Financing Your Graduate Education
Personal Resources and Loans

Graduate students may choose to fund their education predominately from personal funds and resources or by taking out loans from private lending institutions (e.g., non-U.S. government loan programs).

Private loans, also known as alternative loans, help bridge the gap between the actual cost of education and the amount the Federal government allows you to borrow through its various loan programs. Private loans offered by private financial lenders (e.g., banks, savings and loans, etc.) do require some paperwork, but there are no Federal forms to complete. Some graduate students use private loans when they have an unexpected expense, then they need more flexible repayment options, or if Federal loans do not provide enough funding.

In addition to private loans, graduate students should be aware of UCI’s PACE program. This program allows students to pay their quarterly fees in three equal payments for a flat fee (see below). The PACE payment process can help graduate students manage their personal finances by making it easier to pay their quarterly UCI fees.

The table below provides an informational overview of private loans and the UCI PACE program. There are embedded links below to related sites should you want additional information on either or both of these funding/payment options.

OTHER TYPES OF FUNDING/PAYMENT PLANS

PROGRAM	DESCRIPTION	ELIGIBILITY	TERMS/AWARD AMOUNT
UCI's PACE Program Click here for detailed information about the PACE program.	- Fee payment installment plan - Pay quarterly fees in 3 equal monthly installments	- Non-Need based (for ALL students) - Must be enrolled in regular degree program (not available for Summer Session enrollment) - Be in good financial standing	- One-third of fees/tuition paid each month - Quarterly fees must be paid by the end of each quarter - Participation fee required, $25 for California residents; $60 for non-California residents/foreign student
Private Institution Loans See below for a list of some of the many private lenders.	- Various private lending institutions (e.g., banks, savings and loans, credit unions) can provide loans to be used for educational expenses.	- Eligibility varies, check with the private lending institution of your choice for details.	- Interest rates, loan amounts and other related information available from your individual lending institution.

Should you decide that personal loans make sense for your situation, we have provided the list below as a starting point for students interested in private lending institutions. Please be aware that these are private lenders and terms, interest rates, eligibility and award amounts will vary from federally backed student loan programs.

• Citibank
  www.studentloan.com
• Nellie Mae
  www.nelliemae.com/loancenter
• Chela
  www.chelastudentloans.org
• Wells Fargo
  www.wellsfargo.com/student

Additional information about all funding opportunities available to new and continuing graduate students can be found on OGS’ “Graduate Student Funding Opportunities & Resources” web site.

Please note: The University of California provides the above private loan resources as informational only and does not recommend nor endorse any particular loan. Please rely on your personal research in making any decision regarding privately secured loans and the prudence of acquiring a personal loan.

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Last Updated: 10/14/2004