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Financial Aid and Scholarship Links

Visit these related links:

>Federal Student Aid
>College Foundation of NC
>Loans for College
>Christian Service Application
>CU Scholarships & Grants
>NC Baptist Scholarship Program

FAFSA Simplification Tutorial

Eight Easy Steps to the FAFSA: A Student's Guide to the Free Application for Federal Student Aid:

>Click here

Loan Repayment Calculator

Calculate for lower monthly loan payments:

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Loans for College

Federal Direct Student Loan Programs

Beginning in the 2010-2011 school year, Chowan University began participating in the William D. Ford Federal Direct Loan Program.

  • What are Federal Direct Loans?
    Direct Loans are loans borrowed directly from the federal government. No separate application from a bank or other lender is needed to receive Direct Stafford Loans. Please disregard any separate mailings you receive to apply for Stafford Loans.

  • Eligibility
    Federal Direct Stafford Loans are for undergraduate, graduate and professional degree students, enrolled at least half-time, who meet the general requirements to receive federal aid.

  • Applying for a Federal Direct Loan
    When a student completed the Free Application for Federal Student Aid (FAFSA), you are applying for all of the aid programs for which you may be eligible, including direct loans. Master Promissory Notes (MPNs) are completed online at Students sign their MPN using their FSA ID. You can receive a FSA ID at

    If a William D. Ford Federal Direct Stafford Loan (subsidized or unsubsidized) has been offered to you as part of your aid package it will appear on your Financial Aid Award Letter. You can accept or decline these loans just as you would any other aid program assistance offered to you. Additionally, if you are accepting all or part of the loan, you are required to complete and sign a Master Promissory Note and return it to the Office of Financial Aid.

  • Loan Limits

    Dependent Student Classification  Base Amount HR 5175 +
    Plus Loan Denial
    (or Independent)
    Yearly Amount
    $3,500 $2,000 + 4,000 $9,500
    $4,500 $2,000 + 4,000 $10,500
    Junior / Senior $5,500 $2,000 + 5,000 $12,500
    Graduate $8,500 $2,000 + 10,000 $20,500

    Independent students may also borrow an additional $4,000 Unsubsidized Stafford Loan as a freshman and sophomore. This amount can increase to $5,000 additional loan eligibility at junior and senior standing.

  • Federal Direct PLUS Loan
    The Federal Direct PLUS Loan is available to parents of dependent students. The maximum amount that may be borrowed is calculated by subtracting other aid from the cost of attendance. PLUS Loan borrowers are subject to a credit check to determine credit worthiness. An origination fee is deducted from the loan amount; you may wish to increase your parent loan to accommodate this fee. You may call us at 1-888-4-CHOWAN for assistance in determining a PLUS loan amount.

    For more information regarding the Federal Direct PLUS Loan click here.

    PLUS Loan Master Promissory Notes (MPNs) are completed online at Parents may sign their MPN using their FSA ID. You can receive a FSA ID at

    Steps to completing the Direct PLUS loan credit screening:
    • Log into
    • On the left side, click Request a PLUS loan
    • You will go through a four step process and a credit check at this point in the application
    • At the end, you will be informed of the credit decision. If approved, the application is forwarded to your child's school
    • If denied, you must choose one of the following options:

      a) Add an endorser
      b) Request Extenuating Circumstance Review (you will be required to submit documentation to the lender regarding reasons for a second credit review)
      c) No further action, please forward the denial to my child's school
      d) Undecided

      *If you are seeking a PLUS loan denial, you must choose option C*

The financial aid office can assist you with determining the amount of Federal Direct PLUS that you may need. Please call us at 1-888-4-CHOWAN for assistance.

  • Interest Rates
    All new loans disbursed under the William D. Ford Federal Direct Loan Program have fixed interest rate.

    Direct Subsidized Loans
    (Undergraduate Students)
    Fixed at 3.86%
    Direct Unsubsidized Loans
    (Undergraduate Students)
    Fixed at 3.86%
    Direct Unsubsidized Loans
    (Graduate or Professional Students)
    Fixed at 5.41%
    Direct PLUS Loans
    (Parents and Graduate or Professional Students)
    Fixed at 6.41%

  • General Requirements

    Once you have accepted a Federal Direct Student Loan by signing your award response, you must fulfill certain conditions before loan funds can be credited to your account. These include:

    Completion of a Loan Entrance Interview
    An Entrance Interview is actually a counseling session which is designed to help you better understand your obligation as a borrower and provides other useful information on the loan process. Entrance Interviews are required for some first time borrowers. Entrance Interviews can be completed at the MPN site of

    Signing the Master Promissory Note
    The Direct Stafford Loan borrowers who wish these funds to credit to their term bill, must complete a Master Promissory Note (MPN) at using your federal Personal Identification Number (PIN). The same PIN used to complete your online FAFSA is used to sign your MPN. To obtain a PIN, visit

  • Loan Repayment
    Loan repayment begins six months after you leave school or cease to be enrolled an at least a half-time basis. These six months are referred to as a grace period.

    The federal government offers various loan repayment options listed below.

    • The standard loan repayment plan requires fixed monthly repayment amount paid over a fixed period of time.
    • The extended repayment plan assumes a fixed annual repayment amount paid over an extended period of time.
    • The graduated repayment plan establishes annual repayment amounts at two or more levels. Repayments are paid over a fixed or extended period of time.
    • The income contingent repayment plan calls for varying annual repayment amounts based on the Adjusted Gross Income (AGI) of the borrower over an extended period of time, as determined by the U.S. Department of Education

  • Private Loans
    Private or alternative loans are unsecured, credit-based loans that are not guaranteed by the federal government. We have carefully considered our selections in order to provide you with the best possible list of suggested lenders. Chowan University does not endorse any particular lender and you are free to choose a lender that is not listed. Please borrow conservatively.

    ***We recommend these lenders based on the quality of products and services they provide to Chowan University students and families. We have carefully considered our selections in order to provide you with the best possible list of suggested lenders. However, if you wish to use another lender that is not on this list, you have the right to do so. ***

    For a list of private loan lenders please visit

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