Applying for Loans: Overview

To apply for a loan, you must demonstrate financial need. Loans range from $5,000 to $10,000 per year. Please note the differences among them. Some cover your financial need only, and others cover any unmet need as well as your family contribution. Some loans require an application, while others are automatically awarded.

Federal Perkins Loan

You cannot apply for a Perkins Loan, which is awarded based on financial need. If you are awarded the loan—which accrues 5 percent interest, and is repayable 9 months after graduation—it will automatically appear on your financial aid eligibility, and you will receive a Master Promissory Note (MPN) to sign.

Federal Stafford Loan

This loan is available to eligible citizens and non-citizens. Financial need determines whether the loan will be subsidized (interest will be paid by the government while you are enrolled at USC) or unsubsidized. If you have been awarded a Stafford Loan, you must apply to receive the funds. Apply Now

Federal Graduate PLUS Loan

If you need further financing after you have borrowed the full Stafford Loan amount, USC suggests the Federal Graduate PLUS Loan, because it is credit-based (rather than need-based), has a fixed interest rate, requires no collateral and does not impose an early payment penalty.

To apply, you must be a graduate/professional student and a U.S. citizen, permanent resident or other eligible non-citizen. In addition, you must have filed a 2007-2008 Free Application for Federal Student Aid (FAFSA). Apply Now

Private Financing

Other loans from private finance institutions are available to eligible and creditworthy citizens and non-citizens. You may select any lender for your Private Financing Loan.

These lenders process loans electronically with USC and disburse loans using Electronic Funds Transfer (EFT).

If you choose a lender that does not process loans electronically with USC, we may need to process your loan manually, and you will receive your funds via paper check. However, regardless of which lender you choose, the Financial Aid office strives to process your loan quickly and accurately.