The Federal Direct Stafford Loan is a low-interest education loan designed for both undergraduate and graduate students. Because this is a "government loan," the money you borrow is guaranteed by the federal government. Stafford loans are an extremely popular and cost-effective way to finance your education. More than 50% of all financial aid awarded at California University comes from the Federal Stafford Loan Program.

In order to be eligible for the Federal Direct Stafford Loan, the student must be enrolled at least half-time (6 credits for undergraduate students and 5 credits for graduate students) in a degree-seeking program.

There are two types of Stafford loans: subsidized and unsubsidized. Subsidized loans are offered only to undergraduate students. Depending on your household income, you may be eligible for one or both loans. The type of Federal Stafford Loan that you receive is determined by your FAFSA results.

• A subsidized Federal Direct Stafford Loan is awarded on the basis of financial need. The government pays the interest while you are in school, during any deferment, and during the grace period before repayment begins.
• An unsubsidized Federal Direct Stafford Loan is available to all students regardless of income. As the borrower, you are responsible for all interest that accrues while you are in school, while the loan is in deferment, and during the grace period.

There is a limit to the amount you can borrow with a Federal Stafford Loan during any given year.

Federal Direct Parent PLUS Loan
(for parents of dependent students only)

The Federal Direct Parent PLUS Loan is a credit-worthy loan for the parent or legal guardian of a dependent student who has borrowed the maximum amount of Stafford Loan assistance. If you are a dependent student, your parent(s) can request up to your cost of education, less all other financial aid received.

A credit check is required to determine eligibility for this loan program.  If the parent borrower is denied the Federal Direct PLUS Loan AND the parent has opted NOT to appeal the adverse credit decision OR seek an endorser, the financial aid office will automatically award the student additional unsubsidized Federal Stafford Loan funds.

The interest rate for Direct PLUS is fixed at 7.9%. 

Repayment of the PLUS loan begins 60 days after the loan is fully disbursed for an academic year.   However, an optional in-school deferment will delay payments on the PLUS loan until six months after the dependent student ceases to be enrolled at least half-time.  To request an in-school deferment, please contact Direct Loan Borrower Services at 1-800-848-0979. Deferment must be requested on an annual basis, and may be requested 14 days after the loan has been disbursed to the student's account. Interest will continue to accrue on this loan during the deferment period.

Beginning with the 2010 Summer term, California University of Pennsylvania will process all Parent PLUS Loans through the Federal Direct Loan Program.  Parents wishing to borrow to assist with their child's educational expenses will no longer borrow these funds from a bank, credit union or other lending institution.  Your loan will be processed and funded directly with the US Department of Education.  There are many advantages to this new program including lower interest rates, lower fees and faster processing.

In order to apply for a Parent PLUS loan, borrowers will need to complete the steps below.

1.  Log onto https://studentloans.gov and complete a request for a Direct PLUS Loan. This application will initiate a credit check on the borrower.

2.  If the loan is approved, complete your electronic Master Promissory Note (eMPN). This is also done at https://studentloans.gov. You will need your Federal Student Aid PIN to sign the promissory note.

3. If your application is not approved you will be given the option of appealing the decision or re-submitting the application with a credit-worthy endorser. If you elect to use an endorser, you can complete the Endorser Addendum online.

Federal Direct Graduate PLUS Loan
(for graduate students only)

The Federal Direct Graduate PLUS Loan is a credit-worthy loan for a graduate student who has borrowed the maximum amount of Stafford Loan assistance. If you are a graduate student, you can request up to your cost of education, less all other financial aid received.

A credit check is required to determine eligibility for this loan program. 

The interest rate for Direct PLUS is fixed at 7.9%. 

Repayment of the PLUS loan begins 60 days after the loan is fully disbursed for an academic year.  However, an optional in-school deferment will delay payments on the PLUS loan until six months after the student ceases to be enrolled at least half-time.  To request an in-school deferment, please contact Direct Loan Borrower Services at 1-800-848-0979. Deferment must be requested on an annual basis, and may be requested 14 days after the loan has been disbursed to the student's account.

Beginning with the 2010 Summer term, California University of Pennsylvania will process all Graduate PLUS Loans through the Federal Direct Loan Program.  Graduate students wishing to borrow to assist with their educational expenses will no longer borrow these funds from a bank, credit union or other lending institution.  Your loan will be processed and funded directly with the US Department of Education.  There are many advantages to this new program including lower interest rates, lower fees and faster processing.

In order to apply for a Graduate PLUS loan, borrowers will need to complete the steps below.

• 1. Log onto https://studentloans.gov and complete a request for a Direct PLUS Loan. This application will initiate a credit check on the borrower.

