If you determine that you still need additional funds or are not eligible for federal aid, it is important that you carefully compare different lenders; here are some suggested questions to ask your lender:
Please carefully review all terms and conditions of a loan you are considering. Remember, a loan must be repaid and selecting a loan without the best terms and conditions could cost you more in the long run.
|Loan Comparison Chart|
|Perkins Loan||Federal Direct Subsidized Loan*||Federal Direct Unsubsidized Loan||PLUS||Private Student Loan|
|Current Interest Rates||5.0%
|Undergraduates: 3.66% Fixed
Graduates: 6.21% Fixed
|Varies by Lender|
|Fees||None||1.073%||1.073%||4.292%||Varies by Lender|
|In-School Interest||Paid by the Federal government||Paid by the Federal government||Borrower Responsibility**||Borrower Responsibility**||Borrower Responsibility|
|Grace period||Interest Paid by Federal government during six-month grace period||Interest Paid by Federal government during six-month grace period||Six-month grace period, during which interest will accrue||No grace period||Varies by Lender|
*Graduate students are only eligible for unsubsidized loans of $20,500 per year. New subsidized Direct loans made from July 1, 2012 to June 30, 2014 will not be eligible for subsidized interest benefits during the six-month grace period.
**Borrower has the option to make interest payments while in school or wait until repayment begins. Interest not paid during school enrollment will be capitalized at the end of your grace period.
Processing for the 2014-2015 academic year will begin July 1, 2014. Please be advised that we will not certify a private loan request until the student is enrolled in the term the student is borrowing.
* Students may apply for an private student loan without submitting a FAFSA, however, the student will not be considered for federal aid.
Once your private student loan has entered in our system and communication with your lender has begun, private loans are no longer eligible for an increase for tuition, fees and books. However, we do encourage you to apply for a second private loan to cover these costs if you are approved for a Cost of Attendance Increase.
In general, the first disbursement of a private loan will be sent by the lender to UCCS within 10-14 business days after the loan has been certified. If you have questions regarding the loan terms and conditions and/or the estimated disbursement date(s) of your loan, please contact your lender.
If you have any questions or concerns regarding your pending private loan certification, please feel free to contact the financial aid office.
Notice: Registration and/or transcript holds for a past due balance cannot be lifted until your past due balance is paid in full.