Loans for Undergraduate Students
To learn more about each type of loan, including the loan application process, click on the name of the loan. Please also see our page about Undergraduate Student Loan Changes Beginning 2013-14.
Average Cumulative Loan DebtForty-two percent of undergraduate students who graduated between July 1, 2010 and June 30, 2011 graduated with loan debt (Federal Direct Subsidized/Unsubsidzed Loans, Federal Perkins Loans, private loans). Average cumulative loan debt for graduating seniors was $17,116.
|Program||Description||Eligibility||Annual loan limits and interest rates for loans disbursed on or after July 1, 2013 until June 30, 2014|
|Subsidized Federal Direct Loan||Federal loan; the lender is the federal government. Interest does not accrue as long as student is enrolled at least half-time.||Offered to undergraduate students with financial need.||
$3,500 for freshmen
$4,500 for sophomores
$5,500 for juniors and seniors *
Interest rate is 3.4% during repayment.
|Unsubsidized Federal Direct Loan||Federal loan; the lender is the federal government. Interest accrues as soon as the loan is disbursed.||Offered to undergraduate students with or without financial need.||
$5,500* for freshmen
$6,500* for sophomores
$7,500* for juniors and seniors *
Interest rate is 6.8%
*less any subsidized loans
|Federal Direct Parent PLUS Loan||Federal loan for parents. The federal government is the lender.||Offered to parents of undergraduate students with or without financial need. Requires a credit check.||Interest rate is 7.9%
Read about Federal Direct Loan changes beginning in the 2013-14 academic year.
|Federal loan administered by the University. No interest accrues until the student enters repayment.||Offered to freshmen and sophomores with financial need.||
$1,500 for freshmen
$1,000 for sophomores
Interest rate is 5% during repayment.
|Private Loans||Alternative loans from private lenders.||Available to undergraduate students.||Varies by lender|
|Other Loans||Description||Eligibility||Maximum Amounts 2013-14|
|Emergency Loan: Living Expense Loan||Short-term loan offered by the Financial Aid Office.||Available to registered students without blocks or a prior unpaid emergency loan.||$775|
|Emergency Loan: CoPayable Loan for Fees||Short-term loan offered by the Financial Aid Office.||Available to unregistered students without blocks or a prior unpaid emergency loan.||$1,300|
*Federal Direct Subsidized and Unsubsidized Loans: The maximum loan amounts for graduating seniors who are enrolled for only one semester are based on the number of units in which a student is enrolled, regardless of approved reduced study loads by a University advisor.