This page contains information on the different types of loans offered through the Office of Student Financial Aid. You will also find important links allowing borrowers to complete the required entrance/exit counseling, financial literacy counseling, and sign promissory notes.
If you are accepting any student loan after the Spring 2010 semester, the U.S. Department of Education will be your lender through the Direct Loan program.
IMPORTANT ANNOUNCEMENT
Subsidized Loan Program Ends for Graduate & Professional Students - Beginning July 1, 2012, Federal Direct Subsidized Loans will no longer be an option for graduate or professional students. These students will still be eligible for the same annual amount of loans, but they will be Federal Direct Unsubsidized Loans that carry an interest rate of 6.8%. Students do have the option of paying the accrued interest while they are in school. This change will not impact any Subsidized Loans taken for periods before July 1, 2012. More information about this change can be found in this U.S. News and World Report article.
Stafford Loans (Subsidized and Unsubsidized)
Stafford Loans are for undergraduate, graduate and professional degree students. You must be enrolled as at least a half-time student to be eligible for a Stafford Loan. There are two types of Stafford Loans: subsidized and unsubsidized. You must have financial need to receive a subsidized Stafford Loan. The U.S. Department of Education will pay (subsidize) the interest that accrues on subsidized Stafford Loans during certain periods. Financial need is not a requirement to obtain an unsubsidized Stafford Loan. You are responsible for paying the interest that accrues on unsubsidized Stafford Loans.
| Loan Program | Eligibility | Award Amounts | Interest Rate | Length of Repayment |
| Stafford Subsidized | Undergraduates students enrolled at least half-time (6 hours) | Depends on grade level and financial need (see award chart) | 3.4% fixed for undergraduate loans | Between 10-25 years depending on amount owed and type of repayment plan selected |
| Stafford Unsubsidized | Undergraduate & graduate students enrolled at least half-time | Depends on grade level and dependency status (see award chart) | 6.8% fixed for undergraduate & graduate loans | Same as above |
Stafford Loan Entrance Counseling
Federal Perkins Loans are long-term, low interest (5 percent) loans from the federal government administered through our school to undergraduate students that demonstrate financial need. Due to limited funds, it’s important to apply and complete your UCA financial aid file early to be considered for these loans. Not everyone who qualifies will receive a Perkins Loan.
| Loan Program | Eligibility | Award Amounts | Interest Rates | Length of Repayment |
| Perkins | Undergraduate students enrolled at least half-time | Amount varies depending on financial need and availability of funds at school | 5% | Up to 10 years depending on amount owed |
Parent PLUS and Graduate PLUS Loans
Parents of dependent students and students pursuing a graduate or professional degree can borrow from the PLUS Loan program. PLUS Loans require that the applicant not have an adverse credit history (a credit check will be conducted) and have a fixed interest rate of 7.9 percent. To be considered for a PLUS Loan, applicants must complete the Parent PLUS or Graduate PLUS on-line application available at www.studentloans.gov. View instructions to complete the step-by-step application process.
| Loan Program | Eligibility | Award Amounts | Interest Rates | Length of Repayment |
| Parent PLUS | Parents of dependent undergraduate students enrolled at least half-time | Student’s Cost of Attendance – all other aid = maximum PLUS loan eligibility | 7.9% Summer 2010 or later | Between 10 and 25 years depending on amount owed and type of repayment plan selected |
| Graduate PLUS | Graduate or professional degree students enrolled at least half-time | Same as above | 7.9% Summer 2010 or later | Same as above |
Apply for a Parent PLUS or Graduate PLUS Loan (Fall 2010 and later)