There are many reasons why you might want to attend the University of the Pacific. It was ranked No. 110 among the best schools in the nation by U.S. News & World Report. It also has a picturesque campus that’s been featured in movies, 80 undergraduate majors, and is a 90-minute drive from San Francisco.
But all those positives come at a cost. Tuition is over $46,000 a year, which could make it difficult for you to attend. Luckily, you have plenty of options to fund your education at your dream school.
How to pay for the University of the Pacific
The private university might cost a lot, but it provides a clear overview of financing options for both parents and students. Here’s how to pay for the University of the Pacific.
Although you should apply for scholarships on your own, the University of the Pacific does help with some of the legwork. It automatically considers incoming freshmen and transfer students for merit-based scholarships. Your GPA and SAT and ACT scores will be taken into consideration.
The school also offers its Community Involvement Program. Students from low-income households who demonstrate leadership and community involvement can earn this scholarship. Check with the school to see if you’re eligible to apply.
You have numerous opportunities to earn grants at the University of the Pacific. Undergraduate students, for instance, are eligible to receive the Federal Pell Grant if they demonstrate financial need.
Cal Grants are also available to California residents who apply through the Free Application for Federal Student Aid (FAFSA) or California Dream Act Application (CADAA). There are three kinds of Cal Grants available — A, B, and C — with awards up to $12,630. Each has different stipulations, but each requires you to have filled out the FAFSA or CADAA.
The school also has its own grant system. It awards money based on academic achievement and financial need. Eligible freshmen could get up to $15,000 a year.
If you’re tapped out on scholarships and grants but still need money to pay for school, you might want to consider work-study. The University of the Pacific participates in the federal work-study program. Students who demonstrate financial need are provided with on-campus work to help fund their education.
The school prides itself on offering jobs in various departments. You can see available opportunities on the University of the Pacific’s website. Although you’re unable to work more than part-time hours, there are many ways you can make the most of your work-study.
Federal student loans
The Department of Education has three loans to help you cover the cost of attending the private university.
- Direct Subsidized Loan: To qualify for this federal loan, you need to prove financial need. If you’re eligible, the government will cover interest charges while you’re still in school and for the first six months after you graduate. The exact amount you’re allowed to borrow is determined by the University of the Pacific.
- Direct Unsubsidized Loan: You don’t need to show financial need to qualify, but you’re responsible for paying the interest that accrues while you’re in school and during your grace period. However, payments aren’t due until you leave school.
- Parent PLUS Loan: Your parents can take out this type of loan to help you pay for college. They can borrow up to your cost of attendance minus any other financial aid. Like a Direct Unsubsidized Loan, interest accrues while you’re in school. To qualify, your parents’ credit history will be taken into consideration.
To apply for these loans, you need to fill out the FAFSA using the school code 001329. Priority filing for new students is Jan. 15, and the deadline for Cal Grant consideration is March 2. Make sure you have all the paperwork turned in before then to secure as much aid as possible.
Private student loans
Even with scholarships, grants, work-study, and federal aid, you might not have enough funds to cover tuition. That’s where private student loans come in.
Unlike federal loans, which are issued and regulated by the government, private loans are funded by independent financial institutions, such as banks and credit unions. This means that your eligibility, interest rates, and repayment terms can vary by lender.
Also, a private lender will take your credit score and debt-to-income ratio into consideration, which will often determine your interest rates. This could be a good thing if you have a high credit score; you could potentially get a lower interest rate than with a federal loan. Be sure to shop around for the best private student loans and compare rates.
Unfortunately, many undergraduate students have poor or unestablished credit and, therefore, might need a cosigner. A parent or other family member with a good credit score should be your top choice for a cosigner. Keep in mind, though, that if you’re unable to make payments, your cosigner will be responsible for them.
It’s important to consider all the pros and cons of private student loans before borrowing one to make sure you can make payments on time.
Affording the University of the Pacific is possible
If the University of the Pacific is your perfect school, but you’re worried about how to cover your cost of attendance, know that there are many options available to you.
Take the time to research and apply for scholarships and grants. Weigh federal and private student loans. Once you have funding in place to attend school, you can start daydreaming about roaming the stunning campus.
Need a student loan?Here are our top student loan lenders of 2019!
|1 Important Disclosures for Ascent.
Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB). Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. Loan products may not be available in certain jurisdictions, and certain restrictions, limitations; and terms and conditions may apply. Ascent is a federally registered trademark of Turnstile Capital Management (TCM) and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.
* Application times vary depending on the applicants ability to supply the necessary information for submission.
2 Important Disclosures for CollegeAve.
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
Information advertised valid as of 2/1/2019. Variable interest rates may increase after consummation.
3 Important Disclosures for Discover.
* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
4 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
5 Important Disclosures for SunTrust.
Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.
SunTrust Bank, Member FDIC. ©2019 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.
6 Important Disclosures for LendKey.
Additional terms and conditions apply. For more details see LendKey
7 Important Disclosures for CommonBond.
A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.
Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.
Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.
Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.
8 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|4.23% – 13.23%1||Undergraduate and Graduate|
|4.20% – 11.44%2||Undergraduate, Graduate, and Parents|
|4.84% – 13.49%3||Undergraduate and Graduate|
|4.50% – 10.11%*,4||Undergraduate and Graduate|
|4.25% – 13.25%5||Undergraduate and Graduate|
|5.85% – 6.99%6||Undergraduate and Graduate|
|3.95% – 9.81%7||Undergraduate, Graduate, and Parents|
|4.45% – 12.42%8||Undergraduate, Graduate, and Parents|