Loans | Graduate & Professional

Federal Direct Unsubsidized Loan

The unsubsidized Federal Direct Loan is available to students who file the FAFSA and meet general federal student aid eligibility requirements. Loans can meet or exceed the student’s federally defined need up to annual and aggregate limits determined by the borrower’s degree program. The loan principal may be deferred but interest accrues once the loan is disbursed.

Graduate students can borrow up to $20,500 annually. Doctoral students in optometry, clinical psychology, pharmacy and students in the Master's in Healthcare Administration program can borrow additional amounts specific to their program.

Interest Rate, Fees & Repayment

  • 6.0% for loans disbursed after July 1, 2017
  • Fixed interest rate
  • Interest paid may be tax-deductible
  • Fees of 1.069% are deducted from the loan when disbursed to the school.
  • 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.

Federal Direct Graduate PLUS Loan

The Federal Direct Graduate PLUS Loan is available to students who file the FAFSA and meet general federal student aid eligibility requirements. To be eligible for the loan, borrowers must not have an adverse credit history. Loans can meet or exceed the student’s federally defined need. Repayment typically begins 60 days after the loan has been fully disbursed, but can be deferred while the student is enrolled at least half-time

Borrowers can apply for up to the cost of attendance minus any other financial aid received. Interest begins to accrue at a fixed rate when the loan is disbursed. Repayment typically begins 60 days after the loan has been fully disbursed, but can be deferred while the student is enrolled at least half-time.

Interest Rate, Fees & Repayment

  • 7.0% for loans disbursed after July 1, 2017
  • Fixed interest rate
  • Interest paid may be tax-deductible
  • Fees of 4.276% are deducted from the loan when disbursed to the school.
  • 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.

Health Professions Student Loans (HPSL)

Health Professions Student Loans are available to eligible optometry and pharmacy students based on availability of funds and a program-specific definition of demonstrated need. To be considered for the Health Profession Loan, students must provide parent information and signatures on the FAFSA, even though they are considered to be an independent student for other financial aid programs. No interest accrues on the loan while the borrower maintains at least half-time enrollment and for a 12-month grace period after he or she ceases to be enrolled at least half-time. Interest will begin to accrue at a fixed rate of 5 percent when the loan enters repayment.

Alternative Loans

A variety of private lenders offer alternative loans funded through non-governmental sources. Once you have considered all of the federal loan options, you can view and compare alternative loan options using FASTChoiceFASTChoice 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. While this tool can help you make an informed decision about the most appropriate loan for you, you are not required to select a lender using the FASTChoice tool.

Pacific University staff members follow the Education Loan Code of Conduct (pdf) in administering education loans.