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DREAM Loan

The California Dream Loan authorized by the SB1210 is a low-interest subsidized loan for AB540 students with financial need who meet all other financial aid eligibility requirements.  

Please wait until you receive the ACS email (entrance_mpn@berkeley.edu) before completing the loan requirements; the email will be sent starting August for Fall term. Complete Loan Requirements: If you received an email advising you to complete the loan requirements, begin at the Financial Counselor website. After you complete the Entrance Counseling (be sure to select "Institutional Loans" before you take the Entrance Interview Quiz during the session), you will be automatically routed to the E-Sign website, where you can complete your personalized Promissory Note and Truth in Lending (TILA) documentation.

The Loan Process

If you are eligible, the Dream Loan will be included as part of your academic year financial aid package. You can view your financial aid package in CalCentral. If you decide to borrow the Dream Loan, you need to complete the following processes.

To receive the Institutional Dream Loan at UC Berkeley, 
you need to complete required processes by the following deadlines at the latest:

Attending Fall-only: November 30
Attending Fall/Spring or Spring-Only: April 30

You will not be able to begin the process for the institutional Dream Loan until you 
receive the email from ACS (entrance_mpn@berkeley.edu) starting August 1.

WHAT YOU NEED TO DO:

Step 1. Accept your loan on Cal Central

Step 2. 1 to 2 business days after you accept your loan, you will receive an email from entrance_mpn@berkeley.edu advising you to complete multiple required online processes.

If you try to complete the following steps before getting the email notice from entrance_mpn@berkeley.edu, you will get error messages. Please wait to receive this email before proceeding to Steps 3 and 4.

Step 3. After receiving the email described in Step 2, complete the Entrance Loan Counseling at the Financial Counselor website. 

If you don't have a driver's license or are not employed, please enter "Not Applicable" in these fields so that you can continue with the Entrance Loan Counseling process.

Be sure to select "Institutional Loans" before proceeding to the Entrance Interview Quiz so that your completed Entrance Loan Counseling record can be connected/linked with your Dream Loan.

Step 4. After completing the Entrance Loan Counseling, you will automatically be routed to your Truth in Lending (TILA) documents and Master Promissory Note (MPN) on the E-Sign website.  Make sure you turn off your pop-up blocker before you begin this process.

CALIFORNIA DREAM ACT APPLICANTS:

Berkeley uses your 9-digit California Dream Act ID number, instead of a Social Security number, to identify your records for the Berkeley Loan. The California Dream Act ID number was provided to you on your California Dream Act Application Confirmation Page, begins with 4 zeroes, and is 9 digits long. Please follow the tips below to successfully complete your online processes.

When asked to enter your Social Security number anywhere during the online processes, be sure to enter your California Dream Act ID Number. If you enter a Deferred Action for Childhood Arrivals (DACA) Social Security number, your documents will not process successfully.

1. When asked to enter your Social Security number (SSN) on your Entrance Inteview Login page, enter your California Dream Act ID Number.

2. To sign electronically, your identity needs to be authenticated using your California Dream Act ID Number. When asked if you have a FAFSA PIN (Free Application for Federal Student Aid personal identification number) on the Authentication Method page of the E-Sign Online process, check the box, "No, I do not have a FAFSA PIN" so your identity can be authenticated using your California Dream Act ID Number.

 Note: California Dream Act applicants do not need to apply for a federal personal identification number (PIN).  If you forgot your California Dream Act ID number, log into the Cal Dream Act website and obtain your California Dream Act ID number.

3. When asked to enter your Student ID, enter your 10-digit Berkeley student identification number.

 ​​If you cannot successfully complete the online loan requirements (Entrance Counseling, MPN and Truth in Lending (TILA) documents), contact us for assistance by visiting Cal Student Central or open a case. Be sure to include your Berkeley student ID.

WHAT HAPPENS AFTER YOU DO YOUR PART:

Berkeley will receive electronic notification from ACS of each completed online process within 2 to 3 business days.

There is a mandatory waiting period of 4-business-days from the time you view your Final Stage Truth in Lending (TILA) Disclosure until UC Berkeley can disburse your loan.

After 4 business days, and after verifying that you meet all other eligibility criteria, the loan will disburse to your account.

WHERE YOUR FUNDS GO:

Your loan disburses to your account and pays for any outstanding charges for the current academic year.

If there are no outstanding charges on your account when the loan is paid, or if your loan disbursement is larger than your total balance, you will receive a refund.

If you are eligible to receive a refund, you will receive notification from Billing and Payment Services.

Repayment Terms

Interest accrual and repayment of the Dream Loan begin 6 months after you leave school or any time you drop below half time enrollment.

Interest rate of the Dream Loan matches Federal Subsidized Direct Loan rate for the same year.  You can view the latest interest rate information here.

The standard repayment period is 10 years.

The annual loan maximum is $4,000 with an aggregate maximum of $20,000.

Borrowers are subject to credit reporting.

UC Berkeley is your lender. You will make your payments to Berkeley's contracted loan servicer, ACS.

Before leaving school or graduating, be sure to complete your Institutional Loan Exit Interview.

Keep your contact information up-to-date with Berkeley so that you receive important information about your repayment.

Toward the end of your 6-month grace period, you should receive information about beginning repayment.  If you have not received anything at the beginning of the 6th month of your grace period, contact Berkeley at accountconsultants@berkeley.edu.

Have Questions?

Cal Student Central is the destination for student university business related to financial aid, fees and billing, disbursements, registration, and enrollment.

Cal Student Central
120 Sproul Hall
Monday – Friday 9 a.m. – 4 p.m.
studentcentral.berkeley.edu

If you are in repayment and have questions, please contact accountconsultants@berkeley.edu.