Important updates
SAVE Plan court actions impact on borrowers. Learn about the court actions blocking some provisions of the SAVE Plan and how you can still apply for or manage an IDR plan or consolidate your loans.
Loans
Loans are a form of financial aid that must be repaid and can come from the federal government, the University and private lending sources.
Federal loans
The William D. Ford Federal Direct Loan (Direct Loan) Program is the U.S. Department of Education’s federal student loan program. The U.S. Department of Education acts as the loan lender and there are several available loan types for undergraduate students, graduate students, professional students and parents.
Direct Subsidized Loan
The Federal Direct Subsidized Loan is a federally-sponsored "need-based" loan available to undergraduate students only.
Direct Unsubsidized Loan
The Federal Direct Unsubsidized Loan is available to undergraduate, graduate and professional students, but is not based on financial need.
Direct PLUS (Parents)
Direct PLUS loans are made to parents of dependent undergraduate students and has specific eligibility requirements and is not based on financial need.
Direct PLUS (Grad)
Direct PLUS loans are made to graduate and professional school students and has specific eligibility requirements and is not based on financial need.
Institutional Loans
Institutional loans come from the University of Â鶹ӳ» Reno and offer students a variety of additional funding options for their college education.
Garvey-Rhodes and Blundell Undergraduate loans
Garvey-Rhodes (GRLN) and Blundell Undergraduate (BLUN) are need-based loans for undergraduates funded from institutional endowments that each offer low interest (5%), long-term loans.
Federal Nursing Student Loan (NSL)
The Federal Nursing Student Loan (NSL) is a need-based, long-term, low interest (5%) federal loan specifically for students admitted into the Orvis School of Nursing. There are no processing fees. Interest does not accrue and there is no repayment while you remain enrolled at less than half-time. The standard repayment term is ten years.
Other types of student loans
Private loans
A private loan is a consumer-based, non-need-based loan. The interest rate for a private loan is usually considerably higher than the rate for a federal loan.
Nursing Student Loans
The Nursing Loan (NSL) is a need-based, long-term, low interest (5%) federal loan specifically for students admitted into the Orvis School of Nursing.
Repayment Readiness
Loan repayment options
Even though most borrowers are assigned a standard repayment plan when you first begin repayment, you can change your repayment plan with your federal loan servicer to fit your needs. For more information on each type of repayment plan, please visit the Federal Student Aid website .
Public Service Loan Forgiveness Program (PSLF)
To qualify for PSLF, you must
- Be employed by a U.S. federal, state, local, or tribal government or non-for-profit organization (federal service includes U.S. military service);
- Work full-time for that agency or organization
- Have Direct Loans (or consolidate other federal student loans into a Direct Loan);
- Repayment your loans under an income-driven repayment plan; and
- Make 120 qualifying payments.
Exit counseling
Are you about graduate or dropping below half-time enrollment? Exit counseling is a course to ensure you understand the loan repayment obligations when your 6 month grace period ends.
Loan simulator
Use this tool to calculate your specific federal loan repayment options based on the different repayment plans available.
Default rates
In September of 2023, the U.S. Department of Education released the FY official 3-year cohort default rates (CDRs). The FY 2020 3-year cohort default rate is the percentage of federal student loan borrowers who entered repayment on FY 2019 and defaulted within the following three years. The University’s FY 2020 3-year CDR is 0.0%.
