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Student Loans

Many students and families borrow loans to assist in financing a college education. Loans are considered part of the family’s investment in a student’s education and become the student’s and/or family’s responsibility to manage and repay once the student graduates.

Loans can come from federal or private lenders. They must be repaid with interest and, in many cases, include additional fees to obtain the loan.

Compare loan programs, then choose the one that best suits your needs and goals.

Do not take on more debt than you can handle. Borrow only what you need.

 

Applying for Direct Loans

 

 

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ESTIMATING COSTS

FORMS & POLICIES


STUDENT ACCOUNTS

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Quick Links

ESTIMATING COSTS

FORMS & POLICIES


STUDENT ACCOUNTS

Contact Us

William D. Ford Federal Direct Loan Program

Under the Direct Loan program the university certifies eligibility for each loan, and sends the loan details to the U.S. Department of Education. Loan proceeds are disbursed to the University electronically and then posted to the student’s account. Interest rates and origination fees are set by the U.S. Department of Education. Students repay the loan to the servicer assigned by the U.S. Department of Education after the loan is disbursed.

Federal Subsidized Direct Loan

Federal Subsidized Loans are available to undergraduate students with financial need. Students may borrow up to $3,500 for their first academic year, $4,500 for the second academic year, and $5,500 for the third and fourth academic years at a fixed interest rate which is established annually by the U.S. Department of Education.  The interest is paid by the federal government while students are in school. Interest begins accruing at the time students cease enrollment or fail to carry at least one-half of the normal full-time university workload. Students who first borrowed Subsidized Loans on or after July 1, 2013 and June 30, 2021 may not receive this type of loan for more than 150 percent of the length of their program of study; the U.S. Department of Education may stop paying interest if the student who received Direct Subsidized Loans for maximum period continues enrollment.

Federal Unsubsidized Direct Loan

Unsubsidized Direct Loans are available for students to borrow for education costs. Independent undergraduate students can borrow up to $9,500 for their first academic year, $10,500 for the second academic year, and $12,500 for their third and fourth academic years. Dependent undergraduate students can borrow up to $5,500 for their first academic year, $6,500 for their second academic year and $7,500 for their third and fourth academic years, as a combined total with the Federal Subsidized Direct loan each year.

With the exception of demonstrating financial need, Unsubsidized Loan borrowers must meet all eligibility criteria of the Federal Subsidized Loan program. Interest payments begin immediately after the loan is fully disbursed or may be added to the principal balance. Regular payments begin six (6) months after students cease enrollment or fail to carry at least one-half of the normal full-time school workload. Interest rates are fixed and established annually by the U.S. Department of Education.

Federal Direct Parent Loan for Undergraduate Students (PLUS Loan)

Federal Parent Plus Loans for undergraduate students provide additional funds for parents to help pay for student’s educational expenses. Parents must pass a credit check, or have a credit-worthy endorser. Interest rates are fixed and established annually by the U.S. Department of Education.  If a deferment is requested at the time of the Parent Plus Loan application, repayments will begin six (6) months after students cease enrollment or fail to carry at least one-half of the normal full-time school workload.

Repayment Plans

Borrowers of federal student loans are automatically enrolled into the Standard Repayment Plan after graduation. Borrowers can then decide to remain in the Standard Repayment Plan or choose a different plan. The Repayment Plans range from 10 to 25 years for repayment. Borrowers can find more detailed information about all of the Repayment Plans listed below on the federal studentaid.ed.gov website.

 

Repayment Plan Type Payment Type and Length Comments
Standard Fixed monthly payments ($50 minimum) for 10 years Borrowers will pay less interest under this plan.
Graduated Increasing monthly payments for 10 years Good for borrowers who have a limited income in first years after graduation but anticipate income increasing annually.
Extended Monthly payments that may be fixed or graduated for 25 years Payments will be less but the borrower will pay more interest.
Income Based (IBR) Monthly payments based on income (15% of discretionary income.) After 25 years of qualifying monthly payments the remaining loan balance is forgiven. Borrower must have a financial hardship and qualify. Borrower has lower monthly payments but pays more interest.
Income Sensitive (ISR) (FFEL Loans only) Monthly payments based on income for 10 years. Similar to the ICR but for FFEL Loans. Borrower must have a financial hardship and qualify annually. A borrower has lower monthly payments for a time period but pays more interest.
Income Contingent (ICR) (Direct Loans only) Monthly payments based on income (20% of discretionary income.) After 25 years of qualifying monthly payments the remaining loan balance is forgiven. Borrower must have a financial hardship and qualify. Borrower has lower monthly payments but pays more interest.
Pay As You Earn (Direct Loans only) Monthly payments based on income (10% of discretionary income.) After 20 years of qualifying monthly payments the remaining loan balance is forgiven. Borrower must have a financial hardship and qualify. Must have been new borrower as of 10/1/07 and received a disbursement after 10/1/11.

 

Repayment Calculators

Using the repayment calculator » on the Federal Student Aid » website will enable students to see their expected repayment about.

 

Loan Default and Disputes
Defaulting on Student Loans

Student loan borrowers in default do have options to repay their loans. We encourage students to speak to their loan servicers and The Department of Education.

