Even though UC Davis students will not be paying higher fees for the first time in nine years, they are still incurring huge debts. Approximately $89 million in undergraduate and $23 million in graduate financial aid is expected to be awarded to approximately 15,000 students -- up from $107 million awarded to 13,424 students last year. Loans grew from $39.7 million in 1993-94 to $48.4 million in 1994-95. The average debt load for a graduating senior at UC Davis after four years of college is averaging between $15,000 to $20,000, according to Lori Jo Bossio, assistant director of financial aid. Money is reaching students faster now that UC Davis is a "direct lending campus." Several weeks have been cut from the student aid process because the campus now is able to administer loans directly through the federal government without banks as an intermediary.