UF Long Term Loans

UF long-term loans are awarded by SFA and are available, upon request, to students who have completed the FAFSA and who are ineligible for federal loans or have need remaining after federal eligibility has been exhausted.

These loans are also known as institutional loans, as the institution, UF, is the creditor.

Award amounts vary from $500 to $3,500 annually, and interest rates range from 4% to 9%. Most institutional loans do not start accruing interest until six months following graduation or less than half-time enrollment.

All institutional long-term loans require the student to have a co-signer who is over 18 years old who is not a student or student spouse. Parents are preferred. You have ten years for repayment.

Repayment begins six months after graduation or dropping to less than half-time enrollment. Repayment schedules are handled individually with a recommended minimum of $30 a month.

Each institutional loan has its own disclosure documentation. These disclosures clearly spell out the terms, conditions, and overall cost of each loan the student is accepting. Students receiving institutional loans are required to read, sign, and submit the disclosures to SFA and to University Bursar prior to disbursement of the loan funds. The disclosure documentation can be found on SFA’s forms page, or by clicking on the links below.

SFA awards these university and/or private, donor-sponsored, need-based loans, including:

Eligibility

To be eligible for institutional loans, you must:

  1. be a U.S. citizen, national or permanent resident;
  2. show need on your FAFSA need analysis report;
  3. maintain satisfactory academic progress;
  4. not have defaulted on or owe a refund to any previous aid program; and
  5. be enrolled at least half-time.

To apply:

  1. See “Receiving Your Financial Aid.

To Receive Funds

  1. Borrowers with UF long-term loans will receive a promissory note by mail from University Bursar in S-113 Criser Hall. These promissory notes must be signed and returned to S-113 Criser before the loans can be disbursed.
  2. Each institutional loan has its own disclosure document. Students receiving institutional loans are required to read, sign, and submit the disclosures to SFA and to University Bursar prior to disbursement of the loan funds.