Loans

From UConn Student Financial Aid Services

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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.


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IMPORTANT: There are several important changes to the Direct Loan program for 2012. See our Direct Loan Changes page for details.


Contents

48px-Book-purple.svg.png Federal Direct Stafford - Student Loans


  • Federal need and non-need based program
  • Fixed 6.8% interest rate; Subsidized Federal Direct Stafford Loans for undergraduate students only that are first disbursed between 7/1/11 and 6/30/12 will carry a fixed interest rate of 3.4%. All Federal Direct Stafford Loans disbursed on or after 7/1/12 will have a 6.8% fixed interest rate.
  • Subsidized Federal Direct Stafford Loans available to eligible 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
  • FAFSA is required
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48px-Dictionary-blue.svg.png Perkins - Student Loans


  • Federal need-based program
  • Fixed 5% interest rate
  • UConn is the Lender
  • Available to eligible full-time 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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48px-Book-blue.svg.png PLUS - Parent or Graduate Student Loans


  • Federal non-need based program
  • Credit check conducted to establish eligibility
  • Parent borrowers: repayment begins 60 days after final disbursement (deferment options available). Beginning in 2011-2012, FAFSA IS required.
  • Graduate Student borrowers: may defer payment while in school, FAFSA is required
  • UConn requires parent borrowers to complete an online application via studentloans.gov.
  • UConn requires graduate student borrowers to complete an online application via studentloans.gov.
  • Complete the PLUS MPN requirement. Graduate PLUS borrowers must also complete entrance counseling and exit counseling.
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48px-Dictionary-red.svg.png Alternative - Student Loans


  • Non-federal private loan options
  • Variable interest rates; most have no cap
  • You should exhaust all federal loan options before considering an alternative loan
  • Must apply directly through your chosen lender
  • For more information on how our suggested lenders were chosen, please see our Lender Selection page.
  • Repayment options vary by lender
  • FAFSA is not required


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22px-Help-red.svg.png Still have questions? Read our General Loan FAQs
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