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Loan Information

HawaiiCC now featuring:

Hawaii Community College has teamed up with Inceptia to give you a leg up on financial education via their online program, Financial Avenue.  With Financial Avenue you have smart resources to help you successfully navigate the world of personal finance. 


To be eligible for Direct Loans, first complete the 2017-2018 Free Application for Federal Student Aid (FAFSA) at fafsa.ed.gov and submit all required documents requested by the Financial Aid Office.

Loan Application Deadlines:

2017-2018 Fall & Spring Loans Deadline: April 13, 2018
Fall 2017 ONLY Loans Deadline: November 17, 2017
Spring 2018 ONLY Loans Deadline: April 13, 2018
 
STUDENT BORROWERS
A First-Time Borrower must:
  1. Complete a loan entrance counseling session at www.studentloans.gov.  Print and attach confirmation to your Direct Loan Request Form.
  2. Electronically sign a Direct Loan Master Promissory Note with your FSA User ID at www.studentloans.gov.  Print and attach confirmation (1st page only) to your loan request form.
  3. Complete the following Financial Avenue courses using Access Code: vn4q7k.  Print and attach Grade Report (see Financial Avenue instructions) to your loan request form.
    • ​​Foundations of Money
    • Loan Guidance​
  4.  Submit this direct loan request form (with attached confirmations) to the HawaiiCC Financial Aid Office.
Note: Any borrower who has 0-29.99 credits earned at Hawaii Community College and/or who has never received a Federal Student loan will have a 30-day delay in the disbursement of funds.
 
A Second-Time Borrower must:
  1. Complete the following Financial Avenue courses using Access Code: gyecwp.  Print and attach Grade Report (see Financial Avenue instructions) to your loan request form.
    • ​​Spending and Borrowing
    • Debt Repayment
  2. Submit your Direct Loan Request Form (with attached confirmations) to the HawaiiCC Financial Aid Office.​​
 
A Third-Time Borrower Must:
  1. Complete the following Financial Avenue courses using Access Code: js5zv3.  Print and attach Grade Report (see Financial Avenue instructions) to your loan request form.
    • ​​Credit and Protecting Your Money
    • Future of Your Money
  2. Submit your Direct Loan Request Form (with attached confirmations) to the HawaiiCC Financial Aid Office.​​
 
A Fourth-Time Borrower or More Must:
  1. Submit a Direct Loan Request for 4th-Time Borrower Form to the Hawaii Community College Financial Aid Office.
Unless you indicate that you will be going less than full-time, all loans will be certified at full-time status (12+ credits). If you are enrolled less than full-time, there may be a delay in disbursement. To receive Federal Student loans you must be enrolled in at least 6 credits to be certified. Notify the Financial Aid Office of any status changes or retakes of the Life Skills Modules by logging it in the MyUH Portal comment box.
 
*NOTE: IF ANY PART OF YOUR LOAN REQUEST FORM IS INCOMPLETE OR INCORRECT, IT WILL NOT BE PROCESSED.
PARENT BORROWERS
PLUS Loan Borrower must:
  1. Request a PLUS loan at www.studentloans.gov
    • Sign in with your FSA User ID.
  2. Submit a Direct PLUS Loan Request Form to the Hawaii Community College Financial Aid Office.
After you have completed all requirements:
  1. Hawaii Community College Financial Aid Office will certify the loan and electronically forward the information to the US Department of Education.
  2. Funds will be electronically disbursed to Hawaii Community College (if you have not signed up for E-Refund, the Business Office will cut a refund check).
  3. Hawaii Community College recommends all students to sign up for E-Refund. (E-Refund information can be found at http://hawaii.edu/news/docs/eRefunds.pdf)
Parent eligibility and other requirements for ParentPLUS:
  • You must be the student's biological or adoptive parent or the student's stepparent, if the biological or adoptive parent has remarried at the time of application. Your child must be a dependent student who is enrolled at least half-time (6 credits) at HawCC.
  • Credit check & endorser alternative:
    When you apply for a Direct Parent PLUS Loan, the Department will check your credit history. To be eligible for a PLUS Loan, you must not have an adverse credit history. If you are found to have an adverse credit history, you may still borrow a PLUS Loan if you get an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the Direct PLUS Loan if you do not repay the loan. The endorser may not be the student on whose behalf a parent obtains a Direct PLUS Loan.
  • Additional requirements:
    Parents and their dependent child must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the Federal Student Aid programs.
 
