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Loans

The University of Connecticut understands that investing in a quality education is an important decision. UConn participates in the loan programs listed below.
NOTE: Congress has passed legislation that allowed the US Department of Education to purchase many privately held Federal Stafford and Federal PLUS Loans. Click here to see how this impacts your loans.

IMPORTANT: The US Department of Education has announced the 2016-2017 Direct Loan interest rates. For students/parents whose loan first disburses between 07/01/2016 and 06/30/2017, the following interest rates apply:

  • Federal Direct Stafford Loans (Subsidized/Unsubsidized) for Undergraduate borrowers: 3.76% fixed
  • Federal Direct Stafford Loans (Unsubsidized) for Graduate borrowers: 5.31% fixed
  • Federal Direct PLUS Loans (parent and Graduate student borrowers): 6.31% fixed

IMPORTANT: The US Department of Education has announced the 2017-2018 Direst Loan interest rates. For students/parents whose loan  first disburse between 07/01/2017 and 06/30/2018, the following interest rates apply:

  • Federal Direct Stafford Loans (Subsidized/Unsubsidized) for Undergraduate borrowers: 4.45% fixed
  • Federal Direct Stafford Loans (Unsubsidized) for Graduate borrowers: 6% fixed
  • Federal Direct PLUS Loans (parent and Graduate student borrowers): 7 % fixed

Federal Direct Stafford (Subsidized/Unsubsidized) – Student Loans

    • Free Application for Federal Student Aid (FAFSA) is required
    • Federal need and non-need based program
    • Interest rates for 2016-17: Subsidized and Unsubsidized Federal Direct Stafford Loans for Undergraduate students only that are first disbursed between 07/01/2016 and 06/30/2017 will carry a fixed interest rate of 3.76%. Unsubsidized Federal Direct Stafford Loans for Graduate students first disbursed between 07/01/2016 and 06/30/2017 have a 5.31% interest rate.
    • Interest rates for 2017-18: Subsidized and Unsubsidized Federal Direct Stafford Loans for Undergraduate students only that are first disbursed between  07/01/2017 and 06/30/2018 will carry a fixed interest rate of 4.45%. Unsubsidized Federal Direct Stafford Loans for Graduate students first disbursed between 07/01/2017 and 06/30/2018 have a 6% interest rate.
    • Subsidized Federal Direct Stafford Loans available to eligible Undergraduate students registered at least half-time
    • Unsubsidized Federal Direct 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

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Perkins – Student Loans

  • As of September 30, 2017, no additional loans will be available under the Federal Perkins Loan Program
  • Free Application for Federal Student Aid (FAFSA) is required
  • Federal need-based program
  • Fixed 5% interest rate
  • UConn is the Lender
  • Available to eligible students
  • Repayment begins nine months after a student’s enrollment drops below half-time status or the student graduates
  • FAFSA is required
  • Borrowers use ECSI to complete the Exit Counseling requirement

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Federal Direct PLUS – Parent Loans

  • Interest rates for 2016-17: Federal non-need based program; 6.31% fixed interest rate for loans first disbursed between 07/01/2016 and 06/30/2017.
  • Interest rates for 2017-18: Federal non-need based program; 7% fixed interest rate for loans first disbursed between 07/01/2017 and 06/30/2018.
  • Credit check conducted to establish eligibility
  • Repayment begins 60 days after final disbursement, your student graduate or your student drops below half-time status (deferment options available)
  • Free Application for Federal Student Aid (FAFSA) is required
  • Parent borrowers are required to complete an online application via studentloans.gov.  The process for 2016-2017 opens on 04/01/2016; the process for 2017-18 opens on 04/01/2017.
  • Once credit approved the parent borrower must also complete the PLUS MPN requirement at studentloans.gov

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Federal Direct PLUS – Graduate Student Loans

  • Interest rates for 2016-17: Federal non-need based program; 6.31% fixed interest rate for loans first disbursed between 07/01/2016 and 06/30/2017.
  • Interest rates for 2017-18: Federal non-need based program; 7% fixed interest rate for loans first disbursed between 07/01/2017 and 06/30/2018.
  • Credit check conducted to establish eligibility
  • Graduate student borrowers may defer payment while in school
  • Free Application for Federal Student Aid (FAFSA) is required
  • Graduate student borrowers to complete an online application via studentloans.gov. The process for 2016-2017 opens on 04/01/2016; the process for 2017-18 opens 04/01/2017
  • Once credit approved the graduate student borrower must also complete the PLUS MPN requirement at studentloans.gov
  • Graduate PLUS borrowers must also complete entrance counseling.

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Alternative – Student Loans

  • Non-federal private loan options
  • Variable and fixed interest rates available; most have no cap
  • Students/families are encourages to exhaust all federal loan options before considering an alternative (private) loan
  • Complete the loan application directly through your chosen lender
  • Repayment options vary by lender
  • FAFSA is not required
  • For more information on our suggested lenders were chosen, please see our Lender Selection page

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Still have questions? Read our General Loan FAQs