Federal Student Loans

Eligibility Checklist:

• Based on financial need
• Undergraduate
• Attend school half-time or greater 

 The Federal Perkins Loan program is based on financial need and is awarded by the University of Utah. Funding is limited. It is available to undergraduate students only, who attend school half-time or greater. 

Current federal legislation has established new eligibility criteria for students receiving Federal Perkins Loans.

The Perkins Loan program will end on September 30, 2017. For Perkins funds to disburse for the 2017-18 academic year, students must be enrolled in at least six credit hours and must have completed any outstanding incomplete checklist items on their financial aid status. Students must also accept the Perkins Loan and complete the Perkins Promissory Note and Entrance Counseling. These items must be completed prior to September 30, 2017 in order to be eligible for the Perkins funds.

Eligibility Checklist:

• Based on financial need
• Fully admitted to nursing program
• Attend school half-time or greater

 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

Eligibility Checklist:

• Undergraduate
• Attend school half-time or greater

For the 2019-20 academic year, Federal Direct Subsidized Loans are available to undergraduate students only, and are awarded on the basis of financial need. You must be enrolled at least half-time in order to be eligible for the loan.  You will not be charged interest while you are enrolled in school at least half-time or during authorized periods of deferment; the federal government “subsidizes” the interest during these times.  After you cease to be enrolled at least half-time, you will receive a six-month grace period on the loan and interest will begin to accrue at that time.  At the end of the six-month grace period, you will enter repayment and must begin repaying the loan.  You may choose to pay the interest during the grace period or have it capitalized. If you choose to have the interest capitalized, it will be added to the principal amount of your loan and additional interest will be based on the higher amount. This will increase the amount that you must repay. If you choose to pay the interest as it accumulates, you will repay less overall. 

If you receive the first disbursement of the loan before October 1, 2019, you will be required to pay an origination fee of 1.062% of the loan.  If you receive the first disbursement of the loan on or after October 1, 2019, you will be required to pay an origination fee of 1.059% of the loan.  If you receive the first disbursement of the loan before October 1, 2019 and a subsequent disbursement after that date, the 1.062% origination fee will still apply.  This fee is deducted proportionately from each disbursement of your loan.

Delivery of the first disbursement of Direct Loan funds is dependent on timely completion of your financial aid file. You must submit all needed documents early enough to allow adequate processing time.

Each year, the terms, interest rates, and fees assessed for Direct Loans may change.  If you have previously borrowed loans, please contact the lender or servicer of each loan you have borrowed to determine the terms and conditions of the loan(s).  For more information on current rates, please visit https://studentaid.ed.gov/sa/types/loans/interest-rates.

Eligibility Checklist:

• Attend school half-time or greater

For the 2019-20 academic year, Federal Direct Unsubsidized Loans are available to undergraduate and graduate students, and are not awarded on the basis of financial need. You must be enrolled at least half-time in order to be eligible for the loan.  You will be charged interest from the time the loan is disbursed until it is repaid in full, including in-school, six-month grace, and deferment periods. You may choose to pay the interest while in school or during the six-month grace period, or have it capitalized. If you choose to have the interest capitalized, it will be added to the principal amount of your loan and additional interest will be based on the higher amount. This will increase the amount that you must repay. If you choose to pay the interest as it accumulates, you will repay less overall.

If you receive the first disbursement of the loan before October 1, 2019, you will be required to pay an origination fee of 1.062% of the loan.  If you receive the first disbursement of the loan on or after October 1, 2019, you will be required to pay an origination fee of 1.059% of the loan.  If you receive the first disbursement of the loan before October 1, 2019 and a subsequent disbursement after that date, the 1.062% origination fee will still apply.  This fee is deducted proportionately from each disbursement of your loan.

Delivery of the first disbursement of Direct Loan funds is dependent on timely completion of your financial aid file. You must submit all needed documents early enough to allow adequate processing time.

Each year, the terms, interest rates, and fees assessed for Direct Loans may change. If you have previously borrowed loans, please contact the lender or servicer of each loan you have borrowed to determine the terms and conditions of the loan(s). For more information on current rates, please visit https://studentaid.ed.gov/sa/types/loans/interest-rates.

Eligibility Checklist:

• Parent of dependent undergraduate student
• Student must attend school half-time or greater
• General requirements for Federal Student Financial Aid
• Complete the FAFSA
• Pass a credit check

 Parent PLUS Loans enable graduate parents of dependent undergraduate students with good credit histories to borrow additional funds for education expenses. Students must be enrolled at least half-time. To be eligible to receive a Parent PLUS Loan, parent borrowers must meet the general eligibility requirements for Federal Student Financial Aid, complete the FAFSA, and pass a credit check.

If you do not pass the credit check, you may be able to borrow a loan if someone, such as a relative or friend who is able to pass the credit check, agrees to endorse the loan. By endorsing the loan, that individual promises to repay it if you fail to do so. You might also qualify for the loan if the credit check is denied, provided you can demonstrate that extenuating circumstances exist.

