Federal Loans

Federal Loan Program

The Federal Loan Program at Chaminade University consists of the following different loans:

New Federal Loan Rates (July 1, 2007):
Stafford Loan In-School: 6.80%
Parent PLUS Loan: 8.50%

These loans are insured by the federal government. To be eligible for the stafford loan, you must be a U.S. citizen or eligible non-citizen; have a high school diploma or its equivalent; and attend an eligible post secondary school at least half time. The two types of stafford loans are as follows:

Type	Qualifications/Features
Subsidized	Based on financial need The federal government pays the interest on the loan while the student is in school, during a six-month grace period, and during times when you qualify for an authorized deferment.
Unsubsidized	Non-need based loan for students who do not qualify for a subsidized loan or who do not qualify for the full annual limit of a subsidized loan. The student is responsible for the interest that accumulates on the loan. The student has the option to pay the interest while in school or to defer it, capitalizing on the principal of the loan.

Annual Federal Stafford Loan Limits

Year in School	No. of credits needed	Dependent Student	Independent Student or PLUS Denial Students
Freshman	Up to 30 credits	3,500	7,500	only 2,625 can be subsidized
Sophomore	31-59 credits	4,500	8,500	only 3,500 can be subsidized
Junior	60-89 credits	5,500	10,500	only 5,500 can be subsidized
Senior/ Rise Program	90 or more credits	5,500	10,500	only 5,500 can be subsidized
Graduate	n/a	n/a	20,500	only 8,500 can be subsidized

Lifetime Federal Stafford Loan Limits

Type of Student	Maximum Amount
Dependent Undergraduate	23,000
Independent Undergraduate	46,000
Graduate Student	138,500

Repayment of Federal Stafford Loans are required 6 months after a student withdraws, drops below half time status, or graduates from school (ceases to be enrolled or maintain continued enrollment). The usual loan repayment and amortization is for 10 years, but can be consolidated or arranged for a longer period of time.

Federal Parent PLUS Loans

The Federal Parent PLUS Loan Program is a federally insured loan that a parent borrower may be eligible for if the student is a dependent undergraduate student; the student is enrolled in school at least half time; and the parent borrower and student are U.S. citizens or eligible non-citizens.

The parent borrower applying for the loan if responsible for repaying the loan 60 days after the last disbursement (fully disbursed) in an award year. The repayment and amortization of the loan is usually for 10 years. The PLUS loan is a non-need based loan and can be borrowed up to the cost of a students education minus other financial aid. PLUS loans are credit worthy loans and require the parent borrower to qualify under credit check.

There are no annual or lifetime loan limits for a PLUS loan.

Federal Perkins Loan Program

The Federal Perkins Loan Program is a campus based loan program that is dependent on exceptional financial need to qualify. The loan is made through a limited amount of government funds which are allocated to each school annually. Chaminade's level of lending for Federal Perkins Loans are very limited.

Depending on when you apply, your level of need, and the funding level of the school, you can borrow up to:

*$4,000 for each year of undergraduate study (the total amount you can borrow as an undergraduate is $20,000 if you have completed two years of undergraduate work; otherwise, the total you can borrow is $8,000).

The Federal Perkins Loan is a low interest (5%) loan that is allowed 10 years to repay. A student must begin repaying 9 months after the student withdraws, drops below half time status, or graduates from school (ceases to be enrolled or maintain continued enrollment).