Federal Loans Update
From the Federal Student Aid website
In August 2021, the U.S. Department of Education announced the final extension of the student loan payment pause until January 31, 2022. Which loans are covered by the announcement?
All loans owned by the U.S. Department of Education (ED) will have interest waived. That includes Direct Loans, as well as Federal Perkins Loans, and Federal Family Education Loan (FFEL) Program loans held by ED.
Please note that some FFEL Program loans are owned by commercial lenders, and some Perkins Loans are held by the institution you attended. These loans are not eligible for this benefit at this time.
Locating Your Loan Servicers
Student Loans
Student loans can be a critical part of an education financing plan. Loans are a great resource when used conservatively and wisely. Carefully consider whether borrowing is really needed and borrow as little as necessary.
You can accept all or a portion of your loan at any time during the academic year, although it is important to note that May 7, 2021, is the last day to accept an offered federal and/or institutional loan for 2020-21.
Before You BorrowIt is important that you fully understand the type of loan(s) that you are borrowing. During the course of your years at school, you may borrow a combination of different types of loans that may require separate, simultaneous loan payments to different lenders upon graduation or leaving the university. |
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Undergraduate Student LoansStudent loans for undergraduate students. View Important Administrative Dates for additional loan deadlines. |
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Major-specific LoansSome university loans are limited to certain majors and areas of study. |
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Keeping Track of Federal and Institutional LoansGood money management is the key to your success after college. It is good practice for students to keep track of their loans. |
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Alternative LoansAlternative education loans (also known as private loans) are an option for financing your education. Students must maximize federal loans before requesting an alternative loan. StudentAid.gov provides a federal and alternative/private loan comparison. |
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Emergency, Short-Term, and Assistant LoansIf you are experiencing a temporary shortage of funds, you may request an Emergency, Short-Term, or Assistant loan Monday through Friday during instruction excluding holidays. Please limit your requests to cover costs related to educational expenses as found in the Cost of Attendance. |
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Repaying LoansLoans must be repaid after you graduate, withdraw from college, or drop below half-time status (fewer than six units per quarter). |
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