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Loan Programs

 

UCF's Office of Student Financial Assistance administers several loan programs for students who are U.S. citizens or eligible non-citizens. Students must meet the eligibility requirements of the specific programs (see Program Eligibility Charts), be in good standing with the University and meet Satisfactory Academic Progress (SAP)

For a more detailed comparison of the types of loans offered please view our Loan Comparison Chart below or click here for a printer friendly version.

 

 

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Loan Comparison Chart

 

Stafford
PLUS
Grad PLUS
Optional

Type s of Loans

Non-credit based loan for undergraduate and graduate students

Subsidized Loans are need based, and available only to undergraduate students. 

Unsubsidized Loans are non need based

For information about the grace period, please visit Federal Direct Stafford Loan.

Credit based loan for  parent of dependent student Credit based loan for graduate students
Credit based loan for undergraduate and graduate students

Interest Rate


Undergraduate:

Subsidized & Unsubsidized  rate prior to 7/1/16: 4.29% fixed

Subsidized & Unsubsidized rate on or after 7/1/16 is 3.76% fixed

Graduate Current Rate:

Subsidized loans are available only to undergraduate students. 

Unsubsidized rate prior to 7/1/16: 5.84% fixed

Unsubsidized rate on or after 7/1/16 is  5.31% fixed

Rate prior to 7/1/16: 6.84% fixed

Rate on or after 7/1/16:  6.31%

Lender may have borrower benefits that include interest rate reductions during repayment


Rate prior to 7/1/16: 6.84% fixed

Rate on or after 7/1/16:  6.31%

Lender may have borrower benefits that include interest rate reductions during repayment


Variable interest will be based on the credit worthiness of the borrower and/or co-borrower.

Loan Fees


Effective 10/01/15,
1.068% charged by Dept of Ed

Effective 10/1/16,
1.069% charged by Dept of Ed

Effective 10/01/15,
4.272%charged by Dept of Ed

Effective 10/1/16,
4.276% charged by Dept of Ed

Effective 10/01/15,
4.272%charged by Dept of Ed

Effective 10/1/16,
4.276% charged by Dept of Ed

Optional loan lenders have no limits on processing fees and may vary per lender.

Interest Accrual


Subsidized – government pays interest on behalf of student during in-school  deferment (while enrolled for at least half-time) and during a 6 month grace period (after no longer being enrolled for at least half-time)

Unsubsidized – student is responsible for interest that accrues from time of disbursement until loan is paid in full


Parent is responsible for interest that accrues from time of disbursement until loan is paid in full

Student is responsible for interest that accrues from time of disbursement until loan is paid in full

Unpaid accrued interest is capitalized at repayment.


Accrued interest may be capitalized as often as monthly.

Repayment


6 month grace period after student is no longer enrolled for at least half-time.

Deferred payments while
in-school for at least half-time.

Optional 6 month grace period after student is no longer enrolled for at least half-time; Important: In order to postpone payments, parent must apply for a PLUS loan grace period prior to entering repayment

Forbearance request is up to the U.S. Department of Education’s discretion.


6 month grace period after student is no longer enrolled for at least half-time

Deferred payments while in-school for at least half-time and during grace period


Deferment options vary widely per lender

Eligibility*


FAFSA

U.S. Citizen or eligible non-citizen as defined by the FAFSA

Have a high school diploma or equivalent.

Degree-seeking status at UCF in an eligible program

Meet UCF Admission requirements

At least half-time enrollment in UCF classes

Acceptance of Direct Stafford Loan(s) on myUCF

Satisfactory Academic Progress

Complete all To Do List items

Complete Verification if selected

No default/ overpayment in financial aid

Not exceed loan aggregate limits

If in receipt of a Federal Stafford Loan during this academic year at another institution, make sure that the remainder of that loan is canceled before applying for a loan at UCF.


Dependent for whom the parent is borrowing must meet the following:

FAFSA

U.S. citizenship status or eligible non-citizen status as defined by the FAFSA

Have a high school diploma or equivalent.

Degree-seeking status at UCF in an eligible program

Meet UCF Admission requirements

At least half-time enrollment in UCF classes

Satisfactory Academic Progress

No default/overpayment in financial aid

Parent must have credit-worthiness and not have a default/overpayment record in financial aid

If in receipt of a Federal PLUS Loan during this academic year at another institution, make sure that the remainder of that loan is canceled before applying for a loan at UCF.


FAFSA

U.S. citizenship status or eligible non-citizen status as defined by the FAFSA

Meet UCF Admission requirements

Degree-seeking status at UCF in an eligible program

At least half-time enrollment in UCF classes

Satisfactory Academic Progress

Complete all To Do List items

Complete Verification if selected

No default/overpayment in financial aid

Not exceed loan aggregate limits

Student must have credit-worthiness

If in receipt of a Federal Grad PLUS Loan during this academic year at another institution, make sure that the remainder of that loan is canceled before applying for a loan at UCF.

You MUST borrow the maximum Federal Direct Unsubsidized Stafford Loans before applying for a Federal Direct Grad PLUS Loan!



Student and/or co-signer must be credit  worthy as determined by the lender Eligibility criteria vary per lender:  degree-seeking, SAP, and enrollment

Eligibility criteria may vary per lender (citizenship, degree-seeking, SAP, and enrollment).  Students should research to understand the terms and conditions of the loans from the lender(s).

The Optional loan combined with other aid cannot exceed the total estimated cost of attendance.

Loan application process with lender must be completed before school can certify and award the loan.

NOTE! International students must have a valid Social Security Number or an Individual Tax Identification Number (ITIN). 

Loan Limits



Loans and any other financial aid may not exceed Cost of Attendance, Aggregate Limits, nor Annual Limits for details, visit: Borrowing Limits and Stafford Loans

Up to Cost of Attendance minus any other financial aid eligibility, including federal Stafford loans

U.S. Department of Education will run credit check to determine credit-worthiness for requested amount

Up to Cost of Attendance minus any other financial aid eligibility, including federal Stafford loans

U.S. Department of Education will run credit check to determine credit-worthiness for requested amount

Up to Cost of Attendance minus any financial aid eligibility, including federal loans

Lender will run credit check to determine credit-worthiness for requested amount

How to Apply


How to apply
Federal Direct
Stafford Loans


How to apply
Federal Direct
PLUS Loans


How to apply
Federal Direct
GradPLUS Loans


How to apply
Optional Loans