University of Hawai'i - West O'ahu

Loans

Loans are another method of paying for your college education. Different requirements are defined depending on the type of loan a student chooses to pursue. Below are several options for students.

Federal Direct Loans

Eligibility for the federal student loan program requires completion of the FAFSA. To process and disburse a loan through the University of Hawai‘i–West O‘ahu, separate loan requirements will need to be completed as instructed. The student must be enrolled with UH West O’ahu at a minimum of 6 credits to be eligible for any federal loan program.

  • Please note that first time federal loan borrowers are required by the Federal Government to complete the Master Promissory Note (MPN) and Entrance Counseling.  These requirements ensure that you understand the responsibilities and obligations you are assuming and promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s).

Direct Subsidized Loan

Direct Subsidized Loans are available to undergraduate students with financial need. UH West O’ahu determines the amount you can borrow, and the amount may not exceed your financial need. A minimum enrollment of 6-credits with the University is required to maintain eligibility for this fund.

  • The U.S. Department of Education pays the interest on a Direct Subsidized Loan:
    • while you’re in school at least half-time,
    • for the first six months after you leave school (referred to as a grace period*), and
    • during a period of deferment (a postponement of loan payments).

Direct Unsubsidized Loan

Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.  UH West O’ahu determines the amount you can borrow based on your cost of attendance and other financial aid you receive. A minimum enrollment of 6-credits with the University is required to maintain eligibility for this fund.

  • You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.
  • If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).

How much can I borrow?

Your school determines the loan type(s), if any, and the actual loan amount you are eligible to receive each academic year. However, there are limits on the amount in subsidized and unsubsidized loans that you may be eligible to receive each academic year (annual loan limits) and the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits). The actual loan amount you are eligible to receive each academic year may be less than the annual loan limit. These limits vary depending on:

  • what year you are in school and
  • whether you are a dependent or independent student.

If you are a dependent student whose parents are ineligible for a Direct PLUS Loan, you may be able to receive additional Direct Unsubsidized Loan funds.

The following charts shows the annual and aggregate limits for subsidized and unsubsidized loans.

First Year Undergraduate Loan Limit

Dependent Students (except students whose parents are unable to obtain PLUS Loans) Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)
Subsidized Loan Limit $3,500 $3,500
Unsubsidized Loan Limit $2,000 $6,000
Total Loan Limit $5,500 $9,500

Second-Year Undergraduate Annual Loan Limit

Dependent Students (except students whose parents are unable to obtain PLUS Loans) Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)
Subsidized Loan Limit $4,500 $4,500
Unsubsidized Loan Limit $2,000 $6,000
Total Loan Limit $6,500 $10,500

Third Year and Beyond Undergraduate Annual Loan Limit

  Dependent Students (except students whose parents are unable to obtain PLUS Loans) Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)
Subsidized Loan Limit $5,500 $5,500
Unsubsidized Loan Limit $2,000 $7,000
Total Loan Limit $7,500 $12,500

Direct Parent Loan for Undergraduate Student (PLUS) Loan

The U.S. Department of Education is an optional federal loan program for parents of dependent students. Parent PLUS loans help pay for educational expenses up to the cost of attendance minus all other financial assistance. The parent borrower is responsible for repayment of this loan and interest accrues once the loan has disbursed. Students must be enrolled at least half-time (minimum of 6 credits) at the University in order to be eligible.

  • You must not have an adverse credit history (PDF). A credit check will be conducted. If you have an adverse credit history, you may still be able to receive a PLUS loan if you meet additional requirements.

To apply for the parent PLUS loan, a completed parent PLUS Loan Request Form must be submitted to the Financial Aid Office. View additional information regarding the Direct PLUS Loan.

Private Alternative Loans

Before considering private education loan options, you should apply for federal, state, and institutional financial aid, including federal student loans which have a fixed interest rate. UH West O’ahu strongly encourages all students to apply for financial aid using the Free Application for Federal Student Aid (FAFSA).

Private education loans are often used to close the remaining costs between educational cost and the amount of federal assistance you have received. Eligibility is based on your credit score. The interest rate may be variable and/or fixed. Most private loans offer deferred payments until you leave school (but it may accrue interest) and often have flexible repayment options. Applying for a private loan with a co-signer may be necessary and/or may help you qualify for better terms.

  • If you are applying for a private loan for a past due balance and/or an academic year that has already ended, please contact your loan lender directly to see if they allow borrowing for that purpose.
  • Be sure to understand the full impact a private loan will have on your financial aid package and your cost of attendance. The University of Hawai’i West O’ahu will not certify a loan that exceeds your cost of attendance.
  • Before accepting a loan, be sure to review all terms and conditions.

UHWO Historical Loan Lenders

Below is a listing of private loan lenders that students at the University of Hawai’i–West O’ahu have utilized in the past. For additional information, please contact the loan lender directly.

Private Alternative Loan Comparison Tool

Credible is an online tool that allows students to compare personalized loans from multiple lenders. Students can analyze prequalified rates, terms, and eligibility rules side-by-side in just a matter of minutes. Credible is not a lender or bank. Credible partners with student loan lenders so that applicants have a variety of competitive options, each addressing their particular needs.  The University of Hawai’i–West O’ahu does not endorse any of the lenders that partner with Credible and is simply offering a tool that may help you in finding a lender.

No-Cosigner Student Education Loan

Funding U is a loan option that students are able to get based on their own academic merit and is not based on income level or credit score of a cosigner. The Funding U model is meant to measure students on things they can control during college, rather than things that are out of their control – such as the credit ratings of family members, their current debt to income ratio, or their FICO. Funding U algorithm utilizes historical information about federal loans along with attributes of borrowers and their likelihood of repaying those loans. Considerations include academic success, a student’s likelihood of graduating on time, projected student debt, projected earnings, institution retention, graduation rates, and other key indicator criteria.  Eligibility for this loan may be limited to certain fields of study and based on your academic profile at UH West O’ahu.

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