 

Resolving Loan Repayment Disputes

If you are having a dispute with your servicer or another agency regarding repayment of your federal student loan, you may consider contacting the Federal Student Aid Ombudsman for assistance. You can reach the Ombudsman’s office by phone at (877) 557-2575 or by mail at this address:

U.S. Department of Education
FSA Ombudsman
830 First Street, NE
Fourth Floor
Washington, DC 20202-5144

Federal Direct Loans are disbursed after the end of the Add/Drop period each semester. Because loans are subject to origination fees, about 1%, the amount received from the Department of Education will be slightly less than the total amount borrowed.

If there is a credit balance on your student account, a direct deposit will be made to an authorized bank account that you have set up with UWest, within 14 days.

  • Federal regulations require two (2) disbursements for all loans, including one-semester loans. Students attending a single semester or summer term will receive their second disbursement at the calendar midpoint of the term.
  • If a student is in the first year of undergraduate study and is a first-time Direct Loan borrower, there is a waiting period of thirty calendar days for the first loan disbursement.
  • Students who drop below half-time enrollment are no longer eligible for a Direct Loans
  • Full-time enrollment for financial aid purposes is defined as follows:
Stage of Studies Full-time Definition Corresponding Course(s)
Coursework – Undergraduate 12 units per term Degree Applicable Courses
Coursework – Graduate 9 units per term Degree Applicable Courses
Master’s Thesis, all course work complete 3 units per term PSYCH699A, REL700 (Maximum: 2 terms)
Doctoral Qualifying, all course work complete 3 units per term BMIN705, REL 705 (Maximum: 2 terms)
Candidacy, engaged in research requirement 3 units per term BMIN698A, 698B, 710, REL698A, 698B, 710
Candidacy, research requirement fulfilled 1 unit per term BMIN 698B, 715; REL 698B, 715
Continued Practicum, all course work complete 1 unit per term PSYCH 712 (Maximum: 2 terms)

 

Students should refer to the catalog for time-to-degree standards in their program of enrollment. Extending studies beyond the program standard, if approved, may affect aid eligibility.

  • Loan disbursements will not be released until the instructors have completed the attendance verification. The attendance verification must be completed, or the financial aid refund will be delayed.

Entrance Counseling

All first-time federal Direct Loan borrowers are required to undergo entrance counseling before any Direct Loan funds can be disbursed to the borrower. We recommend that you complete this requirement online. The entrance counseling session provides you with information about your rights and responsibilities as a borrower. After reading the information, you will be quizzed on your knowledge.

To complete the entrance counseling online:

The process should take about 30 minutes. Once your session is successfully completed, your information will be transmitted to UWest Financial Aid Office within two or three business days.

Timely completion of entrance counseling ensures you receive your funds in time to pay tuition and fees by the settlement deadline.

 

Exit Counseling

If you have borrowed from the Federal Direct and/or Federal Graduate Plus Loan programs and you are no longer enrolled at least half-time, federal regulations and university policy requires that you complete an online exit loan counseling session. This policy applies to all students who are graduating, officially withdrawn, dismissed, each time on a leave of absence or dropped below half-time, or simply ceased enrollment at UWest.

To complete exit counseling online:

Exit counseling session should take about 30 minutes to complete. The UWest Financial Aid office will be notified electronically when you complete the process.

Annual Loan Limits

Year

Dependent Undergraduate

Independent Undergraduate and Dependent Undergraduate whose parent can’t borrow PLUS
1st (1-29 units) $5,500 (maximum $3,500 subsidized) $9,500 (maximum $3,500 subsidized)
2nd (30-59 units) $6,500 (maximum $4,500 subsidized) $10,500 (maximum $4,500 subsidized)
3rd and beyond (60+ units) $7,500 (maximum $5,500 subsidized) $12,500 (maximum $5,500 subsidized)
Graduate/Professional N/A $20,500 (unsubsidized only)

 

Aggregate Loan Limits

Dependent Undergraduate Independent Undergraduate* Grad/Professional
$31,000 (up to $23,000 may be subsidized) $57,500 (up to $23,000 may be subsidized) $138,500 (maximum $5,500 subsidized)

*Including dependent students whose parents are unable to obtain a PLUS loan.

 

Interest Rates

Type of Loan Interest Rate
07/01/24 – 06/30/25
Direct Subsidized and Unsubsidized Loans for undergraduate students 6.53%
Direct Unsubsidized Loan for Grad/Professional Students 8.08%
Direct PLUS for Parents and Grad/Professional Students 9.08%

It is recommended that you pay the interest while in school. The interest is accrued immediately after the loan funds are disbursed, and is capitalized and added to the principal amount of the loan until you enter repayment. This will increase the total amount that you have to repay.

 

Origination Fee

Type of Loan On or after 10/01/20 and before 10/01/25
Direct Subsidized and unsubsidized Loans 1.057%
Direct PLUS Loans 4.228%

The federal government charges an origination fee when the loans are issued. This means the money you receive will be less than the amount you actually borrow. You’re responsible for repaying the entire amount you borrowed and not just the amount you received.

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    Telephone: (626)571-8811 x 2138
    Email: financialaid@uwest.edu

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