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FINANCIAL AID

Loans Offered at Chabot College

Chabot College participates in the William D. Ford Direct Stafford Loan Program.  Direct Stafford Loans are low-interest educational loans for students to help cover the cost of educational expenses.  You may use the loan money you receive only to pay for your education expenses, including school charges such as tuition and fees, and indirect expenses such as books and supplies, rent and groceries, equipment, dependent child care expenses, transportation and rental or purchase of a personal computer.  You do not begin paying these loans back until after you graduate or enroll less than half-time.  The lender is the U.S. Department of Education.

With Direct Loans, you

  • Borrow directly from the federal government and have a single contact—your loan servicer—for everything related to repayment, even if you receive Direct Loans at different schools.
  • Have online access to your Direct Loan account information via your servicer's website.
  • Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.

The Two Types of Federal Direct Stafford Loans available at Chabot College are SUBSIDIZED and UNSUBSIDIZED loans.

Depending upon your level of financial need (as determined by the Financial Aid Office) you may be eligible for one or both of these Federal Direct Stafford Loans.

Subsidized loans are awarded on the basis of financial need. You won't be charged any interest until you graduate or drop below six units because the federal government subsidizes the interest during the time you are enrolled.   When you graduate, transfer or drop below six units at Chabot College, you have a six-month grace period before you begin repayment on this loan.  The government will no longer subsidize the interest during the six month grace period.

 

Subsidized loan interest rates:

3.86% fixed rate for the 2013/2014 academic year

4.66% fixed rate for the 2014/2015 academic year

 

An origination fee is deducted from all subsidized loan awards

On or after 12/1/13 and before 10/1/14 - 1.072%

On or after 10/1/14 and before 10/1/15 - 1.073%

 

Unsubsidized loans charge interest from the time the money is first disbursed until it is paid in full. When you graduate, transfer or drop below six units at Chabot College, you have a six-month grace period before you begin repayment on your loan.  The interest is capitalized when you enter repayment, meaning that you pay interest on any interest that has already accrued. One way to minimize how much interest accrues is to pay the interest as it accumulates. If you still have several years until you receive your degree, this can become very expensive and is NOT RECOMMENDED.

 

Unsubsidized loan interest rates:

3.86% fixed rate for the 2013/2014 academic year

4.66% fixed rate for the 2014/2015 academic year

 

An origination fee is deducted from all subsidized loan awards

On or after 12/1/13 and before 10/1/14 - 1.072%

On or after 10/1/14 and before 10/1/15 - 1.073%

 

 

 

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    Phone: (510) 723-6600 | Last updated on 7/1/2014