maximum of $5,500 per year for the first year of undergraduate study (of which no more than $3,500 can be subsidized) and $6,500 for the second year (of which no more than $4,500 can be subsidized).

An "independent" student is eligible to request a maximum of $9,500 for the first year of undergraduate study (of which no more than $3,500 can be subsidized) and $10,500 for the second year (of which no more than $4,500 can be subsidized).

How to Apply
Students should complete the steps below to apply for either the Subsidized or Unsubsidized Federal Stafford Loan.

Federal Parent Loan for Undergraduate Students (PLUS)

Parents of eligible students may apply for a Plus Loan if the other aid they are receiving is not sufficient to cover their educational expenses.

  • Parents must be credit worthy to receive a Plus Loan and may require a co-signor.
  • Parents may borrow up to the cost of attendance minus any other financial aid.
  • Current interest rate on this loan 7.6% for loans first disbursed on or after July 1, 2018 and July 1, 2019.
  • The borrower (parent) is responsible to pay all the interest.

How to Apply
Parents can be pre-approved online prior to submitting a Plus Loan application to the Financial Aid Office.

Questions? We're here to help!

Financial Aid - Springfield Leffel Lane

937.328.6034 financialaid@clarkstate.edu

Financial Aid - Beavercreek Greene Center

937.429.8819

Financial Aid - Bellefontaine

937.599.7602

Financial Aid - Xenia

937.431.7171