A comprehensive guide to financing your education at DU with the most favorable loan options
With the University of Denver’s undergraduate tuition at $56,988 per year, finding the right financial support is crucial for your academic journey. This guide breaks down the best student loan options available to DU students, helping you make an informed decision about financing your education.
Quick Facts:
- Average financial aid package: $31,000
- 76% of DU students receive some form of financial aid
- Federal loan acceptance rate: 98%
Federal Student Loans: Your First Choice
Direct Subsidized Loans
- Current interest rate: 5.50%
- Government pays interest while in school
- Based on financial need
Direct Unsubsidized Loans
- Current interest rate: 6.60%
- Available regardless of financial need
- Interest accrues while in school
Private Student Loan Options
| Lender | Interest Rates | Benefits |
|---|---|---|
| Sallie Mae | 4.50% – 14.83% | No origination fees, flexible repayment options |
| Discover | 5.99% – 15.99% | Cash rewards for good grades |
| College Ave | 4.99% – 15.49% | Quick approval, customizable payments |
Student Experiences
Sarah Johnson
Business Major
“The Direct Subsidized Loan was a lifesaver. Not having to worry about interest while studying allowed me to focus on my academics. The financial aid office was incredibly helpful in explaining all my options.”
Michael Chen
Computer Science Major
“I combined federal and private loans to cover my expenses. The key was starting the application process early and understanding all the terms. DU’s financial counseling sessions were incredibly helpful.”
Emily Rodriguez
Psychology Major
“As a first-generation college student, navigating loans seemed overwhelming at first. The step-by-step guidance from DU’s financial aid office made the process much more manageable.”
David Thompson
Engineering Major
“The income-driven repayment options on federal loans gave me peace of mind. Knowing I could adjust my payments based on my future income made the investment in my education feel more secure.”
Lender Reviews
Sallie Mae
Popular choice among DU students for its competitive rates and flexible repayment options. Their online application process is streamlined and user-friendly.
- ✓ Quick approval process
- ✓ Multiple repayment options
- ✓ Good customer service
Discover Student Loans
Stands out for their cash rewards program for good grades and no fees policy. Their customer service receives consistently high ratings from DU students.
- ✓ No application or late fees
- ✓ Cash rewards for good grades
- ✓ 24/7 customer support
College Ave
Known for their customizable repayment plans and quick application process. They offer competitive rates and excellent online tools for loan management.
- ✓ Customizable payment plans
- ✓ Easy online application
- ✓ Helpful planning tools
Frequently Asked Questions
When should I apply for student loans?
Submit your FAFSA as early as October 1st for the next academic year. For private loans, apply at least 2-3 months before the semester starts.
How much can I borrow?
Dependent undergraduate students can borrow up to $31,000 in total Direct Subsidized and Unsubsidized loans. Private loan limits vary by lender.
What’s the difference between federal and private loans?
Federal loans offer fixed rates, income-driven repayment plans, and potential forgiveness options. Private loans may have lower rates but fewer protections and benefits.
Do I need a cosigner for my student loan?
Federal loans typically don’t require a cosigner. For private loans, having a cosigner often helps secure better interest rates and improves approval chances.
Can I use student loans for housing?
Yes, both federal and private student loans can be used for housing, meals, textbooks, and other education-related expenses as determined by the university.
What happens if I can’t make my loan payments?
Federal loans offer deferment, forbearance, and income-driven repayment options. Private lenders may offer forbearance or temporary payment modifications in cases of hardship.
Are there loan forgiveness options?
Federal loans may be eligible for Public Service Loan Forgiveness (PSLF) or Teacher Loan Forgiveness programs. Private loans typically don’t offer forgiveness options.
How does interest capitalization work?
Interest capitalization occurs when unpaid interest is added to your loan principal, typically after periods of deferment or forbearance. This increases the total amount you’ll need to repay.
Can I refinance my student loans?
Yes, you can refinance both federal and private loans after graduation. However, refinancing federal loans with a private lender means losing federal benefits and protections.
What credit score do I need for private student loans?
Most private lenders look for a credit score of 650 or higher. Having a cosigner can help if your credit score is lower or you have limited credit history.
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