The yearly limit you may borrow on a Parent PLUS Loan is equal to the student’s cost of attendance minus any other financial aid received. For the 2019-20 academic year, the interest rate on the Parent PLUS Loan is a fixed 7.08%. Interest is charged on the loan from the first date of disbursement until the loan is paid in full. The parent borrower is responsible for paying the interest that accrues. If you receive the first disbursement of the loan before October 1, 2019, an origination fee of 4.248% will be charged on the loan and deducted proportionately from each disbursement of the loan.  If you receive the first disbursement of the loan on or after October 1, 2019, an origination fee of 4.236% will be charged on the loan and deducted proportionately from each disbursement of the loan.  If you receive the first disbursement of the loan before October 1, 2019 and a subsequent disbursement after that date, the 4.248% origination fee will still apply.

Repayment on a Parent PLUS Loan begins within 60 days after the final loan disbursement for the academic year. However, payments may be deferred while the student is enrolled at least half-time. You may choose to pay the interest while in school or have it capitalized. If you choose to have the interest capitalized, it will be added to the principal amount of your loan and additional interest will be based upon the higher amount. This will increase the amount that you must repay. If you choose to pay the interest as it accumulates, you will repay less overall.

Delivery of the first disbursement of Parent PLUS Loan funds is dependent on timely completion of the student’s financial aid file. You must submit all needed documents early enough to allow adequate processing time.

Each year, the terms, interest rates, and fees assessed for Parent PLUS Loans may change. If your parent has previously borrowed loans, he or she should contact the lender or servicer of each loan borrowed to determine the terms and conditions of the loan(s). For more information on current rates, please visit https://studentaid.ed.gov/sa/types/loans/interest-rates

Important Note: As of March 29, 2015, federal regulations require Parent PLUS Loan borrowers who have an adverse credit history, but who qualify for a Parent PLUS Loan to complete a “PLUS Counseling” session. This includes borrowers whose credit check is denied and then subsequently approved on appeal, or who are approved with an endorser. This loan counseling session must be completed before loan funds can be disbursed to the student’s tuition account, and applies to all Parent PLUS Loans approved during the duration of the credit check, which is good for 180 days. After that, a new counseling session must be completed if the student borrows additional Parent PLUS Loan funds and an adverse credit history still applies.

Eligibility Checklist:

• Graduate/professional student
• Attend school half-time or greater
• General requirements for Federal Student Financial Aid
• Complete the FAFSA
• Pass a credit check

Graduate PLUS Loans enable graduate students with good credit histories to borrow additional funds for education expenses. Students must be enrolled at least half-time. 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.

If you do not pass the credit check, you may be able to borrow a loan if someone, such as a relative or friend who is able to pass the credit check, agrees to endorse the loan. By endorsing the loan, that individual promises to repay it if you fail to do so. You might also qualify for the loan if the credit check is denied, provided you can demonstrate that extenuating circumstances exist.

The yearly limit you may borrow on a Graduate PLUS Loan is equal to your cost of attendance minus any other financial aid you receive. For the 2019-20 academic year, the interest rate on the Graduate PLUS Loan is a fixed 7.08%. Interest is charged on the loan from the first date of disbursement until the loan is paid in full. You are responsible for paying the interest that accrues. If you receive the first disbursement of the loan before October 1, 2019, an origination fee of 4.248% will be charged on the loan and deducted proportionately from each disbursement of the loan.  If you receive the first disbursement of the loan on or after October 1, 2019, an origination fee of 4.236% will be charged on the loan and deducted proportionately from each disbursement of the loan.  If you receive the first disbursement of the loan before October 1, 2019 and a subsequent disbursement after that date, the 4.248% origination fee will still apply.

Repayment on a Graduate PLUS Loan begins within 60 days after the final loan disbursement for the academic year. However, payments may be deferred while you are enrolled at least half-time. You may choose to pay the interest while in school or have it capitalized. If you choose to have the interest capitalized, it will be added to the principal amount of your loan and additional interest will be based upon the higher amount. This will increase the amount that you must repay. If you choose to pay the interest as it accumulates, you will repay less overall.

Delivery of the first disbursement of Graduate PLUS Loan funds is dependent on timely completion of your financial aid file. You must submit all needed documents early enough to allow adequate processing time.

Each year, the terms, interest rates, and fees assessed for Graduate PLUS Loans may change. If your parent has previously borrowed loans, he or she should contact the lender or servicer of each loan borrowed to determine the terms and conditions of the loan(s). For more information on current rates, please visit https://studentaid.ed.gov/sa/types/loans/interest-rates

Important Note: As of March 29, 2015, federal regulations require Graduate PLUS Loan borrowers who have an adverse credit history, but who qualify for a Graduate PLUS Loan to complete a “PLUS Counseling” session. This includes borrowers whose credit check is denied and then subsequently approved on appeal, or who are approved with an endorser. This loan counseling session must be completed before loan funds can be disbursed to the student’s tuition account, and applies to all Graduate PLUS Loans approved during the duration of the credit check, which is good for 180 days. After that, a new counseling session must be completed if the student borrows additional Graduate PLUS Loan funds and an adverse credit history still applies. In addition, this loan counseling does not meet the requirement to complete an Entrance Counseling session for all first-time Direct Unsubsidized Loan and/or Graduate PLUS Loan borrowers.