Loan Programs

Most Penn GSE students borrow Direct, Perkins, and either the Federal Graduate PLUS loan or private loans to fund their education. To be considered for these loans, complete the Free Application for Federal Student Aid (FAFSA). The University of Pennsylvania institutional code is 003378.

Your FAFSA information will be sent to the University's Student Financial Services office (SFS). If you have questions you may contact SFS at (215) 898-1988 or sfsmail@sfs.upenn.edu.

Direct Loan

Direct loans are offered by the Department of Education to students who are U.S. citizens or permanent residents. Both subsidized and unsubsidized loans are available.

The Subsidized Direct Loan is a need-based, low-interest federal student loan with full interest subsidy during the in-school, grace, and deferment periods. A maximum of $8,500 may be borrowed each year under the subsidized loan program.

The Unsubsidized Direct Loan is a low-interest federal student loan for which interest accrues during the in-school period. The unsubsidized loan is non-need based and available to students who do not qualify for the subsidized loan. It can be used to replace students' and parents' contribution. A maximum of $12,000 may be borrowed each year under the unsubsidized loan program.

To qualify for a Direct loan, students must be enrolled at least half-time and show satisfactory progress in a program leading to a degree or certificate. A maximum of $20,500 is available for every 6 course units a student earns. Need is determined by the information supplied on the FAFSA.

Perkins Loans

Perkins loans are offered through the University to financially eligible students who are U.S. citizens or permanent residents. The loan is guaranteed by the federal government, which pays interest while the student is enrolled, during the grace period following enrollment, and during any authorized deferment. Students must be enrolled full-time. Need is determined by information supplied on the FAFSA application.

Graduate Federal Plus Loans

Graduate Federal Plus Loans are for qualified U.S. citizens or permanent residents enrolled at least half-time in a graduate degree program.

Federal Loan Forgiveness for Teachers

Full-time, full-year teachers in public or private non-profit elementary or secondary schools may be eligible for cancellation of some of their original Direct or Perkins loan balance if they are teachers serving in a low-income or subject-matter shortage area. More information is available at the U.S. Department of Education website.

Alternate Loans

For a list of sources for personal and alternate loans, click here.