Types of Financial Aid

University Grants

Tuition Remission Grants

  • Need-based aid program
  • FAFSA and other required documents must be received
  • Funds are limited and are awarded on a first come, first served basis
  • Grant funds do not need to be repaid
  • Students receiving tuition waivers or the Health Career Opportunity Programs scholarship are not eligible for this grant

University Scholarships

The University of Connecticut awards Federal Title IV aid which is governed by the Department of Education. As a result of the regulations set forth, any funding a student receives by virtue of being a student, must be reported to the Office of Student Financial Aid Services and counted as a financial resource. These funds are used to decrease any loans the student may need to borrow. The following types of funding (hereafter referred to as “scholarships”) fall under this regulatory policy:

  • scholarships
  • awards
  • prizes
  • fellowships

When a student receives financial aid from Federal, State, and/or Institutional sources as well as a scholarship, the total amount of funding provided from all sources cannot exceed his/her financial need.

Loans

Federal Unsubsidized Stafford Loans

  • Federal non-need based program
  • Fixed 6.60% interest rate (2018-2019). Rate subject to change every July 1.
  • Origination Fee of 1.062% (as of 10/1/2018 – 9/30/2019)
  • Available to eligible students registered at least half-time
  • First time Federal Stafford Loan borrowers must complete Entrance Counseling at http://studentloans.gov
  • Repayment begins six months after a student’s enrollment drops below half-time status or the student graduates
  • FAFSA and submission of University Application(s) and supporting documentation is required
  • Borrower amount maximum $40,500
  • Option to pay interest on loans while in school. Contact the lender for additional information.

Federal Graduate PLUS Loans

  • Federal non-need based program
  • Credit check is required to establish eligibility
  • Fixed 7.60% interest rate (2018-2019). Rate subject to change every July 1.
  • Origination Fee of 4.248% (as of 10/1/2018 - 9/30/2019)
  • Payment may be deferred while in school
  • FAFSA and submission of University Application(s) and supporting documentation is required
  • First time Graduate PLUS Loan borrowers must complete Entrance Counseling at http://studentloans.gov
  • Borrowers must complete both the Graduate PLUS Loan Application and the Master Promissory Note (MPN) online at http://studentloans.gov
  • Borrower amount: balance of funds needed, up to student's budget, if credit is approved 
  • Option to pay interest on loans while in school. Contact the lender for additional information.

 Alternative Student Loans
Available to assist students in a number of categories: health profession loans, residency and relocation loans, and loans for non-federal loans through private lendersinternational students with a U.S. co-signer.

  • Non-federal private (alternative) loan
  • Variable interest rates; most lenders have no interest cap
  • Students should exhaust all federal loan options first, if eligible, prior to considering an alternative loan
  • Must apply directly through your chosen lender
  • Repayment options vary by lender
  • FAFSA is not required
  • Before applying for a private (alternative) loan, read our Borrowing for Your Education page.

Before your Borrow

We strongly suggest that you exhaust all federal student borrowing options before turning to a potentially costly private (alternative) loan.  Almost all students are eligible for at least a Federal Direct Student Loan.

Private sector loan products vary and terms frequently depend on the creditworthiness of the borrower and co-signer.  In general, borrowers and/or co-signers must be U.S. citizens or permanent residents and enrolled at least half time.  Interest rates and repayment terms are unique to the loan product selected.  Students may borrow cost of attendance minus any financial aid received.  Student and co-signer, if applicable, must complete a promissory note.  The university certifies private (alternative) loans electronically through Education Loan Management (ELM).  If you have questions about your loan status, please contact the lender through which you applied.

Repayment

All students who choose to borrow loans are required to repay the lender according to the terms of their Promissory Note. If you default, the lender of your loan, State and Federal Government can take action to recover the money.