General Loan Information
- Federal Direct Stafford Loans
- Federal Direct Parent PLUS Loans
- Federal Direct Graduate PLUS Loans
- Alternative/Private Loans
**Note: All Federal Direct Loans require a FAFSA application**
Federal Direct Stafford Loans
Direct Stafford Loans are low-interest loans for eligible students to help cover the cost of higher education. Eligible students borrow directly from the U.S. Department of Education.
Direct Stafford Loans include the following types of loans:
- Direct Subsidized Loans(“Sub Loans”) are awarded to undergraduate student borrowers based on financial need. For these loans, interest on the loan is paid by the government when the loan is in deferment; such as while the student is in school. The subsidized interest rate is 4.66% for the 2014-2015 academic year. Repayment begins 6 months after graduation, or when the borrower drops below half time enrollment (grace period*). The amount a student may borrow each year is limited by grade level and academic progression. New Direct Loan borrowers must complete a Master Promissory Note (MPN) in order to receive Direct Stafford Loan funds. Please visit www.studentloans.gov to complete your MPN, and loan entrance counseling if required. *Note: If you receive a Direct Subsidized Loan first disbursed after July 1, 2012, you will be responsible for paying any interest that accrues during your grace period. If you choose not to pay the interest that accrues during your grace period, the interest is added to your principal balance.
- Direct Unsubsidized Loans(“Unsub Loans”) are awarded to student borrowers without regard to need. The current unsubsidized interest rate for undergraduate stuents is 4.66% and for graduate students it is 6.21%. Interest on an unsubsidized loan accrues while the borrower is in school. Borrowers can choose to make quarterly interest-only payments to avoid increasing their loan principle, or defer interest payments until the loan enters repayment. Interest is added to the principle of the loan through a process called capitalization; resulting in a higher principle amount. Annual and aggregate (total) loan limits for each student are set by grade level and academic progression. Repayment begins 6 months after graduation, or when the borrower drops below half time. New Direct Loan borrowers must complete a Master Promissory Note (MPN) in order to receive Direct Stafford Loan funds. Please visit www.studentloans.gov to complete your MPN, and loan entrance counseling if required.
For more information or to apply for a Stafford Loans, click here.
If you have questions about your repayment options and want to see what your monthly payments might look like, click here to link to the Direct Loans repayment plan calculators.
Federal Direct Parent PLUS Loans
The Parent Loan for Undergraduate Students (PLUS) is a federal program to help parents cover the difference between college costs and any financial aid offered to the student. The PLUS lets parents borrow money to cover any costs not already covered by the student's financial aid package, up to the full cost of attendance.. PLUS loans are approved based on the credit-worthiness of the parent and are the financial responsibility of the parent, not the student. The offer or acceptance of a Parent PLUS loan DOES NOT guarantee credit approval of such loan. The parent borrower must apply for and be credit approved for the loan with the Direct Lending program prior to HPU processing any loan. Since July 1, 2010, all new PLUS loans will be made through the Direct Loan program. The current PLUS interest rate is 7.21%. Please visit www.hpu.edu/loans for information and to start the application process.
For more information or to apply for a Parent PLUS loan, click here.
Federal Direct Graduate PLUS Loans
The Graduate PLUS loan program is a federal program for graduate and professional students, who are enrolled at least half-time. Students may borrow up to the cost of attendance, less any financial aid, if they have completed the FAFSA and are credit-worthy. The Federal Direct Graduate PLUS Loan is a low interest loan program that enables graduate students to borrow directly from the U.S. Department of Education. The current interest rate for a PLUS loan is 7.21% and interest begins accruing as soon as the loan is disbursed. The loan is deferred as long as the student maintains at least half time enrollment. Please visit http://www.hpu.edu/financialaid/GraduatePLUSLoans for specifics of the application process.
For more information or to apply for a Graduate PLUS loan, click here.
If your federal financial aid does not cover your total budget(or cost of attendance) you may be able to borrow additional funds through alternative loans. This can be helpful to students who have used their full loan eligibility during the Fall and Spring and need funds for Summer terms, for those who need additional funds during the school year, or, in some instances, for students who have a prior balance on their student accounts.
Alternative loans are credit based. Students who are borrowing alternative loans may need a co-signer in order to qualify for the loans. You may apply for these loans on-line and the lenders will contact us to certify the loans for you.
For more information or to apply for an Alternative loan, click here.
Instructions for Stafford and PLUS Loan Applications
Sign in to www.studentloans.gov.
First time Stafford Loan Borrower:
Student should sign in using student information and student pin code.
Select “Complete Entrance Counseling”. Complete steps 1 – 4.
Select “Complete MPN”. Select “Subsidized/Unsubsidized”. Complete steps 1 – 4.
Parent PLUS Loan Borrower:
Parent should sign in using parent personal information and parent PIN code.
Select “Request Direct PLUS Loan”. Select “Parent PLUS”. Complete steps 1 -4.
If approved, select “Complete MPN”. Select “Parent PLUS”. Complete steps 1 – 4.
Graduate PLUS Loan Borrower:
Student should sign in using graduate student information and pin code.
Select “Request Direct PLUS Loan”. Select “Graduate PLUS”. Complete steps 1 – 4.
If approved, select “Complete MPN”. Select “Graduate PLUS”. Complete steps 1 -4.
Continuing Stafford Loan Borrower:
Continuing HPU student: If you have applied for a Stafford Loan with HPU prior to the 10-11 school year, your loans were borrowed through the Federal Family Loan Program (FFELP). If you have not done so already, you will be required to complete a new MPN for your Direct Loan. Your Direct Loan MPN, once completed, will be valid for 10 years and will not have to be resubmitted each year.
Transfer Student: If you completed a Direct Loan MPN or borrowed a Direct Loan at another school within the last 10 years, you do not have to complete a new MPN. However, we may require you complete a new Entrance Counseling.
National Student Clearinghouse/Loan Deferment
Hawai'i Pacific University has authorized the National Student Clearinghouse (NSC) to provide enrollment and degree verifications on our behalf. The NSC is the nationally recognized source for student enrollment verifications and these verifications are accepted as official by companies and organizations worldwide. Lenders and other financial aid related agencies will automatically receive regularly scheduled enrollment reports. If you are enrolled at least half-time or more, but have been notified by your lender or other agency that there is a discrepancy, you may complete an In-School Deferment form and submit it to the Registrar's Office.