Undergraduate Loan Information
Student Loan Programs
Federal Loans:
Federal Loans are available to United States citizens and permanent residents only.
- 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. 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 Subsidized Student Loan. The Unsubsidized Stafford loan also provides additional loan eligibility to independent students. While repayment begins six months after graduation or cessation of at least half-time enrollment, the student can make interest payments or have the interest capitalized during in-school, grace or deferment periods. Students must file a Master Promissory Note (MPN) to receive these funds. You do not have to complete a separate MPN for Subsidized and Unsubsidized Stafford Loans. Your signature on the MPN will remain valid, so you will not need to complete a new MPN annually. To complete an MPN, go to www.studentloans.gov and 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 Parent PLUS Loan is loan borrowed by a parent on the dependent student’s behalf. The parent must be credit-approved for the loan. This loan currently has a fixed interest rate of 7.9%, and the parent is able to defer the loan while the student is enrolled at least part-time. The PLUS loan is funded by the Department of Education. All parent borrowers much first complete a Parent PLUS Loan Application online at www.studentloans.gov. From the website, click on "Request PLUS Loan" to begin the application process. If credit approved for the loan, the parent borrower should then complete a PLUS Loan Master Promissory Note, also online at www.studentloans.gov. The Master Promissory Note must only be completed once, but the Parent PLUS Loan Aplication process must be completed for each year or term that the parent intends to borrow a Parent PLUS Loan. If a parent applies and is denied for the Parent PLUS Loan, the student may be eligible for additional Unsubsidized Stafford Loan funding. Please contact the Office of Financial Aid if your parent is denied for a Federal Direct Parent PLUS Loan.
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 for Undergraduates, Graduate Students, and Health Professions
- Lender: PNC Bank
Interest Rate Disclosure Information (PDF)
Customer Service: 1-800-762-1001
Website: www.pnconcampus.com
- Sallie Mae Smart Option Loan 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.
International Students:
International students may borrow a private non-federal loan if they are credit approved with a creditworthy United States citizen as a cosigner.
Questions?
If you have questions about financial aid, please contact the Office of Financial Aid at 412-365-2781 or send us an e-mail at financialaid@chatham.edu.
