Office of Student Aid : Loans : University Loan

Eligibility and Awarding

• A University Loan is a low-interest loan (fixed at 6%) awarded to undergraduate students who demonstrate high financial need.
• To be considered for the loan, complete the FAFSA on the Web and indicate an interest in loans. Funds are awarded based on availability.
• To receive the loan, you must be enrolled at least full-time in a degree program and maintain eligibility requirements.
• University Loan recipients are not automatically awarded the loan in subsequent years.
• As a University Loan borrower, you will need to review your loan disclosures and e-sign your Master Promissory Note (MPN) in order to accept the terms and conditions of your loan.

Repayment

• Repayment begins after a nine-month grace period. Your grace period begins after graduation or any period of non-enrollment of nine months or more.
• If you cannot repay your loan after the nine-month grace period, you may be able to postpone repayment by pursuing deferment or forbearance. For more information, access the Office of Loans and Scholarships Web site.