UCSB Answers

Our Best Answer - What loans are available?

Available Loans

Students have several loan options available, including: Federal Perkins Loans, Federal Direct Student Loans, Parent & Grad PLUS Loans, and Alternative Loans. Please visit our website for detailed information regarding all of these loans, including: interest rates, application instructions, repayment information, and other loan requirements.

The Federal Perkins Loan is a loan awarded to undergraduate students who are considered on-time FAFSA applicants and who demonstrate sufficient financial need.

Federal Direct Loans (formerly known as Stafford Loans) are a student loan for undergraduate and graduate students enrolled in college at least half time. Direct Loans have a fixed interest rate, and are typically the most affordable type of student loan.

Federal Direct Parent PLUS Loans are loans provided by the U.S. government directly to parents of eligible undergraduate students.

Alternative Loan (Private Loans)

Alternative loans (also known as private loans or agency loans) are provided by private lenders for those students who need to borrow funds in excess of the yearly or aggregate limits for the federal loan programs.

We recommend viewing UC Private Lender List to help begin your search, however, students have the right and the ability to select the alternative loan lender of their choice. We highly recommend that students exhaust their federal Direct Loan eligibility before pursuing funds through an alternative loan. Also, be aware that parents of dependent students are able to borrow up to the complete cost of education through the federal Direct PLUS Loan program.

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The answers provided are generally applicable and not student specific. For individualized assistance, please email or contact the appropriate campus office.