This is a federal loan with a 5 percent interest rate. Repayment begins 6-9 months after leaving school. A promissory note and information sheet is also required. Deferment forms may be completed if the student continues enrollment at another school. The interest rate is variable.
Loan amounts can vary depending on the student's grade level and other aid awarded.
First time freshmen must wait 30 days after the beginning of the semester before funds are available. However, if all paperwork is in order, the Cashier's Office will accept this wait. A student may not work in excess of twenty hours per week during periods of enrollment. This program is administered by the Financial Aid Office in cooperation with the Human Resources Office. Applications are mailed to students with their award letters.