University Trust Fund Loan
If you are enrolled full time as:
- an undergraduate, you may be offered a UTFL loan for an amount up to $2,000 per academic year.
- a graduate or professional student, you may be offered up to $3,000 per academic year.
The aggregate maximum total you may borrow from the University Trust Fund Loan (UTFL) program is $8,000 in as an undergraduate or, as a graduate/professional student, $14,000 (includes any UTFL loans you received as an undergraduate). The current annual interest rate varies up to 7 percent. Your loan will have either in-school or out-of-school interest charges, or both. In-school interest charges begin on the date your loan is disbursed and are payable annually while you are in school. If your loan has out-of-school interest charges, interest begins to accrue the day after your graduation, withdrawal, or enrollment less than half time. Some UTFLs have an in-school interest rate and an out-of-school rate that are not the same.
If you accept a UTFL, you will be required to complete a promissory note and loan disclosure form. At the time you indicate your acceptance on the eFAAN (Financial Aid Award Notice), you will be sent an e-mail directing you to a Web site to complete your promissory note and loan disclosure form online.
You are also required to attend an exit interview when you:
- are about to graduate.
- leave the University (even if it is just temporary).
- drop your registration below half-time enrollment.
- transfer to another school.
- leave for a National Student Exchange (NSE) experience.