Financial Aid

Loans

Low interest student and parent loans are borrowed money that must be repaid. Loans are a large part of many students' aid package. Borrow only what you need. Always remember that you will pay back what you borrow. You can reveiw general loan repayment information available through the U.S. Department of Education.

In addition to this chart, you can review loan management links on our site.

Loan programs listed with eligibility, amounts, and terms.

Program

Description

Eligibility

Amount

Terms

Repayment

Nursing Student Loan

Federally funded long-term loan awarded by UC

Undergraduate nursing student; based on financial need; early FAFSA application

Ranges from $2,100 to $2,700

5% fixed interest deferred while enrolled

Begins 9 months after less than half-time enrollment

Health Professions Student Loan

Federally funded long-term loan awarded by UC

Pharmacy student; based on financial need; early FAFSA application

$2,100

5% fixed interest deferred while enrolled

Begins 12 months after less than half-time enrollment

Federal Direct Subsidized
Loan

Federally funded long-term loan certified and transmitted by UC; choice of amount borrowed

Undergraduate; based on financial need

NOTE: Graduate and professional students are no longer eligible for Federal Direct Subsidized Loans as of July 1, 2012.

Maximum combined  amount based on budgeted cost of attendance and other aid:

Dependent
Fr - $5,500
So - $6,500
Jr/Sr - $7,500

Independent
Fr - $9,500
So - $10,500
Jr/Sr - $12,500
Grad - $20,500

3.73% undergrad variable-fixed interest rate deferred while enrolled; see note below

Begins 6 months after less than half-time enrollment

Federal Direct Unsubsidized Loan

Same as  Direct Subsidized Loan

Any student may borrow

3.73% undergrad/5.28% graduate variable-fixed interest rate accrues while enrolled; see note below

Principal - same as Subsidized Loan; interest - choice of paying while enrolled or allowing it to capitalize onto the principal

Federal Direct Graduate PLUS Loan

Same as Direct Subsidized Loan

Graduate student may borrow; based on credit check

Maximum amount cannot exceed budgeted cost of attendance less other aid

6.28% variable-fixed interest rate; see note below

Begins 60 days after loan disbursed; possible deferment based on request

Federal Direct Parent PLUS Loan

Same as Direct Subsidized Loan

Parent or stepparent of dependent student may borrow; based on credit check

Maximum amount cannot exceed budgeted cost of attendance less other aid

7.0% variable-fixed interest rate; see note below

Begins 60 days after loan disbursed; deferment option until 6 months after student  enrolled less than half-time available as of July 2008

Notes:

  • Must be admitted into a degree program and enrolled at least half-time to receive a loan.
  • Eligibility criteria subject to change; maximum amounts are estimates and dependent upon sufficient funding.
  • Early FAFSA application means limited funding; awards are made on a first-come, first-serve basis until funding is depleted.
  • Loan programs also carry aggregate (lifetime borrowing) limits.
  • Listed Federal Direct Loan interest rates are for the 2021-22 academic year; details on the calculation of rates and listing of past interest rates are available.
  • Interest subsidy for Federal Direct Subsidized Loans was eliminated during the grace period for new loans between July 1, 2012 and July 1, 2014. Repayment does not begin during the grace period, but students (rather than the government) will now be responsible for interest accumulation during the 6-month grace period following enrollment of at least half-time.
  • The Budget Control Act of 2011 eliminated in-school loan subsidy for graduate and professional students starting summer 2012. These students borrowing Federal Direct Loans beginning July 1, 2012, will be limited to $20,500 in unsubsidized funding based on eligibility.
  • Federal Direct Subsidized, Unsubsidized, Graduate PLUS, and Parent PLUS Loans all have origination fees that should be accounted for in estimating disbursement amounts.
  • The Federal Perkins Loan Program ended on September 30, 2015, with Congress resurecting the program in December of 2015 with specific provisions on eligibility. The program again expired September 30, 2017, with disbursements after that date only for persons who had an academic year disbursement for 2017-18.

Promissory Notes

Following your acceptance of a loan on the Award Offer, you will need to complete the required loan promissory note. This note is a legal document. It is your promise to use the money for educational purposes and to repay the loan. Because it is a master promissory note, you are accepting the terms of the loan now and in future years. Promissory notes can be completed online.

In the case of Federal Direct Subsidized, Unsubsidized and PLUS Loans, you will choose the amount you wish to borrow on your Award Offer. The Student Financial Aid Office will then certify these loans. Perkins, Health Professions and Nursing Loans are for specified amounts.  Once promissory notes are completed, funds can be disbursed 10 days prior to each semester to the Student Accounts Office for posting on your online bill.

Federal Graduate and Parent PLUS Loans promissory notes carry out the required credit check as part of their process. Once approved, loan disbursements will be sent each semester to UC's Student Accounts Office. If a parent loan is denied based on the credit check, the student may be eligible for limited, additional loans in their name.