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Unsubsidized Loans

Unsubsidized loans are available to undergraduate and graduate students and are not based on need.

These loans will accrue interest while you are in school and during the six-month grace period. You may pay the interest while in school or may choose to postpone interest payments. Once you graduate (or you cease being at least a half-time student), there is a six-month grace period before you have to start paying back the loan.

2023-24 Loan Information

Interest rates vary annually, with the rate fixed for the lifetime of the loan borrowed each year. For loans received between July 1, 2023 and June 30, 2024, the interest rate is 5.50% for undergraduate students and 7.05% for graduate students. The Department of Education also charges a loan origination fee that is deducted from your loan at the time of disbursement. The loan origination fee varies every year; for loans borrowed between October 1, 2020 and October 1, 2024, the rate is 1.057%. Cal Poly's federal student loan default rate is currently 0%.


To be eligible for an unsubsidized loan, you must:

Receiving Your Loan

  1. Accept Your Loans
    Accept your loans in the Financial Aid Awards section of your My Cal Poly Portal. If you do not want to borrow the full amount offered, you can reduce the amount before accepting. Once you have accepted the funds, the Financial Aid Office will transmit your loan information to the US Department of Education. Before taking out your loan, take the time to read your rights and responsibilities (PDF).
  2. Complete a Master Promissory Note (MPN)
    If you are a new Direct Loan borrower, you will need to complete a Master Promissory Note online. This is the contract between you and the Department of Education. The MPN is not available to sign until the Financial Aid Office transmits your loan information. Once we receive notification that you’ve completed it, we will remove the requirement from your To-Do List in 2-3 business days.
  3. Complete Entrance Counseling
    All new Direct Loan borrowers are required to complete Entrance Counseling online before receiving their first loan disbursement. Continuing borrowers are also encouraged to complete the counseling each year. Cal Poly electronically receives notification that you've completed the session and will remove the requirement from your To-Do List within 2-3 business days.
  4. Receive Your Loan Money
    Once all requirements have been met, the loan will be electronically transmitted to the Cal Poly Student Accounts Office no earlier than one week prior to the start of each term. Any money beyond the university charges will be refunded to you when classes begin. All borrowers will receive a disclosure statement prior to disbursement.
  5. Complete an Exit Interview
    Everyone who borrows a Direct Loan must complete an Exit Interview online with the Student Accounts Office either the term before graduating or when they otherwise withdraw from Cal Poly. 

The federal government has more information about Unsubsidized Federal Loans. For more information on the Direct Loan program (both subsidized and unsubsidized loans), please read the Direct Loan student basics brochure (PDF).