Loans

If grants, scholarships, and work-study won’t cover the estimated cost of attendance, a student can consider a loan, a type of financial aid that generally requires repayment. There are many things to consider when deciding whether to borrow funds with a loan, including fees, interest rates, repayment plans, and credit-hour or academic requirements.

For eligible students, federal loans usually provide lower-interest financial assistance and more favorable repayment terms and conditions compared to private loans (sometimes referred to as alternative or supplemental loans). Because of these benefits, federal loans are considered a form of aid. Proof of financial need may not be required for some loan programs.

Federal loans

To be considered for federal loans, a student must meet all federal student aid eligibility criteria and Satisfactory Academic Progress standards, and file the Free Application for Federal Student Aid (FAFSA). 

To continue to receive a loan or to be eligible for an in-school loan deferment, a borrower must be enrolled in at least six hours each fall and spring semester as an undergraduate, pharmacy, or law student. If enrollment drops below six hours, a grace period and repayment schedule begins. (Graduate students may be eligible at less than six hours, per the Graduate Studies full-time enrollment policy.) A student who withdraws from classes may be required to repay some or all aid.

The U.S. Department of Education website provides current interest rates and origination fees, as well as lifetime limits on loans and other information.

Available loans

Federal Direct loans are educational loan programs that must be repaid, with interest, even if you do not complete your academic program. Subsidized loans are available to undergraduate students who demonstrate financial need, with the U.S. Department of Education paying the interest while the student is enrolled. Unsubsidized loans do not require the student to demonstrate need, but they accrue interest while the student is enrolled. Both undergraduate and graduate students are eligible for unsubsidized loans.

Find information about these loans, including borrowing limits and interest rates, on the U.S. Department of Education website.

  • Deadline: Not listed.
  • Award: Varies.
  • Additional instructions: N/A.

Graduate PLUS loans are unsubsidized federal loans available to graduate, professional, and law students with good credit who need loans in addition to their federal Stafford loans.

Find information about these loans, including interest rates and fees, on the U.S. Department of Education website.

  • Deadline: Not listed; contact a Financial Aid Counselor for any semester-specific deadlines that may apply. 
  • Amount: Cost of attendance minus any other financial aid received.
  • Additional instructions: Complete the Direct PLUS Loan Application for Graduate/Professional Students.

The HPSL is a fixed-rate, low-interest, need-based federal loan program only available to students in the PharmD program on the KU Lawrence campus.

  • Deadline: Not listed.
  • Award: Varies.
  • Additional instructions: Include parent information on the FAFSA, regardless of your dependency status, and submit by March 1 for priority consideration.

The LDS is a fixed-rate, low-interest, need-based federal loan program available only to students in the PharmD program on the KU Lawrence campus.

  • Deadline: Not listed.
  • Award: Varies.
  • Additional instructions: Include parent information on the FAFSA, regardless of your dependency status, and submit by March 1 for priority consideration.



 

Federal Parent Loans for Undergraduate Students (PLUS)

Federal PLUS loans allow one parent with good credit and no federal student loans in default to borrow funds toward a dependent’s educational expenses. The dependent must be a degree-seeking undergraduate student enrolled in at least six credit hours. 

The Direct Loan Servicing Center (DLSC), a division of the U.S. Department of Education, processes KU’s PLUS loans. To apply, visit studentaid.gov, then log in with the FSA ID used for the FAFSA.

The maximum amount a parent may borrow is the student’s cost of attendance, as determined by KU, minus any other financial aid received by the student. The Net Price Calculator can help calculate anticipated expenses and a specific amount to request.

A parent denied a PLUS loan may appeal the decision or reapply with an endorser, who would also be subject to a credit check. Their student is also eligible to request additional unsubsidized federal loans of up to $5,000, dependent on academic level, or up to the cost of attendance.

Direct Loan borrowers can find information about interest rates, origination fees, repayment plans, and more at studentaid.gov. The DLSC also provides correspondence regarding quarterly interest accrual and repayment options.

Other Loans

  • Through the years, many KU alumni and friends have made gifts to KU Endowment, the independent, nonprofit corporation that serves as the official fundraising and fund-management organization for the University of Kansas. Some of these funds provide low-interest loans to deserving students through the KUEA Loan Program.
  • While KU does not endorse any specific private lender, the Private/Alternative Loans Information includes those frequently selected by KU students in the past three years. A student should research various lenders and only complete a loan application for the one that best fits their needs. If a selected loan does not meet KU's school certification requirement or if it exceeds maximum eligibility, the student receives notification.

Types of aid