CDIP offers a optional educational loan of up to $30,000 with a potential for loan forgiveness. Whether you're a brand-new CDIP fellow or you already have your doctorate, the information here will guide you when it comes to this optional loan.
Loan Program Details
The program offers an optional loan program for CDIP fellows. Fellows can apply to borrow up to $10,000 per year, for a maximum of $30,000, while active in CDIP.
- The optional loan is repayable up to a 15-year period commencing one year after completion of, or withdrawal from, full-time doctoral study. Interest is not charged until the repayment period begins.
- The optional loan is forgivable at the rate of 20% for each year of full-time postdoctoral teaching employment in the CSU or 10% for each year of half-time postdoctoral teaching employment in the CSU. The amount forgiven is income, and it will be taxed.
- The interest rate for funds borrowed is 5 percent per annum.
- 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.
- Funding available for the loan program depends upon approval of the CSU budget each year.
The Chancellor's Doctoral Incentive Program does not restrict participants from receiving other financial aid or earning income.
While the purpose of CDIP is to strengthen the pool of applicants for CSU instructional faculty positions, receiving a CDIP loan does not in any way guarantee employment at a CSU.