Graduate Student Loans FAQ
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The final date to accept any federal loan funding for Summer 2024 is August 1, 2024
Your loan communication goes to your primary e-mail address listed on Path @ Penn. For most students this is their Penn issued e-mail address. It is vital that you are checking your Penn e-mail for important loan updates and or loan changes you wish to make.
Students who have applied for financial aid will receive an automated notification from Student Registration & Financial Services inviting them to view any federal loan offers within Path@Penn. Traditional Masters and Doctoral students may qualify for up to $20,500 in federal unsubsidized Direct Loan funding. Students in Health Professions programs may qualify for additional unsubsidized Direct Loan funding. Grad PLUS eligibility is unique per student.
Cost of Attendance – Gift Aid = Possible Loan Eligibility
If you submitted a FAFSA for the academic year and qualify for federal loans, Penn will automatically award you your maximum loan amount. It is then up to you to accept, decline, or modify the loan you have been awarded within Path@Penn.
Yes. Students who wish to take out federal loan funding must be enrolled at least half-time during the semester they wish to receive federal loan funding.
Living expense budgets can be viewed by school here.
You need to speak with your loan servicer, which you can view by logging in to your Federal Student Aid account on https://studentaid.gov. If you are in default on a Perkins Loan, please contact the school you borrowed from. You will need to discuss with your lender how to get out of default. If you are cleared, you will need to send your Title IV release letter to stuloans@pobox.upenn.edu with the subject line “DEFAULT CLEARED FOR *YOUR NAME HERE*”
There are no subsidized Federal Title IV funds for graduate students. Health Profession programs may have need-based Title VII funding for students who demonstrate need.
Your loan communication goes to your primary e-mail address listed on Path @ Penn. For most students this is their Penn issued e-mail address. It is vital that you are checking your Penn e-mail for important loan updates and or loan changes you wish to make.
You must submit the FAFSA each academic year you wish to receive the Unsubsidized Direct Loan. If you qualify, Penn will automatically award you this loan. You will receive an automated notification to your Penn email with this information when the loan has been processed and is ready to view within Path@Penn.
You must complete Entrance Counseling and a Master Promissory Note for the Unsubsidized Direct Loan. You can complete these requirements from within the financial aid portal in Path@Penn.
You can find information about current interest rates on the Federal Student Aid website. Interest rates are updated every year as of July 1.
You can find information about current loan origination fees on the Federal Student Aid website. Origination fees are updated every year as of October 1.
The federal government sets all Unsubsidized Direct Loan limits. You can find more information about loan limits on the Federal Student Aid website.
Yes. Students who wish to take out federal loan funding must be enrolled at least half-time during the semester they wish to receive federal loan funding.
If your loan creates a refund on your account, please allow 7-10 business days for your refund to be processed. The quickest way for this to reach you is direct deposit, which you can sign up for within Penn.Pay.
Please contact Student Accounts at stuaccts@pobox.upenn.edu for any refund questions.
You may have reached your aggregate loan borrowing limit. You may also be receiving scholarship aid that does not allow for full eligibility.
Your loan communication goes to your primary e-mail address listed on Path @ Penn. For most students this is their Penn issued e-mail address. It is vital that you are checking your Penn e-mail for important loan updates and or loan changes you wish to make.
Students who submit a FAFSA will receive an offer for a Graduate PLUS Loan based on their funding eligibility. Students can view any current offers within the financial aid portal in Path@Penn by clicking on "My Financial Aid" and then "Award Offers." From here, you can choose to accept, decline, or modify the loan amount that has been offered. By accepting a Graduate PLUS Loan, you are also consenting to a credit check, which is required to approve you for the loan.
Yes, you must be enrolled at least half-time in your program to receive federal loan funding
You may appeal the credit decision on https://studentaid.gov/ or gain an endorser (cosigner) on the loan.
You are required to notify our loan staff at stuloans@pobox.upenn.edu stating you were approved. Your subject line should be “ENDORCER APPROVED LOAN *YOUR NAME HERE*” Please note you are also required to complete PLUS Credit Counseling and the Master Promissory Note before we award you the endorsed loan.
