The College Loan is an institutional loan awarded based on eligibility requirements determined by Student Financial Services.
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.
Upon graduation, withdrawal or ceasing to be a half time student the loan will be separated and put into a nine-month grace period.
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.
All recipients of the College Loan are required to complete a master promissory note, entrance counseling, and an annual Truth In Lending statement prior to the disbursement of the loan to the student account.
You will be notified of the requirements at your Suffolk University email with instructions prior to the beginning of the semester.
Exit counseling is a federal requirement and failure to complete it could result in a hold on your official transcript, diploma and academic records.
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.
An in-person exit counseling session can be scheduled with Student Account Services upon request.