»Frequently Asked Questions about Loans

How do I complete Entrance/Exit Loan Counseling?

The student can complete federal loan entrance counseling by logging into StudentLoans.gov with their FAFSA PIN.  Likewise, federal loan exit counseling can be completed by logging into the National Student Loan Database System (NSLDS) with their FAFSA PIN after selecting Loan Exit Counseling from the page.  For Chapman Interest-Free loan entrance and exit counseling questions, please contact the Office of Student Business Services for more information.

If my parents apply for the Parent PLUS loan and are denied, what can I do?

When applying for the Parent PLUS loan, parents can select an option toward the end of the application that states what they wish to do if they’re denied.  The applying parent may pursue an endorser for the loan, appeal the credit decision with StudentLoans.gov, pursue additional unsubsidized loan, or select ‘Undecided’ if they wish to think about it further.  Please know that we process ‘Undecided’ credit checks as if the parent had selected to pursue additional unsubsidized loan.  This will take the originally awarded PLUS loan value ($4,000 for Freshmen and Sophomores, $5,000 for Juniors and Seniors) and add it into the student’s Unsubsidized Federal Direct Loan.  This can be changed later on, if desired.

If I take a leave of absence, will my loans go into repayment?  And will I need to complete loan exit counseling?

Taking a leave of absence will require the Registrar’s Office to notify the Clearing House of the student’s non-attendance.  Doing so will place the student’s loans into the 6 month grace period for loan repayment, or repayment if the grace period has been exhausted.  This will also trigger the need for the student to complete Federal Loan Exit Counseling, as required by the federal government, as we cannot be certain that the student will return to attend once more.  Once Federal Loan Exit Counseling is completed, it will not be requested or required again until additional aid is taken out upon the student’s return.

I am an Undergrad returning as a Graduate student, do I need to complete Graduate PLUS loan entrance counseling?

Yes.  You will be federally required to complete Graduate PLUS Loan Entrance Counseling which can be done through StudentLoans.gov.

How can I find out what my monthly payments will be on my loans after I graduate?

A student can visit studentloans.gov and find out more information about managing repayment.  The student can use tools provided on the site, such as the Standard Repayment Calculator, to find out his loan payment breakdown.

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