Undergraduate Student Loans

Undergraduate Student Loans

Loans are financial aid awards which require repayment, with interest, under varying terms and conditions. The loans must be repaid after you graduate, withdraw from college, or drop below half-time status (fewer than six units per quarter). Please note, the loan amount you request and all other awards received, cannot exceed the Cost of Attendance.

Admitted and continuing students must log in to MyAwards to view their aid package and requirements. The package may include federal loan offers from funds mentioned below.

Important Loan Dates

Loan acceptance, increases, and requirements must be completed by the published deadlines.

Last Registered Term of Attendance Deadline
Summer 2020 Session 1 Jul 21
Summer 2020 Session 2 Sep 1
Summer 2020 Sessions 1 and 2 Sep 1
Fall Quarter 2020  Nov 27
Winter Quarter 2021 Feb 26
Spring Quarter 2021 May 7
   

MPN and Entrance Counseling received after the following deadline dates cannot be processed.

Federal Loans

Federal student loans are available to most students regardless of income and provide a range of repayment options including income-based repayment plans and loan forgiveness benefits, which other education loans are not required to provide. To be considered for a federal student loan, applicants must meet the following criteria:

Direct Loan Disbursements: Loans are awarded in three equal disbursements over the Fall, Winter and Spring quarters. For example, if a borrower requests $3,500 for a loan period that includes three quarters the loan disbursements would be:

  • Fall $1167
  • Winter $1167
  • Spring $1166

For students that plan to attend one or two quarters: Submit a Change in Aid form to report changes to your enrollment. Financial aid staff will update your MyAwards account in order for you to review pro-rated loan eligibility. Funds will be disbursed equally across the quarters of attendance.

Loan Servicer: Visit National Student Loan Data System (NSLDS) for loan servicer information on all Federal loans.

Please see general eligibility requirements for federal student aid for more details.

Federal Direct Subsidized Loan

Federal Direct Subsidized Loan

  • Available to students with financial need
  • The U.S. Department of Education pays the interest on a Direct Subsidized loan
  • Interest rate and loan fees for the year are determined annually on July 1
  • Available to undergraduate students with financial need
  • Payments do not begin until 6 months after you graduate, drop out or fall below half-time status
  • Loan servicer will be assigned by the U.S. Department of Education
  • Does not require a credit check
  • Processing fee deducted from each disbursement
  • 2020-21 loan offers can be accepted or declined in MyAwards. Requirements can be completed after the loan has been accepted.
  • For first-time borrowers borrowing on or after July 1, 2013, there is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. In general, you may not receive Direct Subsidized Loan for more than 150% of the published length of your program. 
  • 2020-21 Loan Agreement for a Subsidized/Unsubsidized Loan (MPN) and Entrance Counseling files will be uploaded starting July 15. Keep confirmation(s) for your records.  

Federal Direct Unsubsidized Loan

Federal Direct Unsubsidized Loan

  • Available to students regardless of financial need
  • The borrower is responsible for paying interest while enrolled in school
  • Interest rate and loan fees for the year are determined annually on July 1
  • Payments do not begin until after the 6 month grace period
  • Loan servicer will be assigned by the U.S. Department of Education
  • Does not require a credit check
  • Processing fee deducted from each disbursement
  • 2020-21 loan offers can be accepted or declined in MyAwards. Requirements can be completed after the loan has been accepted.
  • 2020-21 loan agreement for a Subsidized/Unsubsidized loan (MPN) and Entrance Counseling files will be uploaded starting July 15. Keep confirmation(s) for your records.

Federal Perkins Loan

Federal Perkins Loan

  • The Federal Perkins loan program ended on September 30, 2017. No new loan offers can be made after this date.
  • Loan does not accrue interest for students enrolled half-time or more
  • 5% annual interest rate
  • 9 month grace period
  • Does not require a credit check
  • No processing fees
  • Limited availability
  • Under federal law, the authority for schools to make new Perkins Loans ended on September 30, 2017. As a result, students can no longer receive Perkins Loans. 

Parent PLUS Loan

Parent PLUS Loans - (for parents of dependent undergraduates)

  • Only available to the parent(s) of a dependent undergraduate student enrolled at least half-time
  • Parent(s) may borrow up to the cost of attendance minus financial aid and outside resources
  • Interest rate and loan fees for the year are determined annually on July 1
  • Begins accruing interest at the time of disbursement
  • Processing fee deducted from each disbursement
  • First payment is due within 60 days of final annual disbursement
  • Must complete the Free Application for Federal Student Aid (FAFSA)
  • Credit check required
  • 2020-21 loan offers can now be accepted or declined in MyAwards by the student after April 26.
  • 2020-21 PLUS Master Promissory Note (MPN) for Parents and Direct PLUS Loan Application will be uploaded starting July 15. Keep confirmations for your records.

How to Apply

  1. Apply for a Parent PLUS Loan
  2. Complete a Master Promissory Note for a Parent PLUS Loan
  3. If parent borrower appealed an adverse credit decision or an endorser submitted an electronic endorser addendum, complete PLUS Credit Counseling

2020-21 PLUS application, Loan Agreement for a PLUS Loan (MPN) and PLUS Credit Counseling files will be uploaded starting July 15. Keep confirmation for your records.  

I am unable to request an endorser or appeal my Parent PLUS credit decision. What other options are available?
Parents can complete the Federal Direct Parent PLUS Loan Revision Form to decline the loan. The student will qualify for additional unsubsidized loan if the parent is ineligible for a Federal Direct Parent PLUS loan. The student will need to submit a change in aid or unsubsidized loan form to request the increase. Students can review the loan limits at studentaid.gov. Review the Independent and dependent undergraduate students whose parents are unable to obtain PLUS loans chart.

University Student Loan

UC Davis offers university-based loans that have interest rates at 5% which accrue once the borrower ceases to be enrolled at least half-time. These loans are made on the basis of financial need. Review the promissory note and disclosures statements for additional information about deferment periods and repayment schedules.

Minimum award: $200

Maximum award: $4,000

Loan ServicerHeartland ECSI 

  • Awarded to qualifying students that demonstrate financial need and file an educational expense appeal. 
  • Funds are awarded to assist with additional living expenses, child care, and first-time computer purchase.
  • Limited funding may also be available for summer
  • Interest rate: 5%
  • Processing fee: N/A
  • Deferment period: 6 months
  • Does not require a credit check
  • 2020-21 loan offers can now be accepted or declined in MyAwards. Additional loan requirements will be displayed after July 1.

Attention 2020-21 University Loan borrowers: The Truth in Lending and Right to Cancel requirement access has been delayed. The requirements will be ready for review starting July 7, 2020. We apologize for the inconvenience.