Types of Financial Aid

Financial aid for your education is available from a variety of sources, such as federal student loans, alternative student loans, scholarship programs, private sources, student employment opportunities, and sometimes even employer assistance programs. We encourage you to research and get familiar with all of the financing options available, and determine what works best for your individual needs.

LOANS

While there are many ways to obtain funds for your education; federal and private loans are the most widely used.

Federal Direct Stafford Loan
The Federal Stafford Loan is the most common type of federal student financial aid loan, and it requires the completion of the Free Application for Federal Student Aid (FAFSA). The following loan is available to graduate and professional degree students:

  • Unsubsidized—The Direct Unsubsidized Loan is not based on need and allows some students to borrow additional money. Students are responsible for the interest on an unsubsidized loan. No payments are required on any Stafford Loan until 6 months after you leave school or fall below 6 credits. If possible, you may want to pay accrued interest on an unsubsidized loan while you are enrolled.

For more information on Federal Stafford Loans, click here.

Nurse Faculty Loan Program
The Nurse Faculty Loan Program is funded by the Health Resources and Services Administration’s (HRSA) Bureau of Health Professionals (BHPr) and is offered through the UC College of Nursing. These loans, with an annual limit of $35,000 for a maximum of five years, are made available to eligible students enrolled in a Master’s or Doctoral Nursing program who intend to secure full-time employment as nurse educators upon graduation. The funds are intended to cover the cost of attendance including tuition, fees, books, and other reasonable education expenses. Following graduation from the nursing program, up to 85% of the loan principal and interest will be cancelled in exchange for the loan recipient’s service as a full-time nursing faculty at a school of nursing, with a certain percentage cancelled each year for up to four years. A commitment to complete four nurse educator courses in addition to the required courses for the intended degree program prior to graduation is required.

Click here to learn more about this program.

Alternative Student Loans
Some students may need additional loan funds after maximizing their federal loan options or may not be eligible for federal loans and still need to borrow towards their education. Many lenders offer private alternative loans to help students meet the gap between financial aid and college costs.

Students must either meet the credit criteria of the loan for which they are applying or have a credit-eligible co-borrower. Many of these loans also require enrollment in six or more degree credits per semester, but there are options for students studying in non-degree classes or enrolled in less than half-time status. Reminder: Borrow only what you need. Always remember that you will have to pay back what you borrow.

Click here for UC’s current Loan Information Chart.

SCHOLARSHIPS

There are many different types of public and private scholarships available to a diverse range of students. Scholarship programs can be university related or come from an outside source. They usually require applicants to meet specific academic, social, or economic requirements that are unique to each scholarship program.

Make sure to thoroughly explore all scholarship materials for detailed requirements and disbursement information.

UC’s current Scholarship Search can be found here.

For information about UC’s Financial Aid Refund Policy please click here.

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