Featured information
Alternative loans at Central Piedmont
Loan providers charge interest, meaning there’s a price to pay for borrowing money. The amount of interest you must pay can accrue quickly, so it’s important to research your loan options thoroughly. Please speak to a financial aid representative before applying for a private or alternative loan.
The Department of Education has ruled that loans must be counted as a resource in determining your eligibility for federal financial aid funds. If we discover you have received one of these loans, the Financial Aid Office will have to adjust your financial aid award to incorporate this loan into your package. This would normally result in the loss of "better" aid funds (need-based grants, scholarships and government subsidized loans).
Applying for loans
In order to receive an alternative loan at Central Piedmont, you will need an approved loan application from an outside lender. You are free to choose any lender which best serves your needs, but you should visit each potential lender's website to fully evaluate the benefits that they offer before choosing a lender. Central Piedmont's Financial Aid Office does not provide a preferred lender list. For your convenience, we have provided the FASTChoice private loan tool to help inform you of borrowing essentials and important repayment information. Once you review the private loan options, you can compare lenders.
If you choose to apply for a private or alternative loan, you must meet all of the following requirements before funds will be released:
- have a valid FAFSA on file
- be enrolled at least 6 credit hours in curriculum courses (continuing education courses are not eligible for certification)
- complete the alternative loan request form
Disbursement and cancellation
If you are registered for second 8-week session classes and do not meet the credit hour requirement until the beginning of that term, funds will not be available for use until three days prior to the first day of class.
Alternative loan refunds will be released after you have reached the 10% point in at least six credit hours. Please allow up to two weeks for actual processing.
You have the right to cancel your loan up to the 10% point of the semester. Any charges incurred with the school are your responsibility. This includes tuition, fees, books, and any other applicable charges. Review Central Piedmont's refund policies for college credit-bearing courses for more information.
If you receive an alternative or private education loan, the award is typically split by semester. You typically receive half of the award at the start of the fall semester and the other half at the start spring semester. Other disbursement arrangements can be made by contacting the Financial Aid office.
Guidance is available
