Loans

The William D. Ford Federal Direct Loan program provides low-interest loans for undergraduate students to help pay for their educational expenses.

FAFSA required
Must be enrolled at least half-time
5.50% interest rate for 2023-2024
6.53% interest rate for 2024-2025
1.057% origination fee for loans with a first disbursement date on or after October 1, 2020 and before October 1, 2024
Subsidized and Unsubsidized
Subsidization ceases when a student completes 150% of the units required for their degree
6-month grace period before repayment
Must complete Entrance Counseling & a Master Promissory Note (MPN)

NOTE: If your parent is denied a Federal Direct PLUS Loan, you are eligible to borrow a limited amount of additional unsubsidized Federal Direct Loan.

IMPORTANT: When considering borrowing a federal student loan, you should also understand repayment options.

Aggregate Loan Limits

Dependent: $31,000 (no more than $23,000 may be subsidized)
Independent: $57,500 (no more than $23,000 may be subsidized)

Annual Loan Limits

Dependent Students (Except Students Whose Parents Cannot Borrow a Federal Direct PLUS Loan)	Maximum Subsidized Amount	Additional Unsubsidized Amount	Maximum Combined Subsidized and Unsubsidized Eligibility
First Year	$3,500	$2,000	$5,500
Second Year	$4,500	$2,000	$6,500
Third Year and Beyond	$5,500	$2,000	$7,500

Independent Students and Dependent Students Whose Parents Cannot Borrow a Federal Direct PLUS Loan	Maximum Subsidized Amount	Additional Unsubsidized Amount	Maximum Combined Subsidized and Unsubsidized Eligibility
First Year	$3,500	$6,000	$9,500
Second Year	$4,500	$6,000	$10,500
Third Year and Beyond	$5,500	$7,000	$12,500

Private

Private Educational Loans

Private educational loans are administered by private lenders and there are a variety of lending institutions that offer these.

NOTE: You should first apply for a Federal Direct Loan, a Federal Direct PLUS Loan or the Federal Direct Graduate PLUS Loan and then, if additional funding is needed, apply for a private educational loan.

Please allow at least four weeks from the start of the application process to disbursement of funds:

You may choose to use any lender that offers a private educational loan. You may want to contact the bank or credit union with whom you do business.
You will need to conduct you own research to find the best private educational loan for your needs as you apply directly through the lender.
Once approved for an alternative loan, Santa Clara University will review the loan for certification. This process includes confirming enrollment, verifying the eligibility and the requested borrowing amount.
Private educational loan funds will be disbursed in accordance with our disbursement schedule once all necessary paperwork has been completed.

As you are considering financial aid programs, you may want to learn how to apply for financial aid, how we determine financial aid, the costs and other consumer information.