Educational Loans
Federal Stafford Loans (student loan)
| Subsidized: |
Unsubsidized: |
- Based on need
- Interest is paid by the federal government while you are in school.
- Must be enrolled at least half-time.
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- Non-need based
- Available to independent students only (with the exception of dependent students whose parents have been denied a PLUS Loan).
- Interest is paid by the student. May be paid during school, or deferred until after.
- Must be enrolled at least half-time.
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Annual Stafford Loan Limits 08-09
| Type of Loan |
Freshman |
Sophomore |
Junior & Senior |
Teaching Credential |
Masters, Ph.D. |
| Subsidized |
up to $3,500 |
up to $4,500 |
up to $5,500 |
up to $5,500 |
up to $8,500 |
| Unsubsidized |
up to $6,000 |
up to $6,000 |
up to $7,000 |
up to $7,000 |
up to $12,000 |
Starting July 1, 2008 the Subsidized Stafford Loan interest rate is fixed at 6.0% for all loans disbursed after that date. The Unsubsidized Stafford Loan interest rate is fixed at 6.8%.
Aggregate Stafford Loan Limits (Effective July 1, 2008)
|
Subsidized Stafford Maximum |
Combined Subsidized & Unsubsidized Stafford Maximum |
| Dependent Undergraduate and Teaching Credential Students |
$23,000 |
$31,000 |
| Independent Undergraduate and Teaching Credential Students |
$23,000 |
$57,500 |
| Graduate Students (MA, Phd, DPT) |
$65,500* |
$138,500* |
*including the amounts borrowed as an undergraduate or teaching credential student
Federal Parent PLUS (for undergraduate students)
Parents with good credit ratings may borrow a loan for their dependent child's educational costs. The amount typically offered is the same as the unsubsidized loan limit, but parents may borrow up to the cost of attendance minus financial aid. The interest rate is 8.5 percent.
Federal Grad PLUS (for Graduate Students)
Graduate students with good credit ratings may be eligible to borrow funds from this program to meet their educational costs. The amount typically offered is the same as for the non-federal alternative loan program. The interest rate is 8.5 percent.
Perkins Loans
Perkins Loans are awarded to Orange campus students with exceptional need. They are interest free while students are in school at least half time, and the rate is 5% when not enrolled or less than half time. These loans are limited to $3,000 per year, but because these funds are extremely limited, awards are seldom this high. Repayment begins six months after the borrower leaves school or drops below half-time status. Borrowers are required to attend an entrance interview with the Business Office prior to their first receipt of funds and to attend an exit interview with the business office when they leave Chapman. Promissory notes are also signed in the business office prior to crediting student accounts. If you are awarded a Perkins loan, information will be sent to you by the business office.
Chapman Interest Free Loans
Chapman provides an interest free loan to Orange campus students who graduate from a California high school and possess a GPA of at least 3.0. Funds are extremely limited, so it is not possible to award all eligible students. If you have been awarded a Chapman Interest Free Loan, you must meet with Business Office personnel to receive more information about the loan and sign a promissory note. A co-signer is required.
Alternative Loans
Many lenders offer "alternative loans" for those students who feel they need additional aid to attend college. Most alternative loans are credit based and may require a co-signer. The interest rate is higher than that of a Stafford Loan, usually prime rate or above. In most cases the amount of the loan cannot exceed the cost of attendance minus other financial aid. To view our list of preferred alternative lenders and/or apply online, follow the link above. Learn more...
Deferments
The Office of the Registrar automatically updates your enrollment information with all lenders If you need a deferment of payment for a Stafford Loan, contact your lender. You will be provided with appropriate forms. Don't know who your lender is? Call the Federal Student Aid Information Center at 1-800-433-3243.
Entrance and Exit Counseling
All first time borrowers at Chapman University are required to complete an entrance counseling session online. Its purpose is to inform you of your loan obligations and give you repayment information. When you leave Chapman or any time you take a term off, you must complete an exit counseling session.
Preferred Lender List
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