Types of Loans

An overview of loan programs for undergraduate and graduate students. 

Undergraduate students, graduate students, and parents all have access to different loan programs. Some of these programs are based on need with fixed interest rates, and some are available based on a credit check with variable interest rates. 

Review the options below, and contact a financial aid counselor if you have further questions about what option is right for you. 

Review Loan Options

Undergraduate Loans

Because Penn meets the full demonstrated need of undergraduate students with grant funding and work-study, we do not include loans in your initial financial aid package. Some families choose to borrow to help meet all or part of their Expected Family Contribution. Students can also choose to borrow funds to replace their work-study award if they choose not to or are unable to work during the academic year. Some federal loans are available to the student, and others are available to parent borrowers. SFS can counsel you on both federal and alternative student loan options. Students must be enrolled at least half-time to be eligible for these loans.

Graduate/Professional Loans

For most graduate programs, loans are a primary source of financial aid, and SFS can help you choose borrowing programs that make the most sense for your financial need. Because graduate loans are often for larger amounts, it is important to consider whether a federal or private loan will best meet your long-term financial needs.

Undergraduate Loans

Because Penn meets the full demonstrated need of undergraduate students with grant funding and work-study, we do not include loans in your initial financial aid package. Some families choose to borrow to help meet all or part of their Expected Family Contribution. Students can also choose to borrow funds to replace their work-study award if they choose not to or are unable to work during the academic year. Some federal loans are available to the student, and others are available to parent borrowers. SFS can counsel you on both federal and alternative student loan options. Students must be enrolled at least half-time to be eligible for these loans.

Graduate/Professional Loans

For most graduate programs, loans are a primary source of financial aid, and SFS can help you choose borrowing programs that make the most sense for your financial need. Because graduate loans are often for larger amounts, it is important to consider whether a federal or private loan will best meet your long-term financial needs.