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Making higher education possible.
Colonial Savings offers the student loans you need for the higher
education you want. We’ll help you with the financial aid perfect for
your situation with the customer service you have come to expect.
| Type of student
loans and features |
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Subsidized Stafford Loan
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- Based on financial need.
- Interest rate may vary each year, but is fixed for the life of
the loan.
- Government pays interest on your loan while you are enrolled in
school on at least a part-time basis.
- Borrower is not required to make loan payments until six months
after graduation or the student drops below part-time enrollment
status.
- The federal government determines how much a student is eligible
to borrow, but maximum annual loan limits are:
| Freshman | $2,625 |
| Sophomore | $3,500 |
| Junior & Senior | $5,500 |
| Graduate Student | $8,500 |
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Unsubsidized Stafford Loan
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- Not based on financial need.
- Interest rate may vary each year, but is fixed for the life of
the loan.
- You are responsible for interest during and beyond your time in
school.
- Borrower is not required to make loan payments until six months
after graduation or the student drops below part-time enrollment
status.
- The federal government determines how much you are eligible to
borrow, but maximum annual loan limits are:
| Freshman | $4,000 |
| Sophomore | $4,000 |
| Junior & Senior | $5,000 |
| Graduate Student | $10,000 |
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Graduate PLUS
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- Available for graduate students.
- Interest rate may vary each year, but is fixed for the life of
the loan.
- Borrow up to the total cost of education minus any other
financial aid received.
- No loan limits.
- Credit worthiness is evaluated based upon a federal criteria set
forth in the Unified Student Loan Policy.
- Repayment begins once the loan is fully disbursed.
- Borrower is responsible for all accrued interest.
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Federal Parent Loans (PLUS)
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- Allows parents of dependent undergraduate students attending
college to meet the cost.
- Interest rate may vary each year, but is fixed for the life of
the loan.
- Parents borrow up to the total cost of education minus any other
financial aid received.
- No loan limits.
- Credit worthiness of the parent is based upon a federal criteria
set forth in the Unified Student Loan Policy.
- Repayment begins once the loan is fully disbursed.
- Parents are responsible for all accrued interest.
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| How to apply for a
student loan (a step by step guidelines) |

The application process for a student loan doesn’t have to be a
daunting task. With help from your Colonial Savings Student Loan
Specialist, seeking higher education can be easy and stress-free.
Simply follow these steps to get you started on financing and
"contact us.
Be sure you are eligible for financial aid. Simple requirements
must be met and can be easily determined.
- Does the future student have a high school diploma, GED or
approval from the U.S. Department of Education?
- Is the future student a permanent resident of the United
States?
- Will the future student be enrolled at least part-time as a
regular student at an accredited University?
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Fill out the free application for Federal Student Aid (FAFSA). This
application is necessary to determine your eligibility requirements
for grants, work-study, loan programs and other aid. Click
here to be directed to their web page where they will take you
step-by-step through their application and everything you need to
fill it out. Here you will also find deadline dates for application.
If you have already filed with FAFSA, a renewal is needed each year.
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The FAFSA will determine your Expected Family Contribution (EFC) and
will subtract it from your school's Cost of Attendance (COA) to come
up with your financial need. At this point you’ll be able to
establish what loan you need to apply for.
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After you have received your student aid report (Award Letter), contact your
Colonial Savings Student Loan Specialist. We will guide you through
the loan application process and you will be on your way to higher
education.
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