Loans
From UConn Student Financial Aid Services
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| The University of Connecticut understands that investing in a quality education is an important decision. UConn participates in the following loan programs. NOTE: Beginning with 2009/2010, the University will participate exclusively in the William D. Ford Direct Loan Program for federal loans. Click here for more information about the 2009/2010 loan processes. |
Contents |
Stafford - Student Loans
- Federal need and non-need based program
- Fixed 6.8% interest rate; Subsidized Stafford Loans for undergraduate students only that are first disbursed on or after 7/1/09 will carry a fixed interest rate of 5.6%
- Subsidized Federal Stafford Loans available to eligible students registered at least half-time
- Unsubsidized Federal Stafford Loans available to all students registered at least half-time
- Repayment begins six months after a student's enrollment drops below half-time status or the student graduates
- FAFSA is required
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Perkins - Student Loans
- Federal need-based program
- Fixed 5% interest rate
- UConn is the Lender
- Available to eligible full-time students
- Repayment begins nine months after a student's enrollment drops below half-time status or the student graduates
- FAFSA is required
- Complete the Perkins Loan Master Promissory Note requirement
- Borrowers use ECSI to complete the Exit Counseling requirement
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PLUS - Parent or Graduate Student Loans
- Federal non-need based program
- Credit check conducted to establish eligibility
- Parent borrowers: repayment begins 60 days after final disbursement (deferment options available), FAFSA is not required
- Graduate Student borrowers: may defer payment while in school, FAFSA is required
- UConn requires parent borrowers to complete the PLUS Loan Information Form
- UConn requires graduate student borrowers to complete the Grad PLUS Loan Information Form
- Complete the PLUS MPN requirement. Graduate PLUS borrowers must also complete entrance counseling and exit counseling.
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Alternative - Student Loans
- Non-federal private loan options
- Variable interest rates; most have no cap
- You should exhaust all federal loan options before considering an alternative loan
- Must apply directly through your chosen lender
- For more information on how our suggested lenders were chosen, please see our Lender Selection page.
- Repayment options vary by lender
- FAFSA is not required
- Borrowers use ELMNet to check their loan status
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| Still have questions? Read our General Loan FAQs |
