Truth in Lending Requirements:
Provisions in the Truth in Lending Act, implemented in February 2010, have resulted in a number of changes in the process for applying for and receiving private education loans, including long-term U-loans and Health Professions Loans. Lenders who provide these loans must comply with the following requirements:
- The University must provide three separate loan disclosures to borrowers–one at the point of application, one when the loan is approved, and one before the loan is disbursed.
- A waiting period of three business days is required between the time the borrower receives the final loan disclosure and the time that the loan is disbursed.
- Students must also sign a self-certification form and submit it to the lender before the loan can be disbursed.
Federal Loan Interest Rates effective July 1st, 2020-June 30th, 2021
|Undergraduate Direct Loans
||2.75% fixed-Undergraduate subsidized & unsubsidized
|Graduate Direct Loans
||4.30% fixed-Graduate unsubsidized
|PLUS Loans (Parent/Graduate)
||5.30% fixed-Federal PLUS Loan