Loans

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.


IMPORTANT ANNOUNCEMENT

Student Loan Repayment - We’ve teamed up with Solutions at ECMC to answer all of your student loan repayment questions. Solutions is a non-profit organization dedicated to helping students manage educational loans and their resources are available to you free of charge. To contact a Solutions Student Loan Repayment Advisor, email or web chat, or call them at 1-877-331-3262.

Changes to Federal Direct Loan Interest Rates – Congress has passed and the President has signed the Bipartisan Student Loan Certainty Act of 2013, which ties federal student loan interest rates to financial markets. Under this Act, interest rates will be determined each June for new loans being made for the upcoming award year, which runs from July 1 to the following June 30. Each loan will have a fixed interest rate for the life of the loan.

The following table provides the interest rates for new Direct Loans made on or after July 1, 2014, and before July 1, 2015. These rates will apply to all new Direct Loans made during this time, even loans already disbursed before the passage of the Act.

 Loan  Interest Rate
 Direct   Subsidized Loans (Undergraduates)  4.66%
 Direct   Unsubsidized Loans (Undergraduates)  4.66%
 Direct   Unsubsidized Loans (Graduate or Professional Students)  6.21%
 Direct   PLUS Loans (Parents and Graduate or Professional Students)  7.21%

 

 

 

 


 

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:
- while a student is in school at least half time
- for the first 6 months after a student leaves school (referred to as a grace period*)
- during a period of deferment (a postponement of loan payments)
* Note: If you receive a Direct Subsidized Loan that is first disbursed between July 1, 2012, and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period.

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.

Stafford Loan Summary Chart
Loan Program Eligibility Award Amounts Interest Rate Length of Repayment
Stafford Subsidized and Unsubsidized
Undergraduates students enrolled at least half-time (6 hours) Depends on grade level and financial need (see award chart) 4.66% fixed  for undergraduate loans Between 10-25 years depending on amount owed and type of repayment plan selected
Stafford Unsubsidized Graduate students enrolled at least half-time Depends on grade level and dependency status (see award chart) 6.21% fixed for undergraduate & graduate loans Same as above

Stafford Loan Entrance Counseling

Stafford Loan Exit Counseling

Stafford Loan Promissory Note

Perkins Loans

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.

Perkins Loan Summary Chart
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

Perkins Loan Entrance Counseling

Perkins Loan Exit Counseling

 

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.govView instructions to complete the step-by-step application process.

PLUS Loan Summary Chart
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 7.21% 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 7.21% Same as above

Apply for a Parent PLUS or Graduate PLUS Loan (Fall 2010 and later)

Graduate PLUS Entrance Counseling

Graduate PLUS Exit Counseling