Skip to main content

Graduate Loans FAQ

How do I apply for a federal student loan?

To apply for a federal student loan, you must complete and submit a Free Application for Federal Student Aid (FAFSA). Based on the results of your FAFSA, the financial aid office will send you a financial aid offer, which may include federal student loans.

What additional steps must I take to receive my loan?

If your financial aid package includes federal student loans, you will have the option to decline or accept all or a part of the loans.

If it is your first time receiving a Direct Loan, you will be required to

You may complete both the entrance counseling and the MPN at studentloans.gov

Am I eligible for a Direct Subsidized Loan or a Direct Unsubsidized Loan?

Direct Subsidized Loans are available only to undergraduate students who have financial need. Direct Unsubsidized Loans are available to both undergraduates and graduate or professional degree students. You must be enrolled at least half-time. You must also be enrolled in a program that leads to a graduate or professional degree.  You are not required to show financial need to receive a Direct Unsubsidized Loan.

Here’s a quick overview of Direct Unsubsidized Loans:

  • Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.
  • The financial aid office determines the amount you can borrow based on your cost of attendance and other financial aid you receive.
  • You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.

If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).

The following chart shows the annual and aggregate limits for subsidized and unsubsidized loans”

Year Dependent Students (except students whose parents are unable to obtain PLUS Loans) Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)
Graduate or Professional Students Annual Loan Limit Not Applicable (all graduate and professional students are considered independent) $20,500 (unsubsidized only)
Subsidized and Unsubsidized Aggregate Loan Limit Not Applicable $138,500 for graduate or professional students—No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.

Notes:

  • The aggregate loan limits include any Subsidized Federal Stafford Loans or Unsubsidized Federal Stafford Loans you may have previously received under the Federal Family Education Loan (FFEL) Program. As a result of legislation that took effect July 1, 2010, no further loans are being made under the FFEL Program.
  • Effective for periods of enrollment beginning on or after July 1, 2012, graduate and professional students are no longer eligible to receive Direct Subsidized Loans. The $65,500 subsidized aggregate loan limit for graduate or professional students includes subsidized loans that a graduate or professional student may have received for periods of enrollment that began before July 1, 2012, or for prior undergraduate study.
  • Graduate and professional students enrolled in certain health profession programs may receive additional Direct Unsubsidized Loan amounts each academic year beyond those shown above. For these students, there is also a higher aggregate limit on Direct Unsubsidized Loans. If you are enrolled in a health profession program, talk to the financial aid office at your school for information about annual and aggregate limits.

What are the current interest rates?

The interest rates for Direct Subsidized Loans and Direct Unsubsidized Loans are shown in the chart below.

Loan Type Borrower Type Loans first disbursed on or after 7/1/16 and before 7/1/17
Direct Unsubsidized Loans Graduate or Professional 6%

The interest rates shown above are fixed rates for the life of the loan.

Got other questions about interest?

Other than interest, is there a charge for this loan?

Yes, there is a loan fee on all Direct Unsubsidized Loans. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. The percentage varies depending on when the loan is first disbursed, as shown in the chart below.

Loan Fees for Direct Subsidized Loans and Direct Unsubsidized Loans
First Disbursement Date Loan Fee
On or after Oct. 1, 2015, and before Oct. 1, 2016 1.068%
On or after Oct. 1, 2016, and before Oct. 1, 2017 1.069%

Loans first disbursed prior to Oct. 1, 2015, have different loan fees.

Am I eligible for a Direct PLUS Loan?

To receive a Direct PLUS Loan, you must

Can I still receive a Direct PLUS Loan if I have an adverse credit history?

A credit check will be performed during the application process. If you have an adverse credit history, you may still receive a Direct PLUS Loan through one of these two options:

  1. Obtaining an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the Direct PLUS Loan if you do not repay it
  2. Documenting to the satisfaction of the U.S. Department of Education that there are extenuating circumstances relating to your adverse credit history.

With either option 1 or option 2, you also must complete credit counseling for PLUS loan borrowers on the StudentLoans.gov website.

How do I apply for a Direct PLUS Loan?

To receive a Direct PLUS Loan, you must complete the FAFSA®. The University Of La Verne financial aid office requires that you request a Direct PLUS Loan at StudentLoans.gov. Once you apply, the financial aid office will be notified of the decision within 48 hours.

