Loans

UCLA participates in the Direct Loan Program, in which all federal loans will only be lent by the federal government (Department of Education).

Federal Stafford Loan

  1. Student must file a separate Federal Stafford loan Master Promissory Note (MPN) on http://studentloans.gov after submitting the Electronic Financial Aid Notification (eFAN)
  2. With a Federal Stafford loan you may receive up to $20,500 per academic school year
  3. Interest rate is 5.41%
  4. 1.051% origination fee
  5. 6 month grace period after graduation, 10 year standard repayment plan
  6. No credit check
  7. Must be a U.S. Citizen or Permanent Resident and meet FAFSA criteria
  8. Federal Stafford loan is disbursed in equal installments in Fall, Winter and Spring quarters

In addition to the Federal Stafford loan, students may elect to borrow a Federal Graduate PLUS loan.

Federal Graduate PLUS Loan

  1. Student must file a separate Federal Graduate PLUS Loan Master Promissory Note (MPN) on http://studentloans.gov after submitting the Electronic Financial Aid Notification (eFAN)
  2. Up and above the $20, 500 borrowed with a Federal Stafford loan
  3. Students must borrow the maximum with the Federal Stafford loan first before applying for a Federal Graduate PLUS loan
  4. No grace period, 10 year standard repayment plan
  5. Interest rate is 6.41%
  6. 4.204% origination fee
  7. *Credit Check Required*
  8. Must be a U.S. Citizen or Permanent Resident and meet FAFSA criteria
  9. Federal Graduate PLUS loan is disbursed in equal installments in Fall, Winter and Spring quarters

Private Student Loans

  1. For admitted students on H1-B work visas who are not US citizens and not permanent residents, Anderson has partnered with Eli Lilly Federal Credit Union to offer an International Graduate Student Loan. For details, visit the website here: http://www.uclaanderson.studentchoice.org/.
  2. Some student may find it necessary to finance a portion of their education through private loan resources. UCLA has a preferred private loan lender list for MBA students. You may go to www.fao.ucla.edu Publications Preferred Private loan lender list prepared by UC Office of the President. You will see a list of private student loan lenders. You may substitute a private loan instead of the Graduate Plus loan if you wish.

Federal vs. Private Loans

The State of California requires that you be told the following: Students should consider exhausting federal student loan eligibility before contemplating the use of private student loans. Students considering student loans need to be aware of the differences between federal student loans and private student loans:

  • Federal student loans are required by law to provide a range of flexible repayment options including, but not limited to, income-based and income-contingent repayment plans as well as loan forgiveness benefits that private lenders are not required to provide.
  • Federal direct loans are available to most students regardless of income. Other qualification criteria do apply. For more information, please visit http://studentaid.ed.gov/eligibility.
  • Private student loan lenders can offer variable interest rates that can increase or decrease over time, depending on market conditions.
  • The interest rate on a private loan may depend on the borrower’s and/or co-signer’s credit rating.
  • Private student loans have a range of interest rates and fees and students should determine the interest rate of, and any fees associated with, the private student loan included in their financial aid award package before accepting the loan. Students should contact the private student loan lender if they have any questions about interest rate, fees, repayment terms, etc..