Loans for Graduate Students

Overview

Federal Direct Unsubsidized Loans are fixed-rate federal student loans available to graduate students apply for the FAFSA. These loans are unsubsidized, meaning interest begins accruing while you are in school, however, the rates are fixed and do not require a credit check. Students may choose to pay the interest while enrolled or allow it to be added to the loan balance at repayment. Repayment may be deferred for up to six months after leaving school.

To be eligible, students must:

• File a FAFSA
• Be enrolled at least half time (minimum of 3 credits per semester) in an eligible master’s or doctoral program
• Be a U.S. citizen or eligible non-citizen
• Maintain Satisfactory Academic Progress as defined by the university
• Submit all required financial aid documentation and not be in default on any previous student loans

Key Information

Students pursuing only a Teaching Credential are considered fifth-year undergraduate students and follow the loan limits and credit requirements for third-year and beyond undergraduates. For more information, please visit Undergraduate Loans.

How to Apply

 As of July 1, 2026 there are new loan limits for all federal federal loans. If this is your first time borrowing loans, be sure to review the loan limits when calculating your cost of attendance. 

All application steps must be completed at least 30 business days prior to the start of a term which the student wishes to receive aid for. This includes the following: 

All loans require processing time before the funds will be ready to disburse. Students may receive loan funds for a term only if they are currently enrolled in that term at least half time and loan funds disburse prior to end of that term. If completion of required steps occurs after the 10 business days prior to the end of the term, the Office of Financial Aid cannot guarantee that loan(s) will be processed before the end of the eligible timeframe.

Loan Disclosure

Please note that the borrower has the right to cancel a portion of or the entirety of their loan within 14 days of either the first day of class or the disbursement of the funds to the student’s account, whichever is later. After which time it is the borrower’s responsibility to return any unwanted funds to the lender or federal loan servicer. To request a cancellation, please complete and submit a Loan Change Request Form within the appropriate timeframe.

Creating an FSA Account

Steps involving StudentAid.gov will require a Department of Education FSA ID. Learn how to create an FSA ID

Required: Loan Counseling

 Loan counseling is a required means of helping you understand your rights and responsibilities regarding your loan.

Entrance Counseling

Entrance counseling must be completed before the first disbursement of a loan. If you do not complete your Loan Entrance Counseling, your loan will not be able to be processed.

You can complete loan entrance counseling online at the StudentAid.gov website.

Exit Counseling

Exit counseling must be completed before graduation or dropping below half-time enrollment.

You may complete your exit counseling online at the StudentAid.gov website. You will need your Social Security number, FSA ID, and the name and addresses of your nearest relative and two personal references to complete the session. When you have finished your exit counseling, remember to print your completion certificate.

If you need to get a Separation Form signed for Financial Aid, bring your completion certificate into the Financial Aid Office and our Front Desk representative will be able to sign off.

 Back to all loan options

Overview

Private student loans (also referred to as education or alternative loans) are offered and serviced by third-party lenders to help bridge the gap between college costs and traditional financial aid. These loans may be used to cover current-term expenses, past-due balances from a prior term or academic year, and costs for students enrolled less than half time. A credit check is required, and eligibility is based on the borrower’s and/or co-signer’s credit rather than financial need. Interest rates vary by lender and market conditions. Private student loans may not exceed the Cost of Attendance minus other accepted financial aid, including scholarships, grants, work-study, and federal loans.

California Lutheran University will certify private student loans only for students who are meeting Satisfactory Academic Progress (SAP), and students are generally encouraged to exhaust all federal loan options before borrowing private loans.

Federal vs. Private Loans

If you are deciding between a federal student loan and a private student loan, carefully compare the pros and cons of each.

Completing the FAFSA may make you eligible for federal loans or other Title IV aid, which often offer more favorable terms than private student loans. In general, students should use their federal loan options before considering private student loans.

For guidance, review this comparison diagram from Federal Student Aid to help determine which loan type best fits your needs.

Key Information

Processing Timeline

• Loan Application: You select a lender, apply for the loan, and the lender makes a credit decision.
• Cal Lutheran Private Loan Request Form: You complete & submit the required electronic form to the Cal Lutheran Financial Aid Office.
• School Certification: The school confirms your cost of attendance, other financial aid, and approved loan amount.
• Final Disclosure: The lender issues a final disclosure, which includes a three business day right to cancel.
• Disbursement: Funds are typically sent directly to Cal Lutheran about 10 days after certification and applied to your student account.

How to Apply

Application Timeline

In order to ensuer your Private Loan is fully processed by the time fees are due, you want to make sure all application steps (both for your private loan lender and Cal Lutheran) are completed atleast 30 business days prior to the start of the term. This includes:

• Loan approval through your choosen lender
• Cal Lutheran Private Loan Request Form

Creating an FSA Account

Steps involving StudentAid.gov will require a Department of Education FSA ID. Learn how to create an FSA ID

 Back to all loan options