You can find information about current interest rates on the Federal Student Aid website. Interest rates are updated every year as of July 1.
You can find information about current loan origination fees on the Federal Student Aid website. Origination fees are updated every year as of October 1.
Your loan communication goes to your primary e-mail address listed on Path @ Penn. For most students this is their Penn issued e-mail address. It is vital that you are checking your Penn e-mail for important loan updates and or loan changes you wish to make.
Yes, you are required to be enrolled at least half-time. Financial aid for summer spans Summer 1 and Summer 2 so you may be enrolled in at least one CU each term to equal two CUs in the summer for half-time status.
If you submit a FAFSA, SRFS will award you with federal loan funding based on your summer course enrollment.
Your loan communication goes to your primary e-mail address listed on Path @ Penn. For most students this is their Penn issued e-mail address. It is vital that you are checking your Penn e-mail for important loan updates and or loan changes you wish to make.
Penn provides a historical lender list for students to use.
No, each private lender has their own repayment options. You need to consult with your private lender for repayment options.
Please allow 7-10 business days for processing of all alternative loans. During our busy times (Summer, bill release, holds, etc.) this may take up to 20 business days. If it has been over a month since you have submitted your application, please reach out to us.
We strongly suggest you borrow per academic year. Your requested date should reflect the first day of classes and your end date should reflect the last day of your classes. Please consult your academic calendar for these dates. Ex: If you start August 31 and finish May 12, your requested dates should be August through May.
Your loan communication goes to your primary e-mail address listed on Path @ Penn. For most students this is their Penn issued e-mail address. It is vital that you are checking your Penn e-mail for important loan updates and or loan changes you wish to make.
Please email stuloans@pobox.upenn.edu with subject line: “Return Loan Funding.” Include your full name, Penn ID, and the net amount of loan you wish to return. During high volume times it may take up to 20 business days to process your request.
Please email stuloans@pobox.upenn.edu with subject line: "Return Loan Funding." Include your full name, Penn ID, and net amount of loan you wish to return. During high volume times it may take up to 20 business days to process your request.
Please note that due to refunds being processed soon after disbursement, you may receive these unwanted refund monies. It is your responsibility to hold on to this loan refund while our team processes your request. Once your request is processed, you may see a balance on your account which should be paid using your refund.
If you are receiving federal loan funding, you should contact our loan team at stuloans@pobox.upenn.edu within 120 days of your disbursement. If you are receiving private loan funding, please contact us as well for any adjustment. During high volume times it may take up to 20 business days to process your request.
We will return per your request. Please note, due to refunds being processed soon after disbursement, you may receive these unwanted refund monies. It is your responsibility to hold on to this loan refund while our team processes your request. Once your request is processed you may see a balance on your account which should be paid using your refund.
Your loan communication goes to your primary e-mail address listed on Path @ Penn. For most students this is their Penn issued e-mail address. It is vital that you are checking your Penn e-mail for important loan updates and or loan changes you wish to make.
Eligibility for these loans is determined by your school's specific financial aid office. You should reach out to them for more information on how to apply and any deadlines.
Your loan communication goes to your primary e-mail address listed on Path @ Penn. For most students this is their Penn issued e-mail address. It is vital that you are checking your Penn e-mail for important loan updates and or loan changes you wish to make.
Many private lenders will allow international students to borrow with a U.S. citizen or permeant resident co-signer. You should reach out to the lender of your choice to get more information.
There are few loans for international students to be approved without a co-signer. These may include Prodigy and MPower. You should reach out to them for more information.
Your loan communication goes to your primary e-mail address listed on Path @ Penn. For most students this is their Penn issued e-mail address. It is vital that you are checking your Penn e-mail for important loan updates and or loan changes you wish to make.
To avoid late fees, your loan application must be received by the University no later than 30 day prior to the due date.
Even though both loans are from the federal government, they are two different loans that require two separate Master Promissory Notes.
Please contact your alternative loan servicer to discuss repayment with them directly.
Please contact your loan servicer. You can view who your servicer is by logging in to your Federal Student Aid account at https://studentaid.gov.
