Institutional Loan is a long-term loan. The loan is awarded to help undergraduate students pay for educational costs. The FAU Long-Term Loan is available to students who have reached junior or senior status, enrolled at least half-time, who are pursuing a first baccalaureate degree. Recipients of this loan must also meet all other eligibility requirements for Title IV financial aid programs.

• Annual Loan limit is: $4,000

• Aggregate Loan limit is: $8,000

• Interest Rate:

Interest shall accrue from the beginning of the repayment period and shall be at the     annual percentage rate of 6%. This rate is subject to change. The interest rate will be  stated on the borrower’s promissory note.

• Grace Period:

The grace period is the period of time before the borrower must begin or resume repaying a loan. The grace period begins six months after the student graduates or ceases to be enrolled at least half-time. No interest accrues during this time.

• Exit Interview:

When the student ceases to be enrolled at least half-time or graduates, the student will be required to attend an Exit Interview session. The Exit Interview will cover pertinent information such as a repayment schedule.

• Repayment:

Repayment of an institutional loan begins when the grace period ends. The repayment schedule contains the number of payments, interest rate, date of the first payment and frequency of payments. The monthly payment amount depends on the amount borrowed. The repayment period may not exceed ten years.

• Prepayment:

Prepayment of all or any part of the principal, plus accrued interest may be made at any time without penalty.

• Loan Payments and Billing:

The billing and servicing of the institutional loan is administered by Campus Partners. Campus Partners is a billing server for the University, not a collection agency.

Campus Partners sends monthly statements to loan borrowers. When you make a payment by check or money order, please include your social security number on the check or money order and make it payable to Campus Partners.

The address for payments is:

Campus Partners
P.O. Box 907004
Boston, MA 02297-0004

If you have any questions regarding your statements from Campus Partners, please contact Campus Partners directly at 1-800-334-8609. Or, you may visit their website at www.mycampusloan.com.

• Deferment:

The borrower may qualify for an in-school or hardship deferment. Documentation must be provided to the school in order to receive the deferment.

Please go to the Student Forms page and select FAU Loan Hardship Deferment Form or In-School Deferment Form.

• Default:

Florida Atlantic University may declare the loan to be in default and demand immediate repayment of the entire unpaid balance, including principal and interest, if a scheduled payment is not made by the due date. If collection procedures become necessary, attorney’s fees and other reasonable collection costs will be the responsibility of the borrower. Also, holds are placed on the student’s account, preventing release of transcripts, further registration, and financial aid.