Loans | Undergraduate Students
Federal Loans
Federal loans are available to United States citizens and eligible noncitizens who are enrolled at least half-time in a degree program at Pacific University. Eligibility is determined by the information you provide on the FAFSA. A Repayment Estimator is available at StudentAid.gov.
Pacific's official 2018 Cohort Default Rate is 1.7%, lower than the national average of 7.3% and the private school average of 5.2%.
Subsidized Federal Direct Loan
Eligibility for the subsidized Federal Direct Loan is based on financial need, as determined by the information submitted on the FAFSA. The loan principal is deferred, and the government pays the interest on the loan while borrowers are enrolled at least half-time.
| Annual Maximum Subsidized Direct Loan Limits | |
|---|---|
| First Year | $3,500 |
| Sophomore | $4,500 |
| Junior | $5,500 |
| Senior | $5,500 |
Unsubsidized Federal Direct Loan
The unsubsidized Federal Direct Loan is available to students who file the FAFSA and meet general federal student aid eligibility requirements, regardless of financial need. The loan principal may be deferred, but interest accrues once the loan is disbursed.
| Annual Maximum Unsubsidized Direct Loan Limits* | |
|---|---|
| First Year | $5,500 |
| Sophomore | $6,500 |
| Junior | $7,500 |
| Senior | $7,500 |
*Includes any subsidized Direct Loan eligibility. Independent students and dependent students whose parents are denied a Federal Direct PLUS Loan may borrow an additional $4,000.
Interest Rate, Fees & Repayment
- 6.53% for subsidized and unsubsidized loans disbursed starting July 1, 2024
- 5.50% for subsidized and unsubsidized loans disbursed starting July 1, 2023
- 4.99% for subsidized and unsubsidized loans disbursed starting July 1, 2022
- Fixed interest rate
- Interest paid may be tax-deductible
- Fees of 1.057% are deducted from the loan when disbursed to the school after October 1, 2020.
- Standard 10-year repayment begins six months after graduation, or ceasing to be enrolled at least half-time. Other repayment options may be available and are described at studentaid.gov.
- Deferment, cancellation, forbearance, forgiveness, and discharge information is available at studentaid.gov.
- For more information about loan repayment, watch Pacific University's Loan Repayment Video.
Federal Direct PLUS Loans for Parents
The Federal Direct PLUS Loan is available to parents of dependent undergraduates. Students whose parents wish to borrow under the Federal Direct PLUS Loan for Parents must file a FAFSA. Parent borrowers may borrow up to the entire cost of attendance, less any financial aid the student receives. Eligibility for the Federal Direct PLUS Loan is credit-based; borrowers must not have negative credit. For more information about Federal Direct PLUS loans, please visit studentaid.gov.
Interest Rate, Fees & Repayment
- 9.08% for Direct PLUS Loans disbursed starting July 1, 2024
- 8.05% for Direct PLUS Loans disbursed starting July 1, 2023
- 7.54% for Direct PLUS Loans disbursed starting July 1, 2022
- Fixed interest rate
- Interest paid may be tax-deductible
- Fees of 4.228% are deducted from the loan when disbursed to the school after October 1, 2020.
- Standard 10-year repayment begins 60 days after the loan has been fully disbursed, but can be deferred while the student is enrolled at least half-time. Other repayment options may be available and are described at studentaid.gov.
- Deferment, cancellation, forbearance, forgiveness, and discharge information is available at studentaid.gov.
Alternative Loans
A variety of private lenders offer alternative loans funded through non-governmental sources. Once you and your family have considered all of the federal loan options, you can view and compare alternative loan options using FASTChoice or Sparrow. While these tools can help you and your family make an informed decision about the most appropriate loan for you, you are not required to select a lender using FASTChoice or Sparrow.
FASTChoice is a tool that provides detailed information for various loans, as well as the terms and benefits offered by lenders that have provided alternative loans to Pacific University students in prior years.
On Sparrow, you can search and compare real, personalized private student loan offers from over 15+ lenders through a simple, three-minute application. Sparrow provides a suite of analytical tools that make student loan comparison easy, digestible, and visual. Using Sparrow to search for your student loans is free and does not impact your credit score.
Pacific University staff members follow the Education Loan Code of Conduct (pdf) in administering education loans.