Undergraduate Loan Programs
To learn more about each type of loan, inluding the application process, click on the name of the loan in red. (The average cumulative loan debt in 2006-07 for undergraduates was $14,453.)
| Program | Description | Eligibility | Maximum amounts and interest rates for loans disbursed after 7/1/08 |
|---|---|---|---|
|
(subsidized) |
Federal loan administered by the University | Offered to freshmen and sophomores with financial need. | $1,600 for freshmen $1,000 for sophomores Interest rate is 5% during repayment. |
| Subsidized Federal Direct Stafford 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 5.6% during repayment. |
| Unsubsidized Federal Direct Stafford 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 |
| PLUS- Parent Loan for Undergraduate Students | 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% |
| Emergency Loans | Short-term loan offered by the Financial Aid Office | Registered students without blocks or a prior unpaid emergency loan | $775 |
| Private Loans | Alternative loans from private lenders | Undergraduate students | Varies by lender |
*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.