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Loans
Loans are student aid funds that you must repay with interest.
Browse this list of common loans to learn about your options and decide which one is right for you:
Federal Perkins Loan
The Federal Perkins Loan program is need-based and awarded by the University of Utah. It is available to undergraduate and graduate students who attend school half-time or greater. Students must be enrolled at least half-time (6 or more credit hours per semester for undergraduate students, 5 or more credit hours per semester for graduate students) by the last day to add classes for each semester, as published by the Registrar's Office, and maintain that enrollment throughout the term. The loan interest rate is 5 percent with a nine month grace period. The grace period begins when the student drops below half-time or does not attend. Repayment on the loan will begin at the end of the grace period. You will need to sign a new promissory note each academic year. The funds will be disbursed on a semester basis after the promissory note is received and a loan orientation is completed. A loan orientation must be completed each year that a loan is disbursed. The student will repay the loan to the University of Utah.
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Nursing Loan
The U.S Department of Health and Human Services Nursing Loan program is need-based and awarded by the University of Utah. It is available to undergraduate and graduate students fully admitted in to the School of Nursing , who attend school half-time or greater. Students must be enrolled at least half-time (6 or more credit hours per semester for undergraduate students, 5 or more credit hours per semester for graduate students) by the last day to add classes for each semester, as published by the Registrar's Office, and maintain that enrollment throughout the term. The loan interest rate is 5 percent with a nine month grace period. The grace period begins when the student drops below half-time or does not attend. Repayment on the loan will begin at the end of the grace period. You will need to sign a new promissory note each academic year. The funds will be disbursed on a semester basis after the promissory note is received and a loan orientation is completed. A loan orientation must be completed each year that a loan is disbursed. The student will repay the loan to the University of Utah
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Subsidized Stafford Student Loan
A Subsidized Stafford Student Loan is awarded on the basis of financial need. You will not be charged any interest while you're enrolled in school at least half-time, during a 6-month grace period, or during authorized periods of deferment. The federal government "subsidizes" the interest during those periods. Interest will begin to accrue - that is accumulate - when you enter repayment. The interest rate on the loan could change each year of repayment depending on changes to the Federal Treasury Bill interest rate, but it will never exceed 8.25 percent. This rate applies to all Stafford Loans that are disbursed on or after July 1, 1994. If you have loans that were first disbursed before July 1, 1994, the interest rate on those loans may be different. Check with the lender or agency that holds your loan to verify your interest rate. For information on current interest rates please visit. http://www.direct.ed.gov/student.html
You may be required to pay an origination fee, which may be up to 3% of the loan depending on the lender. This fee is deducted proportionately from each disbursement of your loan. A loan orientation must be completed each year that a loan is disbursed.
Delivery of the first disbursement of Stafford Loan funds is dependent on timely completion of your financial aid file. Please keep in mind, a student must be enrolled, at least halftime in a degree seeking program at the time of loan certification. The student must submit all needed documents early enough to allow adequate processing time.
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Unsubsidized Stafford Student Loan
An Unsubsidized Stafford Student Loan is not awarded on the basis of need. Half-time enrollment is required for the loan. You will be charged interest from the time the loan is disbursed until it is repaid in full, including in-school, grace, and deferment periods. You may choose to pay the interest during these periods, or it can be capitalized. If you choose to have the interest capitalized, it will be added to the principle amount of your loan and additional interest will be based upon the higher amount. This will increase the amount that you have to repay. If you choose to pay the interest as it accumulates, you'll repay less in the long run. The interest rate on the loan could change each year of repayment depending on changes to the federal treasury bill interest rate, but it will never exceed 8.25 percent. This rate applies to all Stafford Loans that are disbursed on or after July 1, 1994. If you have loans that were first disbursed before July 1, 1994, the interest rate on those loans may be different. Check with the lender or agency that holds your loan to verify your interest rate. Stafford Loans disbursed as of July 1, 2006, will have a fixed interest rate of 6.8%. You may be required to pay an origination fee, which may be up to 3% of the loan depending on the lender. This fee is deducted proportionately from each disbursement of your loan. A loan orientation must be completed each year that a loan is disbursed.
