About Loans

Find out how loans can help cover your educational costs.

Facts about loans:

• Loans are self-help aid funds that you must repay with interest under varying terms and conditions.
• Borrowing is a serious responsibility and can affect your future credit rating.
  • Learn about repaying your student loan.
  • Stay in close touch with your lender.
  • Always make your loan payments on time.
  • Carefully determine how much educational debt you can reasonably afford (this online student loan advisor can help).
  • See important loan consolidation information for graduating borrowers.
• Before you borrow, pursue outside agency scholarships.
• You may be eligible for 3 types of loans:
  • Federal and university need-based loans (in most cases, the federal government pays the interest on your loan if you meet certain requirements; read more about need)
  • Federal non-need-based loans (you pay interest on your loan)
  • Alternative loans (offered by private non-government lenders)
• You're required to sign promissory notes and may also need to attend loan counseling sessions before you can receive approved loan money.
• Make sure you're eligible to receive loans (or any other types of financial aid): Review eligibility requirements for undergraduates or graduate students.

To apply for loans:

• For all federal and university loans, and to also be considered for the best types of other financial aid awards, file your Free Application for Federal Student Aid (FAFSA) each year by March 2. You may still apply after March 2 for federal loans.
• Submit any additional documents requested by the Financial Aid Office before the May 1 deadline.
• Follow any additional instructions for specific loan types:
  • Federal loans for undergraduates and parents
  • Federal loans for graduate/ professional school students
  • University loans for undergraduates
  • Private loans

Finding lenders:

• The University of California offers lender lists as guides for students and parents, but you are free to use any lender.
• Find out more about how UC developed the lender lists (PDF).

See additional types of financial aid.

Questions? Contact the Financial Aid Office, (858) 534-4480.