Loans must eventually be repaid, often with interest and additional fees. Borrowing a loan allows students and families to use future income to pay for education today. Repayment of student loans is often deferred until after the student graduates, withdraws or enrolls on a less than half-time basis. Terms of repayment vary depending on the type of the loan, but generally repayment lasts up to 10 years, depending on amounts borrowed.
NOTE: Acceptance of any loan carries an obligation to repay; before you take out a loan to finance any part of your Scripps College education, you should carefully compare loan programs and consider the total amount of money and the repayment requirement for which you will be responsible after you complete your education. You are not required to borrow the full loan amount you are awarded in your financial aid offer; you should only borrow as much as you feel your unique circumstances require.
Your financial aid package from Scripps may include one or more of the following types of loans:
You may also wish to apply for:
Scripps College Annual Federal Direct Loan Amounts Awarded
Scripps College invests significant funds in need-based grants to ensure that students do not leave school with overly burdensome debt. Students entering Scripps College in the 2026-2027 year and beyond will be packaged with following need-based loans over the course of each of their four years at the college.
| Year in School | Need-Based Loan Amount in Financial Aid Package |
| First | $3,500 |
| Second | $4,500 |
| Third | $4,500 |
| Fourth | $4,500 |
Please note that Scripps does not automatically package students with Direct Unsubsidized Loans. If you are interested in receiving this loan, please contact our office for more information.
Under federal regulations, you may be eligible to borrow additional amounts of Federal Direct Loans that are not included in your initial financial aid award. Please see the chart below to understand your maximum federal student loan eligibility.
Federal Direct Loans
You may be eligible for one or more of these long-term, low-interest loans to students and parents, which are made by the U.S. Department of Education. Federal Direct Loans are paid directly to Scripps to cover charges billed through the college. Any remaining funds will be delivered to you or your parent (in the case of a Parent PLUS loan) for other educationally related expenses.
Subsidized and Unsubsidized Federal Direct Loans
- Subsidized Federal Direct Loans are loans on which the federal government pays the interest that accrues as long as you are in school at least half time; during the six-month grace period after you graduate, withdraw, or cease to attend school at least half time; and during approved deferments.
- Unsubsidized Federal Direct Loans are loans on which interest begins accruing as soon as the loan is taken out and continues to accrue during the six-month grace period after you graduate, withdraw, or cease to attend school at least half time, as well as during any periods of deferment.
Eligibility
Federal Direct Loans are available to US Citizens and eligible non-citizens. Subsidized Federal Direct Loans are need-based and may not be used to cover your Student Aid Index (SAI). Unsubsidized Federal Direct Loans are available regardless of need and may be used to cover your SAI.
Federal Annual Loam Limits
Under federal regulations, the maximum amount of subsidized and unsubsidized Federal Direct Loan you may receive as a federally dependent student per academic year is as follows:
| Year in School | Subsidized Maximum | Unsubsidized Maximum | Combined Maximum |
| First | $3,500 | $2,000 | $5,500 |
| Second | $4,500 | $2,000 | $6,500 |
| Third | $5,500 | $2,000 | $7,500 |
| Fourth | $5,500 | $2,000 | $7,500 |
If you are considered federally independent—or if your parents are ineligible to participate in the Federal Direct Parent PLUS Loan program—you may borrow the following additional amounts:
| Year in School | Subsidized Maximum | Unsubsidized Maximum | Combined Maximum |
| First | $3,500 | $6,000 | $9,500 |
| Second | $4,500 | $6,000 | $10,500 |
| Third | $5,500 | $7,000 | $12,500 |
| Fourth | $5,500 | $7,000 | $12,500 |
Interest Rates, Fees and Repayment
Each July 1, the federal government establishes a new interest rate for loans made that academic year. Once established, the interest rate is fixed for the life of that loan. An origination fee is deducted from each disbursement and withheld from the loan by the federal government to offset the cost of the program.
Repayment generally lasts 10 years, but may be extended based on amounts borrowed.
Application and Loan Disbursement
Each year you wish to borrow a Subsidized and/or Unsubsidized Federal Direct Loan you must complete and submit a Free Application for Federal Student Aid (FAFSA). If you are a first-time borrower, you must complete a Master Promissory Note (MPN) and Federal Direct Loan Entrance Counseling online at www.studentaid.gov. In addition, you will need to accept your Federal Direct Loan award in your My Financial Aid portal.
