Type of Loans

Federal Direct Loan Programs

Federal Direct Subsidized/Unsubsidized Loan Maximum Annual Loan Limit Chart

Based on financial need as determined by the FAFSA.

The annual loan amount is based on the grade level of the student:

Maximum Annual Loan Limits Chart (Aggregate Loan Limits) - Federal Direct Subsidized/ Unsubsidized Loans

YearDependentIndependentGraduate
First Year $3,500 plus $2,000 in unsubsidized loans $9,500 - No more than $3,500 of this amount may be in subsidized loans. $20,500 - Unsubsidized
Second Year $4,500 plus $2,000 in unsubsidized loans $10,500 - No more than $4,500 of this amount may be in subsidized loans.
Third and Beyond (each year) $5,500 plus $2,000 in unsubsidized loans $12,500 - No more than $5,500 of this amount may be in subsidized loans.
Maximum Total Debt from Federal Direct Loans when you graduate (aggregate loan limits) $31,000 (maximum $23,000 subsidized) $57,500 - No more than $23,000 of this amount may be in subsidized loans.

$138,500 - No more than $65,500 of this amount may be in subsidized loans.

The graduate debt limit includes Federal Direct Loans received for undergraduate study.

Federal Direct Subsidized Loans

Not available for graduate level students

Federal Direct Subsidized Loans first disbursed after 7/1/17 will have a fixed interest rate of 4.45%.  Interest will begin to accrue six months after the student is no longer enrolled at least half-time status. Repayment begins 6 months after the borrower is no longer enrolled at least half-time. The loan has a 10-year repayment period.

Federal Direct Subsidized Loans first disbursed on or after 10/1/17 have a 1.069% Origination fee deducted from the loan disbursement amount.

Federal Direct Subsidized Loan Time Limitation
If you received your first federal student loan after June 30, 2013, there is a limit on the maximum period of time that you can receive Federal Direct Subsidized Loans. You may not receive Federal Direct Subsidized Loans for more than 150% of the published length of your program (your "maximum eligibility period"). After you have received Federal Direct Subsidized Loans for your maximum eligibility period, you are no longer eligible to receive additional Federal Direct Subsidized Loans. You may continue to receive Federal Direct Unsubsidized Loans as long as you are within the lifetime aggregate Direct Loan limits.

If you continue to be enrolled in any undergraduate program after you have received Federal Direct Subsidized Loans for your maximum eligibility period, the Federal government will no longer pay the interest that accrues on your Federal Direct Subsidized Loans. For additional information on Direct Subsidized Loan time limitations please go to https://studentaid.ed.gov/types/loans/subsidized-unsubsidized.

Federal Direct Unsubsidized Loans

Federal Direct Unsubsidized Stafford Loans first disbursed after 7/1/17 will have a fixed interest rate of 4.45% for undergraduate students and 6% for graduate students. Interest will begin to accrue when the loan is disbursed. Repayment begins 6 months after the borrower is no longer enrolled at least half-time. The loan has a 10-year repayment period.

Federal Direct Unsubsidized Loans first disbursed on or after 10/1/17 have a 1.069% Origination fee deducted from the loan disbursement amount.

Federal Direct Subsidized/Unsubsidized Loan Entrance Counseling

Federal regulations require that first time Federal Direct Loan borrowers complete Loan Entrance Counseling prior to the loan being disbursed.

Federal Direct Subsidized/Unsubsidized Loan Master Promissory Note

The Federal Direct Loan Master Promissory Note (MPN) is the only time a student is required to complete a promissory note for the Federal Direct Loan. The MPN can be used for up to 10 years of borrowing for educational expenses. If no loan is funded within 12 months of the original borrower sign date, a new MPN will be required.

You can complete a Federal Direct Loan MPN online at www.studentloans.gov.

Use a repayment calculator for the Federal Direct Subsidized and Unsubsidized Loans.

Federal Direct PLUS Loan (Parent Loan for Undergraduate Students)

A completed FAFSA is required. This loan is for Dependent students only and the loan is borrowed in the parent's name. The loan is credit-based, therefore the parent must have a satisfactory credit history. The parent borrower can do an online credit check at www.studentloans.gov. The maximum annual amount is the Cost of Education minus other financial aid awarded.

Federal Direct PLUS Loans first disbursed after 7/1/17 will have a fixed interest rate of 7%. Repayment begins immediately after the loan is fully disbursed. Deferment or forbearance of payments is available. The loan has a 10-year repayment period.

Federal Direct PLUS Loans first disbursed on or after 10/1/17 have a 4.276% origination fee deducted from the loan disbursement amount.

Use a repayment calculator for the Federal Direct PLUS Loan.

A Private Alternative loan can be borrowed in place of the Federal Direct PLUS Loan.

If the parent is credit denied for the Federal Direct PLUS Loan, we will email information to the parent regarding Additional Federal Direct Unsubsidized Loan and Private Loan eligibility.

Institutional Loan Programs

All Institutional Loans Require a Co-signer

Pepperdine University Restricted Loan (Weingart/PURL)

Eligibility is based on specific criteria set by Pepperdine University and the donor (for example, the student must be a California High School graduate).

You must be enrolled full-time status in order to receive the PURL Loan. If you drop below full-time status at any time during the semester your PURL Loan will be cancelled.

Award amounts may vary as determined by the Office of Financial Assistance.

Interest rate is 0%. The rate will remain at 0% as long as the borrower is not 120 days or more delinquent and is not in default on the loan.

Repayment typically begins 6 months after the student officially graduates and/or is enrolled at less than half-time status. The loan cannot be deferred for graduate school purposes, unless the student is enrolled in a Pepperdine graduate program.

The repayment period is not to exceed 10 years, but may be less than 10 years, based on the loan balance as determined by Pepperdine University.

The loan has no fees.

See a sample repayment chart for the PURL Loan.

Elkins Loan

Annual interest rate is 5% fixed. Interest will begin to accrue from the date the note is signed.

Loan repayment is not deferrable for future education. Payments will begin 6 months after the student is no longer enrolled at least half-time status at Pepperdine.

Minimum monthly payment is $50. Maximum repayment term is 120 months.

Seaver Associate Loan

Annual interest rate is 5% fixed. Interest will begin to accrue from the date the note is signed.

Loan repayment is not deferrable for future education. Payments will begin 6 months after the student is no longer enrolled at least half-time status at Pepperdine.

Minimum monthly payment is $50. Maximum repayment term is 120 months.

Seaver Institutional Loan

Annual interest rate is 8% fixed. Interest will begin to accrue from the date the note is signed.

Loan repayment is not deferrable for future education. Payments will begin 6 months after the student is no longer enrolled at least half-time status at Pepperdine.

Minimum monthly payment is $50. Maximum repayment term is 84 months.

Seaver Student Loan

Annual interest rate is 7.5% fixed. Interest will begin to accrue from the date the note is signed.

Loan repayment is not deferrable for future education. Payments will begin 6 months after the student is no longer enrolled at least half-time status at Pepperdine.

Minimum monthly payment is $50. Maximum repayment term is 84 months.

Private Loan Programs

Private educational loans are offered by private lenders. You should exhaust your federal loan eligibility before borrowing a private loan.

Read additional information on private educational loans.