A. Loans made under this program are to be used for undergraduate or graduate study at an accredited college or university. The member must agree to a credit history check and provide proof of service. Each loan carries a repayment term of up to 10 years. The variable interest rate loan is based on the interest rate charged by the United States on the 91-day U.S. Treasury bill, as that rate is determined on or about June 30th of each year. The fixed interest rate loan is set on or about June 30th of each year and will remain fixed for the life of the loan.
Members can select either type of loan.
If the member's TROA membership lapses or the member dies, the loan becomes due and payable immediately.