Private Loans

Private loans, also known as non-federal loans, can help bridge the gap between financial aid and the cost of attendance. These loans are offered by private banks, credit unions, or state-affiliated organizations, and have terms and conditions that are set by the lender.

Students apply for private loans through their lender of choice. If approved, or to make changes to the amount of a previously approved private student loan, students must complete the appropriate academic year Non-Federal Private Loan form on the UNLV Office of Financial Aid & Scholarships forms page.

Repaying Your Student Loans

Students have a grace period of six months after they graduate, withdraw, or drop below half-time enrollment before they are required to begin repaying their loans. The grace period of a loan depends on the loan you are borrowing. More information about a loan’s grace period can be found within the Master Promissory Note.

Deferment

Deferment is a temporary postponement of repayment that is allowed under certain conditions. During this time, interest may still accrue on the loan. Students who are interested in exploring this option will need to submit a request to their loan servicer and demonstrate that they meet the eligibility requirements for deferment. Students can log into their Federal Student Aid account to view their loan servicer or they can contact the Federal Student Aid Information Center. Students who are enrolled in a degree-seeking program and maintain half-time enrollment can receive in-school deferment.

Elimination of Specific Deferments: Economic hardship and unemployment deferments are being discontinued. To manage financial difficulties moving forward, you may use general forbearances (capped at 9 months within 24 months) or request a reduction in your RAP payment to a minimum of $10 per month.

Loan Forgiveness

In certain situations, a student can have their federal loans forgiven, canceled, or discharged. The most common way to apply to have federal student loans forgiven is through Public Service Loan Forgiveness (PSLF).

Both Income-Based Repayment (IBR) and Repayment Assistance Program (RAP) qualify for the 10-year Public Service Loan Forgiveness (PSLF) program and institutional Loan Repayment Assistance Programs (LRAP). Outside of PSLF, IBR loans are forgiven after 20 to 25 years, while RAP loans require 30 years of repayment.

The benefits of Federal Direct Loans include various repayment options such as:

• The Repayment Assistance Plan (RAP): A new income-driven option where monthly payments are calculated as 1% to 10% of your Adjusted Gross Income (AGI). RAP features a critical interest subsidy: if your calculated payment is too small to cover your monthly accruing interest, the federal government waives the remainder—preventing your loan balance from growing.
• Income-Based Repayment (IBR): Monthly payments remain calculated at 10% to 15% of your discretionary income.
• Traditional Fixed Plans: The Standard 10-year plan, as well as Graduated and Extended plans (spanning 10 to 30 years), remain available.

Sunsetting Plans (PAYE & ICR): The Pay As You Earn (PAYE) and Income-Contingent Repayment (ICR) plans will only remain available until July 1, 2028. After this date, borrowers on these tracks must transition to IBR or RAP.

More information about repayment plans can be found on the Federal Student Aid website.