Types of Financial Aid
- Federal Loans
- Federal Perkins Loans
- Federal Direct Loans
- Federal Direct Grad PLUS Loans
- Health Professions Student Loans & Loans for Disadvantaged Students
- Private Loans (Private Alternative Educational Loans)
Grants are awarded based on financial need and do not have to be repaid. UCLA grants are funded through the School of Dentistry and the University. Awards typically range from $1,000 to $5,000.
Scholarships are awarded based on academics and other achievements and may or may not be need-based.
University Scholarships* consist primarily of private scholarship funds donated to the School of Dentistry. Information regarding these scholarships will be provided during the academic year.
Non-University Scholarships are from various organizations, agencies, companies, or private individuals and are not administered by the University. Students are required to meet various agency restrictions, which may include academic achievement, special talent, leadership abilities, and group affiliation. Additional scholarship information may be obtained in your local library’s reference section. There are also a few sites on the internet that might assist you in your search.
For your convenience, we provide a list of scholarships from organizations that have awarded or may award funds for our students. However, please remember that you are not limited to seeking scholarships from those listed.
The Federal Work-study Program is awarded to students who are US citizens or eligible non-citizens with financial need and is earned through part-time employment. Students secure employment through on-campus or off-campus agencies and may work up to 20 hours per week during the quarter.
However, because the School of Dentistry program is so rigorous, we recommend that students do not work while enrolled. Therefore, we rarely award work-study to dental students with the exception of the Class Projectionist (one per class). Students can apply during the first week of orientation in the School of Dentistry Student Affairs Office.
Federal loans are available to students who are US citizens, permanent residents, or US nationals with a valid Social Security number. Those with a valid I-94 form showing refugee or asylum status or also eligible. These loans must be repaid with interest, usually after graduating or separating from the education program. Awards include long-term, low-interest loans.
Repayment of the principal and interest of these loans is usually deferred until six months after graduation or withdrawal. Some loans are eligible for internship/residency deferment while others only allow for forbearance. When you are offered a loan, you will be given additional information to assist you with your final decision to accept or reject long-range indebtedness. Private University funds may require one or two co-signers. Interest rates vary, depending on the particular loan source.
Please note: Students in the US on student visas are NOT eligible for federal loans.
For more information about the different types of federal loans, please refer to the items below.
Federal Perkins Loans are available to students with financial need. Graduate and professional students may borrow up to $40,000, including undergraduate federal Perkins Loan amounts. The Perkins Loan interest rate is 5 percent. There is a ten-year repayment period with a minimum repayment of $120 per quarter. No interest or principal is due until six to nine months after graduation or less than half-time enrollment.
Please note: All Federal and State Programs are subject to change, and all students should read their promissory notes for details on any loan program.
The William D. Ford Federal Direct Loan Program provides low-interest unsubsidized (interest accrues while in school) loans financed by the US Department of Education rather than a bank or other financial institution. Loans are available to students who are US citizens or eligible non-citizens. Loan repayment begins six months after graduation or dropping below half-time enrollment.
The government will set the interest rate for each July 1st through June 30th of the following year. The interest rate for a loan, once established, will apply for the life of the loan – that is, the loan will be a fixed rate loan. As a result, it is likely that many borrowers will have a set of fixed-rate loans, each with a different interest rate, including the 3.4% and/or 6.8% Direct Subsidized and Direct Unsubsidized loans made prior to July 1, 2013.
Federal Subsidized Direct Loans have been discontinued for graduate and professional students.
Federal Unsubsidized Direct Loans are available to all students regardless of income. Interest accrues from the date of disbursement, but the extra costs of accrual can be avoided by making regular interest payments while in school. The unsubsidized amount may be used to meet the difference between the student budget and financial aid awarded (i.e., to replace the student contribution and/or parental contribution).
Because graduate/professional students are not eligible to receive Direct Subsidized Loans, the annual loan limit for the new graduate/professional Direct Unsubsidized Loan includes the amount that would have been previously offered for a Direct Subsidized Loan.
Health professions students qualify for greater amounts of Unsubsidized Direct Loan funds than other disciplines. Including the amount that would previously have been offered in Direct Subsidized Loans, health professions students can receive up to $40,500 in our 9-month first year. In subsequent years, when students are here year round, that eligibility rises to $47,167. The combined aggregate limit for both the subsidized and unsubsidized loans is $224,000.
Federal Direct PLUS Loans are now available for graduate and professional students as Direct Grad PLUS Loans. The interest rate for the Grad PLUS Loan is fixed annually in the same manner as listed above for other Direct Loans. Interest accrues from the day the funds are released.
To be eligible for a federal Direct Grad PLUS Loan, you must be a US citizen or eligible non citizen with a valid Social Security number, must not be in default on a federal loan or liable for a grant or federal Perkins Loan overpayment, and must meet a minimal credit eligibility. A federal Direct Grad PLUS Loan may only be considered after Direct Loan eligibility has been determined through the financial aid application process. Direct Grad PLUS eligibility may cover the full cost of attendance minus the amount of other financial aid received.
Health Professions Student Loans (HPSL) and Loans for Disadvantaged Students (LDS) are provided by the federal government for dental student financing on a priority basis. First priority is given to those students with no personal and/or family financial resources. The interest rate is 5 percent with a ten-year repayment period. HPSL and LDS loans may be deferred (interest and principal) during periods of advanced training, including internships and residencies.
Some students may find it necessary to finance a portion of their education through private loan sources. Students must apply for private loans (aka. Private Alternative Educational Loans) on their own. Students often elect to apply for a private loan for the period during which they are studying for the state boards and/or for expenses incurred while applying for a residency program. Interest rates vary according to the lenders.
Because private loans are generally not federally guaranteed, the borrower must demonstrate credit-worthiness. This is based on an applicant’s personal credit history, including factors such as prior loan repayment records and current personal debt.
If you believe that you will need to seek private loan funds to help meet your education expenses while attending dental school, we suggest that you request a credit history report as soon as possible to evaluate your ability to secure private loan funds. Generally, a request for a credit history report requires four weeks to complete. Listed below are national credit reporting agencies that you may find helpful:
- TransUnion – http://www.transunion.com
- Equifax – http://www.equifax.com
- Experian – http://www.experian.com
For a list of UC recommended private loan lenders for health professions students, click here.
For the UC Code of Conduct regarding preferred lender arrangements, click here.
Please note: We recommend that all eligible students use the federal Direct Grad PLUS Loan instead of a private loan if additional funds are needed.
Students considering student loans need to be aware of the differences between federal student loans and private student loans:
- Federal student loans are required by law to provide a range of flexible repayment options including, but not limited to, income-based and income-contingent repayment plans as well as loan forgiveness benefits that private lenders are not required to provide.
- Federal direct loans are available to most students regardless of income. Other qualification criteria do apply. For more information, please visit http://www.studentaid.ed.gov/eligibility.
- Private student loan lenders can offer variable interest rates that can increase or decrease over time, depending on market conditions.
- The interest rate on a private loan may depend on the borrower’s and/or co-signer’s credit rating.
- Private student loans have a range of interest rates and fees and students should determine the interest rate of, and any fees associated with, the private student loan included in their financial aid award package before accepting the loan. Students should contact the lender of the private student loan or their UC campus’ financial aid office if they have any questions about a private student loan.
*These types of financial aid are only available for students enrolled in the 4-year DDS program.