Loans are disbursed in two equal installments not earlier than 10 days before the start of each semester for eligible students.
Federal Direct Parent PLUS Loans
A Federal Direct Parent PLUS Loan is a low-interest, long-term loan that your parent may borrow to pay for your education. Parents of dependent undergraduate student can borrow up to $20,000 per year, less all other financial aid (with lifetime borrowing cap of $65,000 per student). These funds may be used for tuition, fees, books, room, board or other educational expenses. Federal Direct Parent PLUS Loans are available to all families that meet the eligibility requirements, regardless of your financial needs.
Eligibility
- Federal Direct Parent PLUS Loans are available to parent borrowers (biological parents, adoptive parents, and stepparents).
- More than one eligible parent may apply.
- Eligible borrowers must be U.S. citizens or eligible non-citizens, and must not have an adverse credit history as determined by the U.S. Department of Education.
- Parent borrowers who fail to meet the established credit criteria may appeal or may apply with an endorser (co-borrower) who does meet the credit criteria.
- Parents who establish eligibility by virtue of an appeal or an endorser must complete online counseling at studentloans.gov.
- Your students must maintain Satisfactory Academic Progress toward their degree objective.
Interest Rates, Fees and Repayment
Each July 1st, the federal government establishes a new interest rate for loans made that academic year. Once established, the interest rate is fixed for the life of that loan. Interest on the Federal Direct PLUS Loan begins to accrue at disbursement. An origination fee is deducted and withheld from the loan by the federal government to offset the cost of the program.
Application and Loan Disbursement
Each year your parent wishes to borrow a Federal Direct Parent PLUS Loan you and your parents must:
- Complete the Free Application for Federal Student Aid (FAFSA);
- Submit a Federal Direct Parent PLUS Loan request at studentloans.gov; and
- If you are first-time borrowers, complete a Master Promissory Note (MPN) online at studentloans.gov.
Loans are disbursed in two equal installments no earlier than 10-days before the start of each semester for eligible students. The first scheduled payment is due 60 days after the full disbursement, but may be deferred while your student is enrolled in school at least half-time. These loans have a 10-year repayment term, with no prepayment penalty. Repayment periods may be extended based on amounts borrowed.
Private Educational Loans
You may also consider taking out a private educational loan for your education. Please note that private or alternative loans are not federally guaranteed and should only be considered after your eligibility for all other types of aid—including Federal Direct Loans and Federal Direct Parent PLUS loans—has been exhausted. In addition, the repayment terms of federal loan programs are generally more favorable than the terms of private loans.
Private student loans may not be included in Federal Direct Consolidation Loans and are not eligible for the Federal Income-Based Repayment Plans or for Federal Economic Hardship Deferments.
The interest rates and origination and repayment fees for private loans vary and are set by the lender. Most private lenders require a co-signer, with interest rates based on the credit-worthiness of the borrower and/or co-borrower. The interest rate may vary on a monthly or quarterly basis and may not have a maximum rate.
Rules for repayment and deferment vary from lender to lender, although repayment generally begins after full disbursement. Some lenders may defer repayment during periods of at least half-time enrollment and economic hardship; however, interest will continue to accrue on the loan from the date it is disbursed.
Scripps College does not recommend or promote any individual lender or loan product. We provide no preferred lender list but, instead, suggest you visit the ELM Select website for more information. ELM Select will provide you with a list of lenders who have made loans to Scripps College students over the past three years. You are not required to choose one of the lenders or loan products. Scripps College Office of Financial Aid will promptly process any loan application you submit.
We encourage you and your family to compare these loan programs carefully before selecting a lender and to borrow only as much as is necessary.
Scripps College Institutional Loan Programs
Scripps College Institutional Loans are available on a limited basis. Generally, Scripps College Institutional Loan Programs require students to borrow with a co-borrower. Borrowers and co-borrowers must be citizens or residents of the United States. Other restrictions apply as each loan has its own eligibility criteria established by the donor. Interest rates and fees vary based on program. Contact the Office of Financial Aid for more information.