• 2. If the loan is approved, complete your electronic Master Promissory Note (eMPN). This is also done at https://studentloans.gov. You will need your Federal Student Aid PIN to sign the promissory note.
• 3. If your application is not approved you will be given the option of appealing the decision or re-submitting the application with a credit-worthy endorser. If you elect to use an endorser, you can complete the Endorser Addendum online.

The Federal Perkins Loan is a federally funded low-interest loan usually reserved for the neediest students. California University of Pennsylvania is the lender, using funds from the federal government and/or payments collected from previous borrowers. The interest rate on the Perkins Loan is fixed at 5%, and repayment starts nine months after you leave school or graduate.

In order to apply for the Perkins Loan, you must complete the Free Application for Federal Student Aid (FAFSA) or the Renewal FAFSA for the appropriate school year. California University must receive the results of your FAFSA by our first-priority deadline of May 1. You must submit your FAFSA by April 1 to allow time for processing to meet this deadline.

California University usually awards Perkins Loans that range from $1,000 to $2,000 per year. The loan will be disbursed equally between the fall and spring semesters.

If you are awarded a Perkins Loan, you must complete a promissory note and entrance loan counseling online with ECSI.  You will be able to complete, review and even print your promissory note on this site.  https://www.ecsi.net/prom19/

When you graduate or leave school for other reasons, you must complete a Perkins Loan exit interview at Educational Computer Systems Inc.(ECSI), the Perkins Loan servicer. This exit interview will give you more information about your repayment options, deferments, cancellation provisions and more. You will be mailed a Perkins Loan exit interview packet after you apply for graduation. You must complete and return the forms in the packet in order to meet your exit interview requirement. Failure to do so will result in a "hold" being placed on your grades, diploma, etc. If you are leaving school for other reasons, such as transferring to a different school, you should contact the Bursar's Office at 724-938-4431 to make arrangements to complete your Perkins Loan exit interview.

Note: Exit interviews for Perkins Loans must be done through ECSI. The school code for California University of Pennsylvania is 19.

In addition to the federal student loan programs, there are private, non-need-based loans that you and your parents can use to help pay for educational expenses. Since these loans are not subsidized by the federal government, they usually have a higher interest rate to the borrower and should only be considered as a last resort after all other financial aid options have been explored.

Most private loans require a co-signer; however, repayment of principal and interest may be deferred in most cases. Having a credit-worthy co-signer will also likely reduce the cost of the loan (interest rate, up-front and back-end fees, etc.) Be aware that the co-signer is fully responsible for repaying the loan should the borrower stop making payments. There are some alternative loan products that offer a co-signer release option after a specified number of on-time payments are made and the borrower is credit-worthy.

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.  Students may also obtain a Self-Certification Form from the Office of Financial Aid.  Information needed to complete this form, such as cost of attendance, may be obtained from the link below while estimated financial assistance may be obtained from the student's Award Letter or via the Vulcan Information Portal.

Undergraduate and Graduate Cost of Attendance

  The lenders listed below have made loans to California University of PA 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

We have developed a list of participating Alternative/Private Education loan lenders for students who would like guidance in selecting loans. Our selections were made in the best interest of the students of California University of PA in accordance with federal regulations and institutional policies. The suggested lenders uphold the utmost integrity and responsibility, as well as excellent customer service practices. Our ultimate goal is to promote and encourage responsible borrowing and repayment options that best suit the California University of PA students.  

We encourage you to compare borrower benefits offered by any participating lender before deciding which lender to use. While we suggest the lenders below, you may choose any participating lender for the Private/Alternative Education loans.  Because there are numerous private loans available to students today, finding the right loan that best meets your financing goals can be challenging. To assist you in this process, Cal U has partnered with Simple Tuition. Simple Tuition provides an interactive loan comparison tool to assist students and families in evaluating and selecting the best private loan options for their specific circumstances.

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. You are not required to borrow from one of the loan programs listed below.

Chase
Interest Rate Disclosure Information
1.866.306.0868

CitiAssist
Interest Rate Disclosure Information
1.800.STUDENT

Citizen's Bank
Interest Rate Disclosure Information
1.800.708.6684

Discover Bank
Interest Rate Disclosure Information
1.877.728.3030

Fifth Third Bank
Interest Rate Disclosure Information
1.888.222.7192

PNC Bank
Interest Rate Disclosure Information
Interest Rate Disclosure Information (Graduate)
1.800.762.1001

Sallie Mae
Interest Rate Disclosure Information
1.888.2.SALLIE

SunTrust
Interest Rate Disclosure Information
1.866.763.6350

Wells Fargo
Interest Rate Disclosure Information
1.800.658.3567

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