Additonal Information

As a HawaiiCC student you have access to Inceptia's Student Loan KNOWLedge HQ!  Visit www.heroknowl.org for all kinds of helpful loan information and tools!

General Direct Loan Information:

  • You must be enrolled for at least half time status (6 credits) to be eligible for a student loan.
  • If you are a first-time, first-year borrower at HawaiiCC, there will be a 30-day delay in the disbursement of your loan funds.
  • If your loan period is for a single semester (Fall 2017 only OR Spring 2018 only), your loan funds will be disbursed in two equal installments during the single semester, one at the beginning and one at the midpoint.  If you drop below half time status before the midpoint disbursement, undisbursed funds will be cancelled. 
  • There is a 1.069% loan origination fee on all subsidized and unsubsidized loans disbursed on or after October 1, 2016.  The loan fee will be proportionately deducted for each loan disbursement.  
  • You may decline your loan funds and/or cancel future disbursements by submitting a written statement to the Financial Aid Office.
  • When you leave school (graduate/transfer/officially withdraw) or enroll for less than half time status you will be required to complete Exit Counseling at studentloans.gov.  
  • If, after leaving school, you decide to return and attend at half-time status or above, you may be eligible for an In-School Deferment.  This deferment allows you to temporarily stop payments on your Direct Loans.  Click here for further information.

Federal Direct Subsidized Loan – (4.45% interest rate for loans disbursed between July 1, 2017 and July 1, 2018)

  • Awarded to students who demonstrate financial need as determined by your Free Application for Federal Student Aid (FAFSA) and the Financial Aid Office.  Interest is paid by the Federal government while you are enrolled at least half-time status and during any approved deferment periods. 
  • NEW: Effective for first-time borrowers on or after July 1, 2013 there is a time limit on the maximum period of time you can receive Federal Direct Subsidized loans.  In general, you may not receive Direct Subsidized Loans for more than 150% of the published length of your program.  This is called your “maximum eligibility period”.  If you continuously enroll and do not complete your program (or you transfer to a program of equal or less length), you can lose the interest subsidy on your Federal Direct Subsidized Loan(s) for the remaining life of the loan(s).  Please visit https://studentloans.gov/myDirectLoan/directSubsidizedLoanTimeLimitation.action for more information. 

Federal Direct Unsubsidized Loan – (4.45% interest rate for loans disbursed between July 1, 2017 and July 1, 2018)

  • Typically awarded to students who do not demonstrate financial need.  You are responsible for the interest that accrues on the loan, which starts after the loan is disbursed.  Although principal payments can be postponed, interest will be capitalized, meaning the lender will add the accrued interest to the principal balance you owe. 

Federal Direct Parent PLUS Loan – (7.00% interest rate for loans disbursed between July 1, 2017 and July 1, 2018)

  • The maximum loan amount is the student’s cost of attendance (determined by the school) minus any other financial aid received.
  • Interest is charged on Direct PLUS Loans during all periods, beginning on the date of your loan's first disbursement. For further information click here.
  • There is a 4.276% loan origination fee on all Direct Parent PLUS Loans disbursed on or after October 1, 2016. The fee will be proportionately deducted from each loan disbursement. 

How Much Can I Borrow?

The maximum amount a student may borrow each academic year depends on the following:

  1. Grade level in college as determined by credits earned
    • Freshmen = 0-29.99 earned credits
    • Sophomore = 30+ earned credits
  2. Length of academic program
  3. Cost of attendance
  4. Dependency status (dependent or independent)

Annual loan limits are as follows:

Repayment
When you leave school (graduate/transfer/officially withdraw) or enroll at less than half-time status, your 6-month grace period begins.  During your grace period you are not required to make payments on your Direct loans.  At the end of your grace period you will be placed on the Standard Repayment Plan, but you can always work with your servicer to change it to a repayment plan that works best for your.  To see repayment plan options, click here. 
Default Prevention Plan
Hawaii Community College Financial Aid Office has developed a plan for default prevention and debt management. To view it, click Hawaii Community College Default Prevention Plan.
Don’t Borrow Blindly
It’s important to understand all the terms of your loans and their repayment responsibilities before you borrow. Student loans are nearly impossible to discharge in bankruptcy, so the student loan choices you make today could impact you for the rest of your life. For more information click Student Loan Repayment Interest Rate Tables