Institutional Loans

The College Loan is a loan awarded based on eligibility requirements determined by the Financial Services Office.

College Loan

Upon graduation, withdrawal or ceasing to be a half time student the loan will be separated and put into grace with a nine-month grace period.

The loan has a 5% interest rate and does not have a prepayment penalty. Late charges on this loan will not exceed 20% of the monthly payment amount.

Throughout the life of the loan a borrower is able to process up to six (6) years of deferments (forbearance and economic hardships). The maximum payback period is ten (10) years with a minimum monthly payment of $50 plus interest per month.

Trustee Loan

The Trustee Loan is a loan awarded to law students based on eligibility requirements determined by the Law Financial Services Office. Upon graduation, withdrawal or ceasing to be a half time student the loan will be separated and put into grace with a six-month grace period.

The loan has a 0% interest rate and does not have a prepayment penalty. Late charges on this loan will not exceed 1% of the outstanding loan balance.

Throughout the life of the loan a borrower is able to process up to six (6) years of deferments (forbearance and economic hardships). The maximum payback period is five (5) years with a minimum monthly payment to be 1/60th of the total amount borrowed.

Institutional Loan Requirements

Required Documents

All recipients of these Institutional Loans are required to complete a master promissory note, entrance counseling, sign, date and return the yellow disclosure statement, as well as confirm TILA's prior to disbursement of the loan to your student account.

You will be notified of the requirements via email and a mailed loan package along with instructions prior to the beginning of the semester.+

First-Time Borrowers

Annual Disclosure Statement - The student is required to sign and return this form to the Office of the Bursar. This statement outlines any prior disbursements from the loan program, discloses interest rates, grace period and late fees. This form (printed on yellow paper) is mailed in the original loan package sent to your home address

Truth in Lending - TILA

Annual Truth in Lending (TILA) - The student is required to complete the TILA documents each time an Institutional Loan is awarded

Entrance Counseling

Entrance Counseling - This is a tutorial on the importance of student loans and awareness of student loan debt.

Master Promissory Note - MPN

Master Promissory Note (MPN) - This outlines your rights and responsibilities under the loan program. Your MPN is valid for 10 years.

Returning Borrowers

Annual Disclosure Statement - The student is required to sign and return this form to the Office of the Bursar. This statement outlines any prior disbursements from the loan program, discloses interest rates, grace period and late fees. This form (printed on yellow paper) is mailed in the original loan package sent to your home address

Annual Truth In Lending (TILA) - The student is required to complete the TILA documents each time an Institutional Loan is awarded

Exit Counseling

Loan exit counseling is designed to ensure that you understand you rights and obligations as a student loan borrower. The session outlines the repayment provisions, grace periods, deferment options and rights and responsibilities of a loan borrower.

Exit counseling is a federal requirement and failure to complete it could result in a hold on your official transcript, diploma and academic records.

An in-person exit counseling session can be scheduled with the Office of the Bursar upon request.

FEDERAL PERKINS & INSTITUTIONAL LOAN RECIPIENTS

To view your Loan documents, please click here.