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Loan Details

Participants in this program may borrow up to $10,000 per year to a total of $30,000 within a five-year period while they are enrolled full time in a doctoral program at an approved, accredited institution. Participants will sign a promissory note specifying the terms and conditions of the loan.

1. The interest rate for funds borrowed is 5 percent per annum.
2. Participants must repay the loan over a 15-year period, commencing one year after completion of, or withdrawal from, full-time doctoral study.
3. The minimum repayment required for a $30,000 loan is approximately $237 per month to amortize the 5 percent per annum loan over a 15-year period.
4. If a participant applies for and is hired in a CSU full-time instructional faculty position after completion of his or her doctorate, the loan will be cancelled at a rate of 20 percent of the original loan amount, plus interest, for each year of full-time teaching in the CSU. Amounts cancelled or "forgiven," including foregone interest, are reported as income accrued, and federal income and Social Security taxes are withheld on that amount.
5. The California State University does not in any way guarantee employment to loan recipients.
6. The Chancellor's Doctoral Incentive Program does not restrict participants from receiving other financial aid or earning income.