Undergraduate Loans

Cal Lutheran participates in multiple low-interest federal loan programs for students and their families. Eligibility for federal loans require a FAFSA to be completed each year. In addition to these direct federal loans to students, there are also private loans available for further financing.

Federal Direct Loan

No credit check

The Direct Loan is a federal loan awarded when you complete a FAFSA. The amount available depends on your grade level, and there may be an option to add an additional loan if your parents did not qualify for a Parent PLUS loan.

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Parent PLUS Loan

Credit check required

This direct federal loan is made to the parents of dependent undergraduate students. The interest rate on the Direct Parent PLUS Loan is higher than the Direct Loan made to students, but typically lower than a private loan.

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Alternative Loans

Credit check required

Alternative loans are offered by third-party, private lenders and have fixed or variable interest rates which depend on the borrower's credit, co-signer's credit, and the loan market. 

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Compare Undergraduate Loans

Loan Borrower Interest Rate* Year Max** Lifetime Max Credit Check? Repayment Grace Period Fee?***
Direct Subsidized and Unsubsidized Loan Student 4.99% Up to $7,500 (Seniors) $31,000 No 6 months  Yes
Additional Direct Unsubsidized Loan Student 4.99% Up to $5,000 (Seniors) $26,500 No 6 months Yes
Direct Parent PLUS Loan Parent 7.54% Cannot exceed COA None Yes 60 days Yes
Alternative Loan Student, Parent Fixed and variable rates Up to COA None Yes None Yes

*Fixed interest rate; current percentage reflects 2022-2023; changes July 1st each year
**The total amount of financial aid, including loans, cannot exceed Cost of Attendance (COA), as determined by Cal Lutheran each year.
***Fees are subtracted from the disbursed monies each term and are typically calculated as a % of the amount disbursed.