University Loans

The University has available some monies which can be loaned to students in the form of University Long Term and Short Term loans. The student must be enrolled for the semester for which the loan is requested. This available loan money is not federal money; rather it is money donated to the University by alumni and different organizations specifically for loan funds. University loans generally have an interest rate of 8%/year.


University Short Term Loans

University Short Term Loans must be paid in full within a couple months after the money is borrowed and have no deferment options.


University Long Term Loans

Repayment Information for University Long Term Loans

Once you graduate, or if you cease to be enrolled at least half-time as a degree-seeking student, your Univeristy Long Term Loan will go into a grace period. Most University Long Term Loans have a 6 month grace period. The maximum length of repayment is 7 years. The minimum payment amount is the higher of $50 per month or the amount needed to payoff the loan in 7 years. The interest rate is fixed at 8%/year and is computed daily on the outstanding principal balance.

Deferments for University Long Term Loans

*New* Economic Hardship - must meet qualifications regarding income and federal loan debt level. Also available to Peace Corp volunteers. 3 year limit.
*New* Military Deferment HERA – called to active duty in the U.S. military for a military operation, or for a national emergency as a result of terrorist activities. This deferment is effective July 1, 2006.
Student - must be enrolled at least half-time in a degree-seeking program at an eligible institution
Temporary Total Disability - This deferment is avaliable if an illness or accident renders you unable to attend school or to work in any capacity.

Please see our deferment webpage to find out how to apply for deferments.