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 review general loan information available through the U.S. Department of Education.
In addition to this chart, you can review loan management links on our site and loan information from the Department of Education website.
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 |
Federally funded long-term loan certified and transmitted by UC; choice of amount borrowed |
Undergraduate; based on financial need |
Maximum combined amount based on budgeted cost of attendance and other aid: Dependent Independent |
6.53% 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 |
6.53% undergrad/8.08% 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 |
|
Same as Direct Subsidized Loan |
Graduate student may borrow; based on credit check |
Maximum amount cannot exceed budgeted cost of attendance less other aid |
9.08% variable-fixed interest rate; see note below |
Begins 60 days after loan disbursed; possible deferment based on request |
|
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 |
9.08% 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 2024-2025 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.
National Student Loan Data System (NSLDS)
Student loans are reported to and managed via the National Student Loan Data System (NSLDS).
The information is accessible to authorized financial aid partners throughout the life of your loan. At UC, we will use the data to see how close you are to federal aggregate loan limits. The Student Aid Report sent to you in response to your FAFSA filing will use NSLDS to show you your borrowing history. And the U.S. Department of Education uses a variety of servicers and contractors who will work with your data as they work with you in repayment.
NSLDS is connected to most loan information that you can retrieve via studentaid.gov after you log in. Whether you want to review your borrowing, know your servicer, or getting relief in repayment, or qualifying for loan forgiveness, NSLDS information about your loan and loan payments will be key.