Navigate your financial journey at UofL with our comprehensive student loan guide
Cost Breakdown (2023-2024)
In-State Students
- Tuition: $12,520/year
- Room & Board: $10,350/year
- Books & Supplies: $1,200/year
- Personal Expenses: $3,480/year
- Total: $27,550/year
Out-of-State Students
- Tuition: $29,950/year
- Room & Board: $10,350/year
- Books & Supplies: $1,200/year
- Personal Expenses: $3,480/year
- Total: $44,980/year
Federal Student Loans
Types of Federal Loans Available
- Direct Subsidized LoansNeed-based loans where the government pays interest while you’re in school. Current rate: 5.50%
- Available to undergraduate students with financial need
- Government pays interest while in school and during deferment
- Six-month grace period after graduation
- Annual loan limits vary by year in school
- Direct Unsubsidized LoansAvailable regardless of financial need. Interest accrues while in school. Current rate: 5.50%
- Available to all students regardless of financial need
- Interest begins accruing immediately
- Option to pay interest while in school
- Higher annual loan limits for independent students
- Parent PLUS LoansLoans for parents of dependent undergraduate students. Current rate: 8.05%
- Credit check required
- Can borrow up to the full cost of attendance
- Repayment begins immediately
- Various repayment plans available
Federal Loan Benefits
Income-Driven Repayment
Payments based on your income and family size
Loan Forgiveness Options
Potential forgiveness after 10-25 years of payments
Fixed Interest Rates
Rates remain constant for the life of the loan
Deferment Options
Temporarily postpone payments during hardship
Private Student Loans
Top Private Lenders for UofL Students
Sallie Mae
- Variable rates from 4.62% APR
- No origination fees
- Multiple repayment options
- Cosigner release available
Discover Student Loans
- Fixed rates from 5.99% APR
- Cash rewards for good grades
- Flexible repayment terms
- No fees of any kind
Private Loan Considerations
Credit Requirements
Most private loans require good credit or a creditworthy cosigner
Variable Rates
Interest rates may change over time, affecting payment amounts
Limited Flexibility
Fewer options for deferment and forbearance
No Loan Forgiveness
Private loans are not eligible for federal forgiveness programs
Loan Comparison
| Feature | Federal Loans | Private Loans |
|---|---|---|
| Interest Rates | Fixed: 5.50% – 8.05% | Variable: 4.62% – 14.99% |
| Credit Check | Not required (except PLUS) | Required |
| Repayment Plans | Multiple options, including income-driven | Limited options |
| Forgiveness Options | Available | Not available |
| Grace Period | 6 months | Varies by lender |
Application Process
Federal Loan Application Steps
- 1Submit FAFSAComplete the Free Application for Federal Student Aid (FAFSA) using UofL’s school code: 001999
- 2Review Award LetterEvaluate your financial aid package and loan options through ULink
- 3Complete Entrance CounselingRequired for first-time borrowers to understand loan terms and obligations
- 4Sign Master Promissory NoteLegal document outlining terms and conditions of the loan
Private Loan Application Process
- 1Compare LendersResearch and compare private lenders’ rates, terms, and benefits
- 2Gather DocumentationPrepare income verification, credit history, and cosigner information if needed
- 3Submit ApplicationApply directly through the lender’s website or portal
- 4School CertificationUofL will verify your enrollment and cost of attendance
Frequently Asked Questions
How do I apply for federal student loans at UofL?
Submit your FAFSA (Free Application for Federal Student Aid) as early as possible. UofL’s FAFSA code is 001999. The priority deadline is December 1st for the following academic year.
When should I apply for student loans?
Apply as soon as possible after October 1st for the following academic year. Early application ensures maximum aid consideration and meets priority deadlines.
Can international students get federal loans?
No, federal loans are only available to U.S. citizens and eligible non-citizens. International students should explore private loans or scholarships. UofL’s International Student Services office can provide guidance.
What is the maximum amount I can borrow?
Federal loan limits vary by year in school and dependency status. First-year dependent students can borrow up to $5,500, while independent students can borrow up to $9,500. Private loan limits typically cover up to the total cost of attendance minus other aid.
Do I need a cosigner?
Federal undergraduate loans don’t require a cosigner. However, most private loans require a creditworthy cosigner unless you have established credit and sufficient income.
Ready to Start Your Journey?
Contact UofL’s Financial Aid Office for personalized assistance with your student loan options.
Financial Aid Office
Phone: (502) 852-5511
Email: finaid@louisville.edu
Office Hours
Monday – Friday: 9:00 AM – 5:00 PM EST
Location
Houchens Building, Room 110
Louisville, KY 40292
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