Private loans, also known as alternative loans, can help fill the gap between the total cost of attendance and the amount of other financial aid offered. However, it is best to maximize all other resources first, including federal loans, which may have lower interest rates and better loan terms.
Federal Direct Loans are available to most students regardless of income and provide various repayment options, including income-based repayment plans and loan forgiveness benefits, which other education loans are not required to provide.
Private lenders vary in their interest rates, terms, and eligibility requirements. The University of California Office of the President (UCOP) has compiled a Private Loan Preferred Lender list, although you may choose any lender.
Not all private loan products can cover a past-due balance from a prior year or term. Please get in touch with lenders to determine if their private loan product can be applied toward a past-due balance.
Private Loan Eligibility
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Private loans are available to undergraduate and graduate students admitted to and enrolled in a degree-granting program at UC Berkeley.
Before applying for a private loan, review your financial aid for the academic year under the My Finances tab in CalCentral.
Review the different federal direct loan types offered and the interest rates to decide which loans to borrow.
You may borrow up to your total cost of attendance for the academic year, less any other financial aid you received.
Check with lenders regarding the enrollment requirement for their loan products. Most lenders require at least half-time enrollment.
You may be required to meet citizenship requirements or provide a co-signer who meets permanent residency or citizenship requirements.
UC Berkeley will hold private loan certification requests until enrollment information is available to certify your loan. For example, a private loan certification request for the 2023-2024 academic year will be held until the end of July (when enrollment information is available), regardless of when our office receives the certification request.
International students may request early certification of their private loans for visa requirements by opening a case with Cal Student Central.
Please use separate loan applications for terms that span different academic years. Apply for loans with the following loan periods:
2022-2023 Academic Year Loan Periods
Fall 2022 - Spring 2023 loan (August 24, 2022, to May 12, 2023)
Fall 2022 loan (August 24, 2022, to December 16, 2023
Spring 2023 loan (January 17, 2023, to May 12, 2023)
Summer 2023 loan (May 22, 2023, to August 11, 2023)
2023-2024 Academic Year Loan Periods
Fall 2023 - Spring 2024 loan (August 23, 2023, to May 10, 2024)
Fall 2023 loan (August 23, 2023, to December 15, 2023)
Spring 2024 loan (January 16, 2024, to May 10, 2024)
Summer 2024 loan (May 20, 2024, to August 9, 2024)
Certification and Disbursement
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Certification of Private Loans
If your lender approves the private loan application, they will send it to UC Berkeley for certification.
UC Berkeley will review the eligibility requirements and certify your loan.
We will be in touch if we need additional information from you.
Your lender will send the loan funds to UC Berkeley after the mandatory ten-business-day rescission period.
Disbursement of Private Loans
Your loan will be disbursed to your student account if you don't have any registration holds.
Your loan will pay any outstanding charges on your student account before a refund is issued.
You will receive a refund notification from Billing and Payment Services if you are eligible for a refund.
When students become eligible for federal/state/institutional/outside financial aid, their private loans may need to be reduced to be within the total cost of attendance for the academic year. In these cases, the financial aid and scholarships office is responsible for resolving over-awards on student packages and returning private loan funds to lenders. The return of private loan funds to lenders can take approximately two weeks.
Notify the Financial Aid and Scholarships Office by opening a case with Cal Student Central if you would like your Private Loan reduced or canceled.
Contact - Financial Aid and Scholarships
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Cal Student Central is the destination for student university business related to financial aid, fees and billing, disbursements, registration, and enrollment.
Please notify the Financial Aid and Scholarships Office by opening a case with Cal Student Central if you would like your Private Loan reduced or canceled.