 |
|
|
|
| |
PRIVATE LOANS
Private loans are funded by banks and other private lending institutions.
For some, these loans serve to bridge the gap between the cost of their education and the amount the government allows students/parents to borrow through federal loan programs (Perkins, Subsidized Direct Loans, Unsubsidized Direct Loan and Parent/Grad PLUS). Terms and conditions are generally not as favorable as those for federal loans however we understand that private educational loans are an essential source of financial assistance for
many of our students.
INTEREST-FREE LOANS are available to Jewish students enrolled full-time in undergraduate or graduate programs, professional
programs, or vocational schools.
Do you have friends or family willing to make a loan to you? Use GreenNote to create a formal agreement with a competitive interest rate.
UC Lender Lists for Private Loans
UC maintains common lender lists for all UC campuses based solely on factors related
to the borrowers’ best interests: the financial terms of the loan, loan features and the quality of service
provided by the lender from loan origination through loan repayment.
Choose a list based on your profile then carefully review the benefits and repayment information before you select a lender. To compare loan options on these lists, you can use the Loan Discount Analyzer before you apply. Each loan application results in a reduction to your credit rating so it is best to do your analysis prior to applying for a loan.
The Lender Selection Process
A formal Request for Proposal (RFP) process was conducted in conjunction with a UC system-wide
Committee. Lenders submitted RFP’s which were evaluated and scored based on a carefully
developed Quality Point Scoring and Finance Cost Index. The lenders with the highest combined
scores were selected for the UC Lender Lists. While the current student loan market is in a state
of change due to the economy and new federal regulations, we are confident these lists represent
lenders that provide the best value and level of service. |
|
|
|
|
|
|
Frequently Asked Questions
Should I apply for a private loan?
Will I qualify and how much can I borrow?
Which lender is right for me?
How do I apply?
How will I receive my loan funds?
Should I apply for a private loan?
The U. S. Department of Education does not regulate private educational loans so their terms and conditions can vary widely. We only recommend you consider private loans if you need more money after taking the federal student loans for which you qualify. In general, federal loan terms are better than private loan terms.
Will I qualify and how much can I borrow?
Eligibility criteria for private student loans vary, but often depend in part on your credit score. The Financial Aid Office can only certify loans for up to a maximum of the difference between your Cost of Attendance and the financial aid you have been awarded. This information can be calculated using information on My UCSC.
| 1 |
Login to MyUCSC |
| 2 |
Click on My Student Center |
| 3 |
Next click on "View Financial Aid"; the "Select Aid Year to View" page will display |
| 4 |
Click the Aid Year you wish to view; the "Award Summary" page will display |
| 5 |
Click the "Financial Aid Summary" link at the bottom left of the page to view your cost of attendance and financial aid summary. |
top
Which Lender is right for me?
We encourage you to consider all options when choosing a private loan. It is important to research and compare the characteristics of each loan to find the best possible loan for your needs. If you anticipate continuing your studies beyond your current program, pay particular attention to deferment options. Be an informed consumer. Here are some questions you should consider:
- How much can I borrow?
- What fees are associated with the loan?
- What is the interest rate on the loan?
- How is the interest rate calculated?
- What are the terms of repayment?
- How much will my payments be if I borrow $x?
- Do I need a co-signer?
top
How do I apply?
Contact your chosen lender for pre-approval or fill out an application online. After submitting your application, the lender may send you a request for additional information. Please respond quickly to all requests to insure prompt receipt of funds. After all additional information is received and your loan approved, the lender will contact UCSC to certify the loan. Once we have confirmed your eligibility we will certify the amount of your loan and return an electronic response to your lender. Following final loan approval, your lender will send funds to UC Santa Cruz for disbursement to your studentbilling account.
top
How will I receive my loan funds?
Your Private Loan funds will be disbursed evenly among the terms you enroll. UCSC receives most private loan funds electronically from the lender and will credit your student billing account when funds are received. To receive funds, you must be enrolled in at least 6 units. Occasionally a lender sends funds in the form of a check to the Financial Aid Office. In this case, you will be notified via email or phone with instructions on how to receive the funds. To find out the status of your loan, call (831) 459-2963.
top |
