Pictures of Hawaii Community College
Loan Information

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 for students to understand all the terms of their loans and their repayment responsibilities before they borrow. Student loans are nearly impossible to discharge in bankruptcy, so the student loan choices made today could impact borrowers for the rest of their lives. For more information click Student Loan Repayment Interest Rate Tables


- THE DEADLINE TO APPLY FOR A FALL ONLY LOAN IS NOVEMBER 19, 2014.
- THE DEADLINE TO APPLY FOR A FALL AND SPRING OR SPRING ONLY LOAN IS APRIL 15, 2015.


Steps to Apply for Student Loans

Note: To be eligible for a loan, student must be enrolled in a minimum of 6 credit hours that are applicable to your current major at Hawaii Community College.

  • Complete the 2014-2015 Free Application for Federal Student Aid (FAFSA) at https://fafsa.ed.gov and submit all required documents requested by the Financial Aid Office.

Student Loan Borrower

A First-Time Borrower must:

  1. Complete a loan entrance counseling session at www.studentloans.gov
  2. Submit a direct loan request form to Hawaii Community College Financial Aid Office

            - Please see below for Direct Loan Request Form (Student)

  3. Electronically sign a Direct Loan Master Promissory Note with the FAFSA Pin at www.studentloans.gov
  4. Click on USA Funds Life Skills Module Guide.pdf to get the instructions on how to complete the three (3) Life Skills Modules for Student Loan Borrowers at https://gm1.geolearning.com/geonext/lifeskills/opensite.geo. You will need to enter a school code: 00525800 and a student access code: 00525800-01.
    • #101 - How Will I Pay for My Higher Education?
    • #203 - How Do I Live on a Budget While I’m in School?
    • #102 - How do I apply for Financial Aid?

Note: Any borrower who has 0-24 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. Submit a direct loan request form to Hawaii Community College Financial Aid Office

            - Please see below for Direct Loan Request Form (Student)

  2. Click on USA Funds Life Skills Module Guide.pdf to get the instructions on how to complete the three (5) Life Skills Modules for Student Loan Borrowers at https://gm1.geolearning.com/geonext/lifeskills/opensite.geo. You will need to enter a school code: 00525800 and a student access code: 00525800-01.
    • #204 - How Do I Manage My School Life?
    • #205 - How Do I Manage My Personal Life While in School?
    • #104 - What if I Have Trouble Repaying My Student Loans?
    • #401 - How Do I Manage My Credit Card Debt?
    • #105 - How to manage my student loans while I‘m in school?

A Third-Time Borrower Must:

  1. Submit a direct loan request form to Hawaii Community College Financial Aid Office

            - Please see below for Direct Loan Request Form (Student)

  2. Click on USA Funds Life Skills Module Guide.pdf to get the instructions on how to complete the three (5) Life Skills Modules for Student Loan Borrowers at https://gm1.geolearning.com/geonext/lifeskills/opensite.geo. You will need to enter a school code: 00525800 and a student access code: 00525800-01.
    • #301 - Now that I am About to Graduate, How Do I Find a Job?
    • #302 - How Do I Prepare for a Job Interview?
    • #303 - How Do I establish Career Goals?
    • #304 - Where Does My Paycheck Go?
    • #305 - How Do I live on a Budget After I Have Completed School?

A Fourth-Time Borrower or More Must:

  1. Submit a direct loan request form for Fourth-Time borrower to Hawaii Community College Financial Aid Office

            - Please see below for Direct Loan Request Form For 4th Time Borrower or More (Student)

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.


Federal Direct Subsidized Loan (FDSUB)– 4.66% fixed interest rate

  • 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 FDUSUB)– 4.66% fixed interest rate

  • 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. 

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 HawCC, there will be a 30-day delay in the disbursement of your loan funds.
  • If your loan period is for a single semester (Fall 2014 only OR Spring 2015 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 1.072% loan origination fee on all subsidized and unsubsidized loans.  The loan fee will be proportionately deducted for each loan disbursement.  Any loans disbursed on or after October 1, 2014 – there is a 1.073% loan origination fee on all subsidized and unsubsidized loans.
  • 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, our office is required to perform an exit of your student loans and your grace period will begin.  If you leave school or enroll for less than half time for six consecutive months, your grace period expires and loan repayment begins.  You may complete an In-School Deferment Request Form if you return to school at least half time status and want to defer your loan payments.  You may contact the Direct Loan Servicing Center at 1-800-848-0979 for more information regarding repayment.  
  • Federal student loans are considered to be financial aid and are subject to our Satisfactory Academic Progress (SAP) Policy.

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 = 0-24 earned credits
    • Sophomore = 25+ earned credits
  2. Length of academic program
  3. Cost of attendance
  4. Dependency status (dependent or independent)

Annual loan limits are as follows:

Dependency Status and Grade Level Base (Subsidized & Unsubsidized) Additional Unsubsidized Maximum Combined

Dependent Freshmen

$3,500

$2,000

$5,500

Dependent Sophomore

$4,500

$2,000

$6,500

Independent Freshmen

$3,500

$6,000

$9,500

Independent Sophomore

$4,500

$6,000

$10,500

 


Parent PLUS Loan Borrower

PLUS Loan Borrower must:

  1. Request a PLUS loan at www.studentloans.gov
    • Sign in with your Department of Education PIN.
  2. Submit a direct PLUS loan request form to Hawaii Community College Financial Aid Office.
  3.         - Please see below for Direct PLUS Loan Request Form (Parent)

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.
  • Additional requirements:
    Parent PLUS loan borrowers cannot have an adverse credit history (a credit check will be done). In addition, 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.
  • 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.

Loan limits, interest rate, and loan fees

The maximum loan amount is the student’s cost of attendance (determined by the school) minus any other financial aid received.

The interest rate for Direct Parent PLUS Loans is a fixed rate of 7.21%. Interest is charged on Direct PLUS Loans during all periods, beginning on the date of your loan's first disbursement. To find out more information on interest rates for Direct PLUS Loans, contact the Direct Loan Servicing Center at 1-800-848-0979.

There is a 4.288% loan origination fee on all Direct Parent PLUS Loans. The fee will be proportionately deducted from each loan disbursement. Any PLUS loans disbursed on or after October 1, 2014 – there is a 4.292% loan origination fee.

Repayment

Repayment begins within 60 days after your loan is fully disbursed and lasts ten years. Parent borrowers may contact the Direct Loan Servicing Center at 1-800-848-0979 for more information.

***Dependent students whose parents have applied for but were denied a Parent PLUS Loan may be eligible to receive additional Direct Unsubsidized Loan funds. Parent must submit their PLUS Denial Letter and increases in Unsubsidized loans are upon written request by the student only.***


Loan Request Forms

Deadline to Apply William D. Ford Stafford (Student) William D. Ford Direct PLUS (Parent)
Deadline to apply for 2013-14 AY is APRIL 15, 2014. PDF Document    Direct PLUS Loan Request Form