About Loans
Loan eligibility
Federal Direct Loans are available to students regardless of income reported on the FAFSA. The actual loan amounts and types of loans (subsidized, unsubsidized or a combination of both) that you are eligible to receive each year are determined by a review of your financial aid and academic file.
The amounts are based on such factors as your Cost of Attendance, Student Aid Index (SAI), other financial aid, and current grade level at Pacific.
Enrollment
| Student Type | Half-Time | Full-Time | |
|---|---|---|---|
| 6 units | 12 units | |
| Graduate | 4 units | 8 units |
Current Interest Rate and Fee Information for Loans
We must review your financial aid eligibility whenever there is a change in your enrollment, such as a drop from full-time to part-time status. Aid must also be reviewed if you withdraw or take a leave of absence.
Understanding the Difference Between Subsidized and Unsubsidized Student Loans
Subsidized Loans
A type of loan for which the interest on the loan is paid by the government while the student is enrolled in school (in-school deferment) at least half-time.
Unsubsidized Loans
A type of loan for which the interest on the loan accrues while the student is enrolled in school.
Loan Repayment
Federal student loans offer a range of flexible repayment options, including income-based repayment plans and loan forgiveness benefits, which private student loans are not required to provide.
Loan repayment does not begin typically until six months after graduation or at any point you drop below half-time enrollment or cease taking classes.
Loan Obligation
You are obligated to repay the full amount regardless of whether you:
- Complete the program or finish within the regular time for completion.
- Are unable to obtain employment upon completion.
- Are dissatisfied with or believe you did not receive the education or other services you purchased.
Student Loan Code of Conduct
Pacific has developed a Code of Conduct in compliance with federal regulations. The Office of Financial Aid staff members comply with the Code of Conduct.
Undergraduate Loans
Federal Direct Loans
The Federal Direct Loan Program allows you to borrow directly from the federal government, through the university, to pay college costs.
Please note that a government loan origination fee will be deducted from the total Direct Loan amount upon disbursement (payment to your student account).
Undergraduate students must be enrolled in at least 6 units to be considered for financial aid assistance.
For more information regarding your undergraduate loan options, please visit the Federal Student Aid website.
Understanding Capitalized Interest
Capitalization is the addition of unpaid interest to the principal balance of a loan. View additional information about capitalized interest.
Federal Direct PLUS Loan (Parent Loan)
The Federal Direct PLUS Loan is an unsubsidized credit-based loan for the parents of dependent students. As with student loans, a government loan origination fee will be deducted from the total Direct Loan amount upon disbursement (payment to your student account). For more information about the Federal Direct PLUS Loan, please visit the Federal Student Aid website.
Private Loans
Private (alternative) lenders offer a variety of loans to assist students and families in meeting college costs. Before you consider a private educational loan (often called an “alternative” loan), we recommend you determine your eligibility for federal student loans, which generally have better terms.
Pacific recommends borrowers compare and research various private educational loan programs carefully before selecting a lender and to borrow as little as possible.
Just like any other student loan, borrowers should consider a number of factors before applying for a private educational loan:
- Private educational loans usually have higher interest rates and interest that accrues while the student is in school.
- Students (or co-borrower) must have a good credit history to obtain private educational loans.
- Students (or co-borrower) must be a U.S. citizen or permanent resident.
- Most lenders require that you be enrolled at least half-time in a degree-seeking program (depending on the lender). Pacific will certify your loan up to the cost of attendance less other aid.
There are several steps required by your lender during the application and certification process. As a result, we recommend that you apply at least four weeks prior to the date you need the funds to pay your bill and comply quickly with information requests from your lender.