Delivery of the first disbursement of Stafford Loan funds is dependent on timely completion of your financial aid file. Please keep in mind, a student must be enrolled, at least halftime in a degree seeking program at the time of loan certification. The student must submit all needed documents early enough to allow adequate processing time.
As a result of the Budget Control Act of 2011 enacted by Congress, graduate and professional students will no longer be eligible to receive Subsidized Stafford Loans for semesters that begin on or after July 1, 2012. Students whose classes for Summer Semester 2012 begin on or after July 1, 2012, are eligible only for Unsubsidized Stafford Loans for the term.
The terms and conditions of Subsidized Stafford Loans received by any student for semesters beginning before July 1, 2012 are not affected by this change, even if the funds are received by the student after that date. In addition, the annual loan limit of $20,500 ($47,167 for certain health professions students), remains unchanged. However, the amount will now be limited to Direct Unsubsidized Stafford Loans.
Also, for loans disbursed on or after July 1, 2012, the up-front interest rebate will no longer be offered to any borrowers. However, the interest rate reduction to borrowers who agree to electronic debit of funds from a bank account will still be in effect.
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PLUS Loan (Parent Loan requires completion of the FAFSA)
PLUS loans enable parents with good credit histories to borrow to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half-time (6 credit hours or more). To be eligible to receive a PLUS Loan, you and your parents must complete the FAFSA and your parents generally will be required to pass a credit check. If they don't pass the credit check, they might still be able to receive a loan if someone, such as a relative or friend who is able to pass the credit check, agrees to endorse the loan, promising to repay it if your parents should fail to do so. Your parents might also qualify for a loan even if they don't pass the credit check if they can demonstrate that extenuating circumstances exist. You must meet the general eligibility requirements for Federal Student Financial Aid. Your parents must also meet some of these general requirements. For example, your parents must meet citizenship requirements and may not be in default or owe a refund to any student financial aid program.
The yearly limit on a PLUS Loan is equal to your cost of attendance minus any other financial aid you receive. The interest rate for Plus Loans disbursed before July 1, 2006, are variable but will not exceed 9%. Parents will be notified of interest rate changes throughout the life of their loan(s). Check with the lender or agency that holds your loan to verify interest rate(s). Plus Loans disbursed after July 1, 2006, have a fixed 8.5% interest rate. Interest is charged on the loan from the date the first disbursement is made until the loan is paid in full. An origination fee of up to 4% will be charged on the loan and will be deducted proportionately each time a loan payment is made.
Repayment on a PLUS Loan generally begins within 60 days after the final loan disbursement for the academic year. In addition, interest begins to accumulate at the time the first disbursement is made. Your parents must begin repaying both principal and interest while you're in school. However, your parent may have the option to defer payments while you are in school and/or establish a grace period during which no payments are required. They will need to request this option directly from the lender.
Delivery of the first disbursement of PLUS Loan funds is dependent on timely completion of your financial aid file.
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Federal Graduate/Professional PLUS Loan
The Graduate PLUS loan enables graduate students with good credit histories to borrow additional funds for education expenses. Students must be enrolled at least half-time in a degree or certificate program. To be eligible to receive a Graduate PLUS Loan, students must meet the general eligibility requirements for Federal Student Financial Aid, complete the FAFSA, and pass a credit check.
The yearly limit students may borrow on a PLUS Loan is equal to their cost of attendance minus other aid. Effective July 1, 2006, the interest rate on the Plus Loan is a fixed 8.5%. Interest is charged on the loan from the first date of disbursement until the loan is paid in full. Students are responsible for paying the interest that accrues. An origination fee of up to 2.5% will also be charged on the loan and deducted proportionately each time a loan payment is made.
Repayment on a PLUS Loan begins within 60 days after the final loan disbursement for the academic year. However, payments can be deferred while a borrower is enrolled at least half-time and has requested an in-school deferment.
Delivery of the first disbursement of PLUS Loan funds is dependent on timely completion of your financial aid file.
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Contact Us
Phone: (801) 581-6211
Fax: (801) 585-6350
201 S 1460 E, Rm 105
Salt Lake City, UT 84112-9055
School Code: 003675
Financial Aid Deadlines
Complete your file before:
April 1
© 2012 The University of Utah
201 South 1460 East
Student Services Building, Room 105
Salt Lake City, UT 84112
801-581-6211
