Â鶹ÒùÔº

Chatham's dedicated financial aid counselors are here to help all students understand their options in financing their education. Even after you graduate, we are still here to help you with any of your loan repayment questions. 

International students may borrow a private non-federal loan if they are credit-approved with a creditworthy United States citizen as a cosigner.

Federal Loans

Federal Loans are available to United States citizens and permanent residents only. In addition to a valid FAFSA, students must be enrolled at least part-time in a degree-seeking program. Federal student loans can only be used to complete degree requirements. Federal loans must be repaid, even if the student does not graduate or find employment.

Federal Direct Subsidized Stafford Loan

The Federal Direct Subsidized Stafford Loan is awarded to students who have demonstrated financial need. Repayment and interest charges begin six 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 U.S. Department of Education using funds obtained from the US Treasury. For more information on how to apply, please refer to the Federal Direct Unsubsidized Stafford Loan section below.

Federal Direct Unsubsidized Stafford Loan

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:

1. Go to the and click on the green "Sign In" button in the "Manage My Direct Loan" box.
2. To sign in, you will need to login with your FSA ID. This is the same ID you created to complete the FAFSA. Do not create a second FSA ID as the login is associated with your Social Security number.
3. Once you have signed in, there is a 'Complete MPN' link on the left-hand main menu.
4. As a borrower, you must also complete Direct Loan Entrance Counseling. This is an online counseling session designed to ensure you understand your rights and obligations as a borrower. From your , click on 'Complete Entrance Counseling' on the left-hand main menu.

Federal Direct Parent Plus Loan

The Federal Direct Parent PLUS Loan is a loan borrowed by a parent on the dependent student’s behalf. The parent must be credit-approved for the loan. This loan can be deferred while the student is enrolled in at least part-time status. The PLUS loan is funded by the Department of Education. All parent borrowers must first complete a . 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 The Master Promissory Note must only be completed once, but the Parent PLUS Loan Application 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.

Entrance Counseling

Federal regulations require that all first-time Federal Direct Loan borrowers at Chatham University complete an Entrance Counseling Session. The purpose of this session is to inform all borrowers of their rights and responsibilities as federal student loan borrowers. This process, in addition to a completed Master Promissory Note (MPN), must be completed before your student loan can be credited to your account. Please complete this requirement promptly to avoid processing delays.

To complete your Entrance Counseling Session:

• Visit the
• Click on the "Log In" button
• Sign in with the requested information
• Click on the "Complete Counseling" link
• Choose "Entrance Counseling" and follow the prompts

Please be sure that you also complete your Master Promissory Note (MPN):

• Visit the
• Click on the "Log In" button
• Sign in with the requested information
• Click on the "Complete Master Promissory Note" link
• Complete your MPN for the loan type that you need (Subsidized/Unsubsidized or PLUS)
• Please note that if you are a parent completing this for a PLUS loan, you must sign in with your FSA user ID.

Exit Counseling

Federal regulations require that anyone who has borrowed a Federal Direct Loan at Chatham University complete an Exit Counseling Session. The purpose of this session is to inform all federal student loan borrowers of their loan repayment rights and responsibilities. This is required anytime that your enrollment is less than half-time, you graduate or withdraw from the University.

To complete your Exit Counseling Session:

• Visit the
• Click on the "Log In" button
• Sign in with the requested information
• Click on the "Complete Counseling" link
• Choose "Exit Counseling" and follow the prompts

National Student Loan Data System (NSLDS)

We recommend that students and/or families review their borrowing history and servicer information in the   NSLDS is a helpful resource for federal student loan management, as it allows students to view a summary of all their federal student loans, along with the contact information for the holders and servicers of these loans. Chatham University submits all federal student loan information to NSLDS. This loan data is accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.

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, .

The terms and conditions of these credit-based private loan programs vary; therefore, students are encouraged to review the details of each program before selecting a private loan. 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. Information needed to complete this form, such as cost of attendance, may be found on the Tuition & Fees page, while estimated financial assistance may be obtained from the student’s Financial Aid Award Letter.

