University Loans are low-interest loans generally awarded to freshman and sophomore students with financial need. Students must be enrolled full-time (at least 12 credit hours).
Borrowing & Interest Rates
The interest rate for this loan is fixed at 5 percent. Loan funds will be credited to your student account. Truth In Lending Act (TILA) regulations include additional disclosures and require a 3-day waiting period after the disclosures have been completed before a University Loan can be disbursed.
These loans must be repaid to the university. Repayment and interest charges are deferred for 6 months for University Loans after you graduate or drop below half-time enrollment.
How to Accept, Reduce, or Decline Your Loan Offer
You can accept or decline a University Loan on your electronic Financial Aid Notification by selecting “Accept” or “Decline” in the dropdown box on the Financial Aid Notification Accept/Decline Awards page. You can reduce your loan by selecting “Accept” in the dropdown box and entering a lower award amount in the “Partial Accept” field. If you wish to request loan changes, you should “Request Changes” on the Financial Aid Notification Information Request page.
You’re also required to complete entrance counseling and a promissory note online before the funds will be disbursed to you.