This loan program is funded by Monmouth University. Awards are made at the discretion of the Director of Financial Aid and are not renewable; the amount of the award is also at the discretion of the Director. Monmouth University Loan Funds may not be applied to costs associated with off-campus study. The terms and conditions of the loan are as follows:
- Interest on the loan is fixed at 7 percent for the life of the loan and begins to accrue nine (9) months after the student ceases at least half-time (i.e., six credits) enrollment. When the student ceases half-time enrollment, he or she enters repayment.
- While in repayment, the student is expected to make quarterly payments of principle and interest of at least $120, although a minimum annual payment of 10% of the principle is required.
- The maximum repayment term is ten (10) years and there is no penalty for prepayment.
- In order to accept the offer of a Monmouth University Loan, students must complete a promissory note and disclosure documents as prepared by the Financial Aid Office.