Types of Financial Aid
Student Loan Programs
Federal Loans
Federal loans are available to United States citizens and permanent residents only who are enrolled at least half-time.
- The Federal Direct Subsidized Stafford Loan is awarded to students who have demonstrated financial need. Repayment and interest charges begin 6 months after graduation or cessation of at least half-time enrollment. For the 2010-2011 academic year, the Federal Direct Stafford Loan offers a fixed interest rate of 6.8%. Students must file a Master Promissory Note (MPN) to receive these funds. Direct Stafford Loans are funded through the US Department of Education using funds obtained from the US Treasury. More information on how to apply can be found below in the Federal Direct Unsubsidized Stafford Loan section.
- The Federal Direct Unsubsidized Stafford Loan is available to all students who have been denied or show reduced eligibility for the need-based Federal Direct Subsidized Stafford Loan. While repayment begins 6 months after graduation or cessation of at least half-time enrollment, the student must make interest payments or have the interest capitalized during in-school, grace or deferment periods. For the 2010-2011 academic year, the Federal Direct Stafford Loan offers a fixed interest rate of 6.8%. To apply for both Subsidized and Unsubsidized Stafford loans, complete one application (Master Promissory Note) online at www.studentloans.gov. On the www.studentloans.gov website, click on the green "Sign In" button in the "Manage My Direct Loan" box. To sign in, you will need to provide your Social Security number, the first two characters of your last name, your date of birth, and your Department of Education issued PIN. This is the same PIN that you used to sign your FAFSA. If you do not have a PIN, or need to request a duplicate, you may do so online at www.pin.ed.gov. The PIN will also act as your electronic signature on the MPN. Once you have signed in, there is a 'Complete MPN' link on the left-hand main menu. As a borrower, you must also complete Direct Loan Entrance Counseling. This is an online counseling session that ensures that you understand your rights and obligations as a borrower. From your account at www.studentloans.gov, click on 'Complete Entrance Counseling' on the left-hand main menu.
- The Federal Direct Graduate PLUS Loan is a federal loan that is available to graduate students, and can be used to cover educational expenses. In order to apply for the Federal Direct Graduate PLUS Loan, you will need to log in to your account at www.studentloans.gov and complete a Direct Graduate PLUS loan application. The application is where you specify the dollar amount that you are applying for. This application also initiates a credit check. Once you have logged in, click on the "Request PLUS Loan" link on the left-hand main menu. You will be notified in writing of the results of the credit check by the Direct Loan Servicer. If you are credit approved for the PLUS loan, please complete the Federal Direct Graduate PLUS Loan Master Promissory Note (MPN). An MPN is a promise to repay document that must be signed before any loan funds can be disbursed. The Direct Graduate PLUS Loan MPN may be completed online at www.studentloans.gov by clicking on the "Complete MPN" link on the left-hand main menu and selecting "Graduate PLUS" loan type. Students may borrow a Graduate PLUS Loan up to the Cost of Attendance provided in your financial aid award letter less any other aid received, including Stafford Loans.
Private Loans
After exhausting the opportunities available from the federal aid programs, many students will consider private loan programs as a source of funding. As always, taking on debt for any reason should be done deliberately and only for the amounts needed. Additional information regarding the availability of federal student aid is available from the Department of Education publication, Federal Aid First.
The terms and conditions of these credit-based private loan programs vary, and as such, students are encouraged to review the details of the programs before selecting a private loan program. Private loans are not eligible for loan consolidation programs made available for federal student loans. Interest rates, fees (both at the time of borrowing and at repayment), credit checks, and annual and aggregate loan limits require careful evaluation by the student as a consumer.
As part of the application process, students will be required to complete the Private Education Loan Applicant Self-Certification Form available through their lender's website, or it may be obtained here. Information needed to complete this form, such as cost of attendance, may be obtained here , while estimated financial assistance may be obtained from the student’s Financial Aid Award Letter.
The lenders listed below have made loans to Chatham University students in the past and offer:
- Competitive interest rates
- Zero fees and/or borrow discounts during repayment
- Electronic application processing and fund delivery
- Loan servicing until paid in full
- Excellent customer service
- Long-term commitment to educational financing
To review criteria for how lenders were selected, please view our Preferred Lender Criteria.
The lenders are listed alphabetically by lender name, so no inference should be made based upon the order of the listing. Borrowers are encouraged to review the terms and conditions of each program prior to selecting a lender. The criteria listed above will be reviewed periodically to determine if loan programs may be added to, or removed from, the list of programs.
Chase Select Private Student Loan
Lender: Chase Bank
Interest Rate Disclosure Information (PDF)
Customer Service: 1-866-306-0868
Website: www.chaseselectloans.com
Citizens Bank TruFit Student Loan
Lender: Citizens Bank
Interest Rate Disclosure Information (PDF)
Customer Service: 1-800-708-6684
Website: www.CitizensBank.com/TruFitStudentLoan
PNC Solution Loan
Lender: PNC Bank
Interest Rate Disclosure Information (PDF)
Customer Service: 1-800-762-1001
Website: www.pnconcampus.com
Sallie Mae Smart Option Student Loan
Lender: Sallie Mae
Interest Rate Disclosure Information (PDF)
Customer Service: 1-800-695-3317
Website: www.salliemae.com/Chatham
Borrowers may compare lender discounts and other borrower benefits with the following loan comparison tools:
Chatham University adheres to the Financial Aid Code of Conduct based on the Higher Education Opportunity Act of 2008.
Questions?
If you have questions about financial aid options, please contact the Office of Financail Aid at 412-365-2781 or e-mail us at financialaid@chatham.edu.
