Non-Need Based Financial Aid Programs
Direct Loan Program
Chaffey College participates in the Direct Loan Program, administered by the U.S. Department of Education. Direct student loans are low interest loans to help pay for the cost of a student’s education. The lender is the U.S. Department of Education, which assigns loans to one of its contracted loan servicers throughout the country after a loan is originated by a school for a student.
Federal student loans are long-term obligations. Accepting a loan means accepting the responsibility for repaying the money you borrow including interest costs and fees. Before you request a loan, make sure you find out the true costs, interest rates, and how long it will take to repay the loan. To get answers to these questions and more, go to https://studentaid.gov.
Understand your current loan amounts - All federal student loans obtained by a student or parent are reported to and tracked on the National Student Loan Data System (NSLDS). This information will be accessible to guaranty agencies, lenders, and institutions determined to be authorized users of the data system. For student loan information published by the U.S. Department of Education, go to: https://studentaid.gov/understand-aid/types/loans Student and parent loan borrowers may view their federal loan information at StudentAid.gov, by logging in using their FSA ID.
Direct Unsubsidized Loan
Direct Unsubsidized loans are not based on financial need and is available to you regardless of income. The interest begins to accrue after your first disbursement. Interest is accrued from the time the loan is disbursed until is paid in full.
Loan Repayment
Federal student loans are long-term obligations. Accepting a loan means accepting the responsibility for repaying the money you borrow including interest costs and fees. Before you request a loan, make sure you find out the true costs, interest rates, and how long it will take to repay the loan. To get answers to these questions and more, go to https://studentaid.gov.
StudentAid.gov offers an online Repayment Estimator, that allows students to view repayment estimates based on actual loan amounts or on potential loan amount.
Cohort Default Rate
A cohort default rate is the percentage of a school's student borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans during a particular federal fiscal year (FY), Oct. 1 to Sept. 30, and default or meet other specified conditions prior to the end of the next fiscal year. Please refer to the Cohort Default Rate Guide for a more in-depth description of cohort default rates and how the rates are calculated.
Students who default on their student loans affect Chaffey College’s ability to participate in the financial aid programs once the institution’s default rate reaches certain levels. The U.S. Department of Education announced that the current national federal student loan cohort default rate at Default Management website (also referred to as the CDR) is 7.3 percent. Schools who exceed 30% may have to take additional steps to continue to process federal and state financial aid.
Cohort Fiscal Year 2018 Calculation
Borrowers who entered repayment in 2018 and defaulted in 2018, 2019, or 2020
Borrowers who entered repayment in 2018
Chaffey College Cohort Default Rate (CDR)
|
2018 |
2017 |
2016 |
|
3.7 |
5.3 |
10.1 |
-
Please note that loans are not automatically awarded to students. If you are interested in a loan, you must request one. Please read and follow the steps below in order to request a loan. Loans may be requested from the Financial Aid office throughout the fall and spring semesters. Loans are not disbursed for Summer.
- Submit a request to stacy.sanchez@chaffey.edu. Include your name and Chaffey College student ID number
- The Financial Aid Office will review your financial aid file to ensure you are meeting
the minimum qualifications and are eligible to receive and complete a Federal Direct
Loan request form
- If you are eligible- You will receive an email in your panther student email account with the link to complete the online ‘Chaffey College Financial Aid Direct Loan Request ’.
- If you are not eligible at this time- you will receive an email with information with the reason for not currently meeting the minimum qualifications and what, if any, steps you must take in the future.
