Federal Loans Update
From the Federal Student Aid website
On April 6, 2022, the U.S. Department of Education extended the student loan payment pause through August 31, 2022.
This pause includes the following relief measures for eligible loans*:
- Suspended loan payments
- 0% interest rate
- Paused collections on defaulted loans
*All loans owned by the U.S. Department of Education (ED) including 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, and these loans were ineligible.
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 13, 2022, is the last day to accept an offered federal and/or institutional loan for 2021-22.
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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Corbett DisclosureStudents considering student loans need to be aware of the differences between federal student loans and private student loans. |
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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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