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Loans

CDIP offers a subsidized educational loan of up to $30,000 with a potential for loan cancellation. Whether you're a brand-new CDIP scholar or you already have your doctorate, the information here will guide you when it comes to your loan.

Loan Program Details

Participants in this program may borrow up to $10,000 per year up 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 receiving the doctoral degree. Repayment begins immediately after 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 to a full-time instructional faculty position at the CSU 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 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.