Locations

Student Financial Aid Services

finaid@uidaho.edu
Phone: (208) 885-6312
Toll Free: (888) 884-3246
Fax: (208) 885-5592
Student Union Building 101
[get directions]
Mailing Address:
875 Perimeter Dr MS 4291
Moscow, ID 83844-4291
Office Hours: 9:30 a.m. - 5:00 p.m.
 
Loans

Loans

Loans are borrowed funds that you must repay with interest. There are two types, federal and private. Federal student loans allow students and their parents to borrow money to help pay for college through loan programs supported by the federal government.  They have low interest rates and offer flexible repayment terms, benefits, and options.  For subsidized Stafford loans, the government will pay the interest while the student is enrolled at least half-time in a degree-seeking program.

A private student loan is a nonfederal loan issued by a lender such as a bank or credit union.  Private student loans often have variable interest rates, usually require a credit check and do not provide the same benefits as federal student loans.

Students and parents should always exhaust federal student loan options before considering a private loan.  Federal student loans offer borrowers many benefits not typically found in private loans.  These benefits include low fixed interest rates, income-based repayment plans, loan forgiveness and deferment options as well as deferment of loan payments when a student returns to school.

Financial Awareness Counseling provides tools and information to help you understand your financial aid and assist you in managing your finances.  This does not satisfy entrance or exit counseling requirements.

Loans Available

Select a loan type below to learn more:

  • Stafford Loans

    Student loans are the major form of self-help aid available to students who are enrolled at least half-time (6 credits per semester for undergraduates/5 credits for graduates).  The University of Idaho is a Direct Lending school which means our students borrow directly from the Federal government. There are two types of Direct Stafford Loans, Subsidized and Unsubsidized, which are available to both undergraduate and graduate students.  For Subsidized Stafford loans, the government will pay the interest while the student is enrolled at least half-time in a degree-seeking program.  For Unsubsidized Stafford Loans, the student is responsible for the interest payment while in school, but like all forms of Direct Loans payments it can be deferred until after college graduation.  Amounts can vary depending on grade level and both have annual as well as lifetime borrowing maximums.

  • Perkins Loan

    A Federal Perkins Loan is a low-interest (5 %) loan for full-time undergraduate students (12 credits per semester) with high financial need.  The University of Idaho is the lender but is serviced through www.mycampusloan.com .  The loan is made with government funds and a share contributed by the school.

  • Graduate PLUS Loan

    Federal Direct Graduate PLUS Loans help graduate and law students pay for educational expenses. There is no annual limit for Graduate PLUS loans but students cannot borrow in excess of their cost of attendance minus any other financial aid that they receive. Graduate PLUS loans require creditworthiness (a credit check will be performed). A cosigner may be obtained for students who are unable to be approved on their own credit. The federal government charges interest from the date the first disbursement is made but can be deferred (along with the regular payment) while the student is enrolled at least half-time (5 credits). 

  • Parent PLUS Loan

    The Parent Loan for Undergraduate Students (PLUS) is a Federal Direct Loan that parents apply for on behalf of their dependent undergraduate student(s). It enables parents with good credit history to assist their children who are enrolled at least half time (6 credits). The loan’s interest rate is currently 6.41% for 2013-14. Interest rates for 2014-15 will be determined in May 2014. Parent PLUS loan applications are available online. Be sure to select the correct year.

  • Alternative (Private) Loans

    These loans are given through a private lender such as a bank. Be advised: terms and conditions can vary considerably. The best advice is to search through the various lenders to find the loan that fits with the student’s needs. As a general rule, students should only consider obtaining a private education loan if they have exhausted their Federal Stafford Loan eligibility. As a Direct Lending school, the University of Idaho does not maintain a list of lenders, but the link below has several banks that may help (list is near the bottom of page).

    Caution: some lenders are now requiring monthly payments while you are in school.

     
  • Alternative (Institutional) Loans

    Vandal Loan

    The Vandal loan is a long-term loan funded from donations and an endowment to provide assistance to students with dire need who have exhausted all other federal aid options. The loan has a 5% interest rate, a nine months grace period, and a maximum 10 years for repayment. The Student Financial Aid Office makes the determination to award the funds; Student Accounts administers the promissory note, disburses the funds, and collects loan repayments.

    Criteria requirements:

    • Must be a full-time, undergraduate degree-seeking student who has not yet attained a bachelor’s degree.
    • Must be a U.S. citizen or eligible non-citizen.
    • Student must show financial need based on the federal calculation (FAFSA required).
    • Student must be making satisfactory progress toward his/her degree.
    • Student must demonstrate an excellent chance of repayment, cannot be suspended from other financial aid, and cannot be in default of another loan.
    Funding is limited and awarded on a case by case basis to students demonstrating high need with special circumstances and/or emergency situations.

    Required materials


    Benjamin O. Braham Loan

    This long-term loan was established by Benjamin O. Braham (BOB) to assist students who are graduates of Kellogg High School, Kellogg, Idaho. The loan has a 3% interest rate, a nine months grace period, and a maximum 10 years for repayment. The Student Financial Aid Office makes the award determination and includes it in the financial aid packaging for those students who qualify. Student Accounts administers the promissory note, disburses the funds, and collects loan repayments.

    Criteria requirements:

    • Student must be a graduate of Kellogg High School, Kellogg, Idaho.
    • Must be a full-time, undergraduate degree-seeking student who has not yet attained a bachelor’s degree.
    • Must be a U.S. citizen or eligible non-citizen.

    Required materials

  • Emergency Short-Term Loan Program

    Short-term loans are designed to bridge an emergency shortfall between expected resources and payments that may fall due before a resource is available. Short-term loans are available at 7% simple interest to students enrolled on at least a half-time basis (half-time enrollment is a minimum of six credit hours for undergraduates and five credit hours for graduates) and are in good academic standing. To be eligible to borrow, a student must demonstrate the ability to repay the loan within 90 days. $600 is the typical maximum loan amount. Short-term loans are not designed to be a supplemental source of financial aid. Excessive use of the short-term loan program may require a student to participate in budget counseling in order to help get their expenditures and resources back into balance.

  • Federal Loan Program information

Federal Loan Booklet in HTML or PDF

Learn more about Federal Loans and how easy it is to finance your education.