Long-Term University Loan
The Long-Term University Loan is designed for students whose own resources and those of their parents, guardians, or spouses are not sufficient to finance all of their educational costs of attendance. Students must maintain Satisfactory Academic Progress for financial aid eligibility to receive this loan. Students are encouraged to apply for Federal Direct Loans and Perkins Loans before applying for a Long-Term University Loan.
Before you can be considered for this loan, a member of the financial aid staff must recommend the loan and sign your application.
Borrowing Limits
You may borrow a maximum of $1,000 per year. The aggregate limit for Long-Term University Loans is $6,000.
Repayment Terms
The interest rate is 7% per year on the unpaid balance and accrues from the date of the loan disbursement. Repayment of principal and interest usually begins six months after you leave the university. The interest on this loan will not be capitalized; all interest that accrues between the disbursement of the loan and the date of the first payment is due with the first payment.
Application Process
To be considered for a Long-Term University Loan, complete The University Loan Application and submit it to a member of the OSFA staff for approval.
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