Financial Aid & Scholarships

You are here

Unsubsidized Loan

An unsubsidized loan is offered to students not on the basis of financial need as determined by the FAFSA. If a student does not qualify for a subsidized loan, the unsubsidized loan is the next offered option.

You must be enrolled at least half time to be considered for this loan. Parents do not need to co-sign for this loan, and the loan is in the student's name only.

Interest and Repayment

While you are attending school, the interest accumulates on this loan. You must either pay the interest on this loan quarterly to the Direct Loan Servicing Center or let the interest accumulate and capitalize. Capitalized interest makes the loan payback more expensive over time.

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 students).

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 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 your 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. The student will use the same four-digit PIN he or she used in signing the online FAFSA application for both 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.

Interest Rates (effective July 1, 2008):
Loan Type Fixed Interest Rate
Perkins 5.0%
Parent PLUS 7.21%
Graduate PLUS 7.21%
Interest Rates (effective July 1, 2008):
Year Interest Rate Subsidized Loan Undergraduate Interest Rate Unsubsidized Loan Undergraduate Interest Rate Subsidized or Unsubsidized Loans Graduate Students
2008-2009 6.0% 6.8% 6.8%
2009-2010 5.6% 6.8% 6.8%
2010-2011 4.5% 6.8% 6.8%
2011-2012 3.4% 6.8% 6.8%
2012-2013 6.8% 6.8% 6.8%
2013-2014 3.86% 3.86% 5.41%
2014-2015 4.66% 4.66% 6.21%
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 Unsubsidized Graduate Student Unsubsidized Total Yearly Borrowing Limits
Graduate Students $20,500 - Effective July 1,2012 $20,500
Maximum lifetime total all loan debt   $138,000