How to Choose a Private Lender

Getting Started

Private loans are funded through a lender, and choosing a lender is an important decision - it involves a financial obligation that will be a part of your life for many years to come. Picking a lender can seem like a daunting task, but it doesn't have to be. You may choose any educational loan lender you prefer. Remember to always take advantage of your federal loan options first.

Below is a historical list of lenders who continue to participate in the private loan program and who within the last three years Chatham University students have used. The University does not endorse any lender. You may choose any educational loan lender you prefer.

Be Financial-Aid-Savvy and Do Your Research

Before you apply for the loan, you will want to make sure you have done your research. Here are loan term definitions you should know before applying:

• Master promissory note: This is the agreement between you and the lender that you will repay the money when you graduate or fall below part-time status. This is a legal contract. Please keep a copy for your records.
• Interest rate: The interest rate for the Stafford loan, Perkins loan, and Plus loans is fixed. For a private loan the interest rate will vary. While you may see a low interest rate on a lender's website, keep in mind that the low interest rate may depend on qualifying for the lender's benefit program.
• Loan fees: Some lenders will charge you an origination fee to use them as a lender, while others will not. Remember that no origination fees do not save you any money in repayment, but you will receive more money up front.
• Interest rate reductions for using automatic payments: Some lenders will reduce your interest rate if you repay your loan through pre-scheduled automatic bank debits. Although the reduction in interest rate varies, the reduction is typically 0.25%.
• Libor: A term used for private student loans. This is the 3-month average of the London Interbank Offered Rate. LIBOR is the average interest rate paid on deposits of US dollars in the London market. APR - the Annual Percentage Rate, a rate that factors in the interest rate, fees, and other terms.
• Prime: The Prime Lending Rate as published in the Wall Street Journal. This is the rate banks charge their most creditworthy customers.
• Loan limits: The aggregate loan limit for the Stafford loan is specific to the type of student you are. For private loans, the aggregate limit is determined by each lender's specific terms. This is the maximum you can borrow per year, as well as for your entire time in school.
• Repayment terms: This refers to the duration you have to repay the loan.
• Postponement options: If you need to postpone making payments, you can take advantage of deferment and forbearance options. Call your lender to learn more.

Know What Questions to Ask and What to Look For

Some questions you may want to ask are:

1. How often do you capitalize interest during postponement periods?
2. What are your repayment benefits? What percent of borrowers receive these benefits?
3. What do I have to do to receive these benefits, and how are the benefits lost?
4. If I borrow $10,000 over my college career and I receive all these benefits, what will be the total dollar amount I will owe by the end of my 10-year repayment?
5. If I borrow $10,000 over my college career and receive none of these benefits, what will be the total dollar amount I will repay by the end of my repayment period?
6. Do you have a history of selling your loans?
7. How long have you been originating private loans?
8. What kind of debt management education do you provide?
9. How quickly can I talk to a real person when I call? How long am I on hold?
10. Is the lender able to provide insight and borrower education from pre-enrollment through repayment?

What Happens Next?

You have selected a lender; now it is time to apply using their website! Did you know that peak processing begins before school starts in the fall? Our sample timeline will guide you through the loan process.

PRIVATE STUDENT LOANS:
April/May - Shop around for your lender.
June - On your lender's website complete the application/promissory note. Please note, at that time your co-signer must also complete his/her portion of the application. Follow up with your lender 4-5 days after completing the application. This is the time to verify that your application is complete and that no further information is required. (Common missing items include a copy of a driver's license, pay stub, or co-signer signature.)
July - The lender will then notify the financial office, which will begin the process of certifying your student loan.
August-September - The lender will electronically send the loan funds to Chatham University.

Please note that individual loan providers have their own applications and timelines. Plan to apply at least 45 days before the due date of the bill.

Borrowers may compare lender discounts and other borrower benefits with the following loan comparison tools:

• College Board Student Loan Comparison Calculator

Chatham University adheres to the Financial Aid Code of Conduct based on the Higher Education Opportunity Act of 2008.

Preferred Lender Arrangements and Lists

Chatham University does not participate in any preferred lender arrangements or preferred lender lists for private loans. Students have the right and ability to use the lender of their choice for their private loan.