Financial Aid & Scholarships

Subsidized Loans

A subsidized loan is offered to students on the basis of financial need as determined by the Free Application for Federal Student Aid (FAFSA). Students must be enrolled at least half time to be considered for this loan. Parents do not need to co-sign for this loan. The loan is in the student's name only.

Interest and Repayment

While you are attending school and meet the eligibility criteria, the interest on this loan is paid by the U.S. government. No payment on the principal balance of the loan is necessary so long as the student remains half time (six credit hours undergraduate and five credit hours graduate).

The interest rate may vary depending on if you are an undergraduate or graduate student. Yearly loan amounts you may borrow may vary depending on the following:

  • Your credit hours enrolled per semester
  • Your class standing (freshman, sophomore, junior, senior, or graduate student)
  • Whether the FAFSA form considers you a dependent or independent student
  • The Consolidated Appropriations Act of 2012 mandated Federal Direct Subsidized loan interest to begin accruing during the six-month grace period for all undergraduate subsidized loans originated from July 1, 2012 through June 30, 2014. Subsidized loans originated and disbursed prior to July 1, 2012 are exempt from the Consolidated Appropriations Act.

The Department of Education's Direct Loan Servicing Center is the holder of this loan when a student goes into repayment.

To Get Credit

Before the proceeds of this loan will credit to a student's cashiering account, you must complete the following:

  • An Entrance Loan Counseling Session – The entrance loan counseling session has mandated consumer rights and responsibilities information from the U.S. Department of Education about your loan.
  • The Master Promissory Note – The master promissory note is a legal document where you affirm to pay back your loan in the future. Information will be sent to Perkins loan recipients regarding how to complete these two processes.

Once you complete these steps, you do not need to complete these processes again each year so long as you remain a UNLV student.

Loans
Loan Type Fixed Interest Rate
Perkins 5.0%
Parent PLUS 6.41%
Graduate PLUS 6.41%

 

Subsidized vs. Unsubsidized
Year Interest Rate Subsidized Loan – Undergraduate Interest Rate Unsubsidized Loan – Undergraduate Interest Rate Subsidized or Unsubsidized Loans – Graduate Students
2011-2012 3.4% 6.8% 6.8%
2012-2013 3.4% 6.8% 6.8%
2013-2014 3.86% 3.86% 5.41%

 

 

Does Interest Accumulate On My Loan While I Remain
at Least Half-Time Enrollment Status?
Loan Type Interest Accumulates?
Subsidized No
Unsubsidized Yes
Perkins No
Parent PLUS Yes
Graduate PLUS Yes

 

 

How Much Can I Borrow in Subsidized or Unsubsidized Loans?

 

Maximum Yearly Borrowing Limits Subsidized and/or
Unsubsidized Loans Combined
Class rank Dependent Undergraduate Subsidized Dependent Undergraduate Unsubsidized Total Yearly Borrowing Limits
Freshman 0-29 credits $3,500 $2,000 $5,500
Sophomore 30-59 credits $4,500 $2,000 $6,500
Junior & Senior 60+ credits $5,500 $2,000 $7,500
Maximum lifetime total all loan debt $31,000    

 

or

 

 

Maximum Yearly Borrowing Limits Subsidized and/or
Unsubsidized Loans Combined
Class rank Independent Undergraduate Subsidized Independent Undergraduate Unsubsidized Total Yearly Borrowing Limits
Freshman 0-29 credits $3,500 $6,000 $9,500
Sophomore 30-59 credits $4,500 $6,000 $10,500
Junior & Senior 60+ credits $5,500 $7,000 $12,500
Maximum lifetime total all loan debt $57,500    

 

 

or

 

 

Maximum Yearly Borrowing Limits Subsidized and/or
Unsubsidized Loans Combined
Class rank Graduate Student Subsidized Graduate Student Unsubsidized Total Yearly Borrowing Limits
Graduate Students $0 -
Effective July 1, 2012
$20,500 - Effective July 1, 2012 $20,500
Maximum lifetime total all loan debt $138,000    
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