Ohio Administrative Code › Title 3361:40 - Students › Chapter 3361:40-13 - Financial Aid › Section 3361:40-13-02 - Financial aid: long term loans

Current through all regulations passed and filed through July 1, 2024
(A) A long term loan may be granted for
			 university related student needs.
(B)
								Borrowers,
			 except for college of medicine students, shall repay their loan, plus interest thereon, in
			 monthly installments over a five-year period
			 (sixty months) beginning nine months after
			 graduation, or from the last date of enrollment at the university of
			 Cincinnati. College of medicine students shall
			 repay their loan, plus interest thereon, in monthly installments over a maximum period of ten
			 years (one hundred-twenty months) beginning nine
			 months after graduation, or from the last date of enrollment at the university
			 of Cincinnati. The nine-month period between enrollment and repayment shall be
			 considered a grace period in which no interest shall accrue; however, borrowers
			 shall be encouraged to repay any or all portions of their outstanding loan
			 during this period.
(C) In addition
			 to the nine-month grace period, graduates of the college of medicine in
			 residency training may defer repayment of their loans for up to three years,
			 during which time no interest shall accrue. Graduates who continue in residency
			 training beyond three years should make
			 at a minimum monthly payments of fifty dollars, which shall be
			 applied to principal and interest.
(D) If the borrower's grace period elapses,
			 and the borrower returns to the university of
			 Cincinnati during the repayment period, payment of principal and interest may
			 be extended by a manager of
			 the bursar's office.
(E)
								A manager of the
			 bursar's office may grant a borrower an extension of time to repay their loan
			 when the borrower demonstrates an inability to meet the monthly payment
			 requirements set forth in the promissory note. In no event shall the
			 minimum monthly repayment be less than fifty dollars,
			 which shall be applied to principal and interest.
(F) All applications shall be channeled
			 through the office of student financial aid for an audit of current student
			 aid. The entire application and promissory note shall be completed in full
			 before sending for final approval.
(G) An application fee shall be assessed to
			 all loan applicants.
(H)
								Interest, in accordance with
			 applicable restrictions, shall be charged
			 beginning at the end of the grace period, as stated in paragraph (B)
			 or (C) above, and continue until the loan is paid
			 in full. In the event a borrower fails to meet two or more scheduled payments,
			 the entire unpaid balance, including principal and interest due, shall become
			 immediately due and payable, and a service indicator
			 (noting delinquency) shall be placed against the borrower's university
			 records, unless the borrower has made new arrangements with the university for
			 loan repayment.
(I) The applicant
			 shall be a full-time registered student with the university of Cincinnati and
			 in pursuit of a degree.
(J) A loan
			 shall be denied if the applicant has a delinquent obligation owed to the
			 university of Cincinnati or if the applicant has a past due loan.
(K) The applicant shall meet the minimum age
			 requirements of eighteen years of age, set by the state of Ohio.
(L) The president of the university shall
			 have the authority to develop administrative guidelines and procedures to
			 implement this policy, including such matters as the maximum dollar amount of
			 all long term loans and the application fee assessed for such long term loans.
			 The president may delegate the authority granted by this paragraph.