UCSC students who graduated from public institutions of higher education between 2012 and 2016 are entitled to some form of loan forgiveness, the university said on Tuesday.
In a statement, UCSC said that under UCs new Financial Aid Policy, the financial aid provider will provide up to 90% of a student’s total loan forgiven and that students who have received loans under the previous UCs federal financial aid policy will be eligible for loans through the new policy.
However, UC’s undergraduate and graduate student loan repayment rates have been rising since 2011, when they were lower than the national average.
The university said that the new policies would help UCs students who are graduating from public colleges and universities to obtain additional financial aid for the next five years.
The UCs loan forgiveness policy allows eligible students to defer the repayment of loans and have the full amount forgiven in a grace period, with a maximum loan forgiveness amount of $5,000.UC students who graduate from public universities must pay all student loan debt, including tuition, fees and books and materials, for the first three years.
They are also expected to pay $1,000 of any interest they incur.
If they have any remaining balance, they can apply for a federal student loan that is guaranteed by the US government.
The federal student loans are available for students who can show proof of financial need and have a history of debt-free repayment.