What additional steps must I take to receive my loan?

If you are eligible for a Direct PLUS Loan, you will be required to sign a Direct PLUS Loan Master Promissory Note (MPN), agreeing to the terms of the loan. Graduate or professional students who haven’t previously received a PLUS loan will also be required to complete entrance counseling. Contact the financial aid office for additional details regarding the process.

How much can I borrow?

The maximum PLUS loan amount you can borrow is the cost of attendance minus any other financial assistance received.

What is the current interest rate?

For Direct PLUS Loans first disbursed on or after July 1, 2016, and before July 1, 2017, the interest rate is 6.31%.

These are fixed interest rates for the life of the loan.

Other than interest, is there a charge for this loan?

Yes, there is a loan fee on all Direct PLUS Loans. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. The percentage varies depending on when the loan is first disbursed, as shown in the chart below.

Loan Fees for Direct PLUS Loans
First Disbursement Date Loan Fee
On or after Oct. 1, 2015, and before Oct. 1, 2016 4.272%
On or after Oct. 1, 2016, and before Oct. 1, 2017 4.276%

Loans first disbursed prior to Oct. 1, 2015, have different loan fees.

How will I receive my loan?

The University of La Verne will first apply Direct PLUS Loan funds to the school account to pay for tuition, fees, room and board, and other school charges. If any loan funds remain, they will be given to you to help pay other education expenses. Get more information about receiving aid.

What happens after I receive my loan?

When you receive your Direct PLUS Loan, you will be contacted by your loan servicer (you will repay your loan to the loan servicer). Your loan servicer will provide regular updates on the status of your Direct PLUS Loan, and any additional Direct Loans that you receive.

When do I begin repaying my loan?

If you receive a Direct PLUS Loan as a graduate or professional student, you don’t have to make any payments while you’re enrolled in school at least half-time, and for an additional six months after you graduate, leave school, or drop below half-time enrollment.

What types of loan repayment plans are available?

There are several repayment options available that are designed to meet the individual needs of borrowers. Your loan servicer can help you understand which repayment options are available to you. Generally, you’ll have 10 to 25 years to repay your loan, depending on the repayment plan that you choose. Learn about your repayment options.

What if I have trouble repaying my loan?

If you are unable to make your scheduled loan payments, contact your loan servicer immediately. Your servicer can help you understand your options for keeping your loan in good standing. For example, you may wish to change your repayment plan to lower your monthly payment or request a deferment or forbearance that allows you to temporarily stop or lower the payments on your loan. Learn more about deferment or forbearance options.

Can I cancel a loan if I decide that I don’t need it or if I need less than the amount offered?

Yes. Before your loan money is disbursed, you may cancel all or part of your loan at any time by notifying the financial aid office. After your loan is disbursed, you may cancel all or part of the loan within certain time frames. Your promissory note and additional information you receive from the financial aid office will explain the procedures and time frames for canceling your loan.

Can my loan ever be forgiven (canceled) or discharged?

Under certain conditions, you may be eligible to have all or part of your loan forgiven (canceled) or discharged. Find out about loan forgiveness, cancellation, or discharge.

Where can I find information about the student loans I’ve received?

Visit My Federal Student Aid to view information about all of the federal student loans and other financial aid you have received and to get contact information for your loan servicer.

Privacy Preference Center

Necessary

These cookies are required for proper functioning of sites at laverne.edu. They are primarily used for:
- user authentication and login status
- user data privacy preferences
- site firewall and comment/form spam prevention
- store a users progress in a form

BCSessionID, PHPSESSID, wfvt_*, wordfence_verifiedHuman, gdpr[allowed_cookies], gdpr[consent_types], gdprprivacy_bar

Analytics and Advertising

These cookies are used to track aggregate site usage and improve general user experience and site performance. This data may include information about a user's IP address, browser and operating system, pages visited and certain actions taken on the sites.

These cookies also allow the University to market relevant programs and services to users based on their interactions with our websites.

If you do not wish to allow these cookies to be stored in your browser, please deselect the Analytics option in the Consent Management tab.

_ga,_gat_UA-90794413-1,_gid
AWSALB