Learn about federal loans for undergraduate students.
Annual amount: $400 to $5,500 per year, depending on your need
Aggregate Limits: $11,000 for a student who has not completed two academic years of undergraduate work. $27,000 for an undergraduate student who has completed two academic years and is pursuing a bachelor's degree.
Need-based/ subsidized? Yes. The federal government pays (subsidizes) the interest on your behalf during in-school, grace, and authorized deferment periods. You begin paying interest after you leave school, or when your grace/ deferment period ends.
Awarded and disbursed by: UCSD
Interest rate: 5% fixed
Loan fees: None
Repayment of principal and interest begins 9 months after your full-time or half-time enrollment ends.
You may mail your original Perkins Loan Prom Note to:
Student Business Services
9500 Gilman Dr. Dept 0050
La Jolla, CA 92093-0050
|Undergraduate dependent students||Base loan (100% subsidized or a subsidized/ unsubsidized mix, depending on your need)||Additional unsubsidized-only loan for all dependent undergraduate students||Additional unsubsidized-only loan for dependent undergraduate students whose parents have been denied a PLUS loan|
|3rd year and beyond||$5,500||$2,000||$5,000|
|Undergraduate independent students||Base loan (100% subsidized or a subsidized/ unsubsidized mix, depending on your need)||Additional unsubsidized-only loan|
|3rd year and beyond||$5,500||$7,000|
Is the Federal Direct Subsidized Loan need-based? Yes. You must demonstrate financial need to qualify for a Subsidized Loan. The federal government pays (subsidizes) the interest on your behalf during in-school and authorized deferment periods. You begin accruing and paying interest after you leave school, or when your deferment period ends.
Depending on your financial need, you may not receive the maximum loan amount in a Subsidized Loan. However, you might still be able to borrow unsubsidized funds up to the total maximum annual loan amounts.
Is the Federal Direct Unsubsidized Loan need-based? No. You may borrow an Unsubsidized Loan regardless of your financial need. However, the federal government does not pay the interest. While you may defer the principal during in-school, grace, and authorized deferment periods, you're responsible for the interest upon disbursement. You may make voluntary interest and/or principal payments to your Repayment Servicer at any time prior to going into official repayment or you may allow the interest to accrue and be capitalized to your principal at the time of official repayment.
Funded and Disbursed by: The U.S. Department of Education through UCSD
Interest rates effective July 1, 2012 – June 30, 2013:
Interest rates effective July 1, 2013 – June 30, 2014:
Loan fees: Loan origination fee of 1.0% effective for loans first disbursed on or after July 1, 2012.
Repayment of principal begins 6 months after you are no longer enrolled at least half-time.
Interest begins to accrue, for the unsubsidized loan, after the loan is disbursed. For subsidized loan, interest accrues after you are no longer enrolled at least half-time.
Amount: The annual maximum equals the cost of attendance minus any need-based and non-need-based aid.
Need-based/ subsidized? No.
Funded by: The U.S. Department of Education (with funds from the U.S. Treasury)
Disbursed by: The U.S. Department of Education disburses funds directly to UCSD.
Interest rate: 7.9% fixed
Loan fees: Effective for loans first disbursed on or after July 1, 2012 the loan origination fee will be 4.0%.
Repayment of principal and interest begins 60 days after the final disbursement of the academic year. Parents may request in-school deferments if at least one of these conditions apply:
Contact the Financial Aid Office, (858) 534-4480.