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Endowed Loans Summary

Endowed loans are offered infrequently and in special circumstances as part of financial aid packages for undergraduate, graduate and professional students.

The chart below provides a partial list of the terms and conditions for the Endowed Loan:
  • General Information
  • Interest Rates
  • Repayment Information
Since these details vary by origination date and exact loan type, borrowers should refer to their promissory note for the actual terms and conditions for their loans.
Grace period Usually 3 months; refer to your promissory note.
Repayment period Usually 10 years; refer to your promissory note.
Payment schedule Provided at your exit interview.
Repayment start date Usually 3 months after graduation or separation. Refer to your promissory note.
Prepayment There is no penalty for early repayment. When you make your loan payment, specify that you wish it to be applied as a prepayment.
Minimum payment Varies by loan. Usually $50 per month per loan.
Late charge 5% of scheduled payment, not to exceed $15 per loan.
Report to credit bureau
Deferment No
Forbearance Yes. Forbearances are granted based on individual circumstances. Please contact the Student Loan Office with questions and to apply. A financial statement is required.
Cancellation Varies. Refer to your promissory note for details, and contact the Student Loan Office with questions and to apply.
Federal loan consolidation No
Repayment assistance No
Delinquency and default Transfer billing to co-maker, transfer loan to collection agency, legal action