Office of Student Aid : Loans : University Loan

Eligibility and Awarding

• A University Loan is a low-interest loan (fixed at 6%) available to undergraduate students who demonstrate high financial need.
• For the 2007-08 academic year, the maximum award is $2,200.
• To be considered for the loan, complete the FAFSA on the Web each year, and answer "yes" to the loan question, which asks if you are interested in educational loans.
• To receive the loan, you must be enrolled at least full-time in a degree program and maintain eligibility requirements.
• If you are a first-time University Loan borrower, you will need to e-sign your Master Promissory Note (MPN). You will not need to sign an MPN for subsequent University Loans.
• University Loan recipients are not automatically reawarded the loan in subsequent years.

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.