Graduate Student Loans
Loans are a form of financial aid that must be repaid. Educational loans have varying fees, interest rates, repayment terms, and/or borrower protections. Borrowers must submit a Free Application for Federal Student Aid (FAFSA) and meet eligibility requirements to receive loans.
Interest rate and loan fees for the year are determined annually on July 1.
| Loan Fund | Interest Rate 2022-23 | Interest Rate 2023-24 |
|---|---|---|
| Federal Direct Graduate Unsubsidized Loan | 6.54% | 7.05% |
| Federal Direct Graduate PLUS Loan | 7.54% | 8.05% |
Locating Your Loan Servicers
Visit Federal Student Aid to log in and locate your federal loan servicer(s). Contact your loan servicer for additional details.
Direct Unsubsidized Loan
Available to graduate and professional students; eligibility is not based on financial need.
- Minimum: $200
- Maximum: $20,500
Direct Graduate PLUS Loan
Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify.
- Minimum: $200
- Maximum: varies by student
To calculate maximum use: cost of attendance minus estimated financial assistance = PLUS Loan eligibility. Estimated financial assistance includes grants, scholarships, sponsorships, fee remissions, and other department resources.
For more information, visit Graduate PLUS Loans.
California Dream Loan
The California DREAM Loan Program is provided to students who are Dream Act eligible by the State of California through the university. Students must have financial need and be attending a UC or CSU campus. This state loan program is funded by the state and the campus to provide eligible students with the opportunity to borrow to help pay for their education. Eligible students can borrow a maximum of $4,000 per year and a total maximum of $20,000 at one campus. The interest rate and loan terms match those of the federal subsidized loan each year.
- Minimum: $200
- Maximum: $4,000
For additional resources, visit AB540 and Undocumented Students.
Private Loans
When considering private education loans, it's crucial to understand their specific characteristics:
- Variable Interest Rates: Private loans often have interest rates that can change with market conditions.
- Credit Rating Impact: Your credit rating influences the interest rate you'll receive on a private loan.
- Eligibility Variability: Eligibility criteria differ among lenders, including citizenship requirements and co-signer obligations.
For more information, visit Private Loans.
Accepting Loans
You can accept all or a portion of your loan at any time during the academic year, although it is important to note that the deadline to accept an offered federal and/or institutional loan for each academic year is in mid-May.
Steps to accept a loan:
- Log into MyAwards
- Accept all or a portion of the loan(s)
- Go to the requirements tab. Review and complete loan requirements:
- Promissory Note
- Entrance Counseling
- Review important dates to confirm when the school will begin to satisfy loan requirements. Keep confirmation of the completed requirements for your records.
Declining or Reducing Loans
Borrowers can decline all or part of the loan. Direct loan fund revisions may be requested within 120 days of the disbursement date. A balance may be created if the loan funds you are declining have already been applied to your MyBill account. Visit MyBill to review and repay any account balances created by the revision request.
Note: If the request is received outside of the 120-day disbursement period, the school will make a partial loan revision and direct you to the appropriate loan servicer for repayment guidance.
Steps to decline/reduce a loan:
- Log into MyAwards
- Select "Awards"
- Scroll down to select “submit a change in aid request”
- Select "Make changes to my loans"
- Submit form for processing