students outside classroom

KU Endowment – Student Loans

students outside classroom

Loan application       make a payment

KU Endowment is an unbiased, nonprofit company serving because the official fund-raising and fund-management group for the University of Kansas. It was established in 1891 for the only real goal of offering help for KU. 

Through the years, many KU alumni and mates have made items to KU Endowment for the aim of offering low-interest loans to deserving students. KU Endowment administers these loan funds to make sure most monetary help at a minimal value to students. Loans can be found to students in any respect 4 KU campuses — Lawrence, Kansas City, Wichita and Overland Park. These loans are repaid on to KU Endowment, and these funds are reissued within the type of new loans to help succeeding generations of students at KU. 

Click to the hyperlinks under to learn extra:
Qualifications
Loan quantities
Cosigner necessities
Repayment phrases
Interest and extra charges
Special provisions/different data
Contact us
 

 

QUALIFICATIONS

KU Endowment provides long-term loans to students who’re at the moment enrolled at KU in a level searching for program. 

Continuing and returning students should have an total grade level common of a minimum of 2.0. Transfer students who’ve by no means attended KU should have a 2.5 GPA. Freshman students (with a 3.0 highschool GPA) starting their first semester at KU are eligible to use for an endowment loan.  Refer to the Loan Amounts part for limits and disbursement data.

Long-term loans could not exceed the student’s value of attendance as decided by the Office of Student Financial Aid. Short-term loans could also be an choice for students not assembly the above standards. If you might be in want of a short-term loan, please name the KU Endowment Office at 785-832-7450.

 

LOAN AMOUNTS

Students could submit purposes for the upcoming tutorial yr starting on July 1.  Loans will probably be disbursed in two disbursements, the primary disbursement will probably be scheduled in August, and the second disbursement will probably be scheduled in January.  Spring disbursements are contingent upon students continued passable tutorial progress for the prior semester.  If students don’t apply for a fall/spring loan previous to the beginning of the autumn semester they might apply for a semester solely loan, or a fall/spring loan relying on their monetary wants.  Please contact the KU Endowment Loan Office if in case you have questions concerning your eligibility for an endowment loan.

READ:   Student Loans for Bad or No Credit
 

Lawrence / Edwards Campuses

Undergraduate freshman – as much as $3,500 freshman tutorial yr
          ($1,500 fall disbursement quantity, and $2,000 spring disbursement quantity)
Undergraduate – as much as $4,000 per tutorial yr – $12,000 total most
          ($2,000 fall disbursement quantity, and $2,000 spring disbursement quantity)
Graduate – as much as $6,000 per tutorial yr – $12,000 total most
          ($3,000 fall disbursement quantity, and $3,000 spring disbursement quantity)
          (contains quantities borrowed as an undergraduate)

International Undergraduate – $1,300 most
International Graduate – $1,500 most 
 

Summer semester loan limits

Undergraduate enrolled in 3 hours – $1,000
Undergraduate enrolled in 6 hours – $2,000
          (undergraduate students could not exceed $4,000 in fall/spring/summer time loans mixed)
Graduate enrolled in 3 hours – $1,500
Graduate enrolled in 6 hours – $3,000
          (graduate students could not exceed $6,000 in fall/spring/summer time loans mixed)
          (contains quantities borrowed as an undergraduate)

 

KU Medical Center

Undergraduate – as much as $6,000 per tutorial yr – $12,000 total most
          ($3,000 fall disbursement quantity, and $3,000 spring disbursement quantity)
Graduate – as much as $6,000 per tutorial yr – $12,000 total most
          ($3,000 fall disbursement quantity, and $3,000 spring disbursement quantity)
          (contains quantities borrowed as an undergraduate)

Medical Students -up to $6,000 per tutorial yr
 – $24,000 most total
 

Study Abroad Program loan limits

Undergraduate – as much as $4,000 per semester (as much as tutorial yr most)
Graduate – as much as $6,000 per semester (as much as tutorial yr most)
 

COSIGNER REQUIREMENTS

KU Endowment doesn’t require a cosigner for students whose annual earnings is $25,000 or extra. For students incomes lower than this quantity, a cosigner is required. Student debtors and cosigners should be a minimum of 18 years of age. Cosigners can’t be KU students and should earn a minimum of $25,000 a yr. By signing the promissory word, the cosigner assumes full legal responsibility for reimbursement of the loan within the occasion of the borrower’s default. Past-due statements will probably be mailed to the cosigner if the borrower turns into delinquent in making loan funds.

READ:   Borrowers are nonetheless having their paychecks seized over defaulted student loans, although the CARES Act was purported to cease wage garnishment, lawsuit says

In uncommon circumstances, the cosigner requirement could also be waived by KU Endowment after particular session with the student.

 

REPAYMENT TERMS

Long-term loan reimbursement phrases
Student debtors who will graduate throughout an educational yr will probably be invited to KU Endowment’s Spring Loan Exit Program. During this informational program KU Endowment loan workers members will present every student borrower with a reimbursement schedule and disclosure assertion.  For student debtors not in attendance the loan reimbursement data will probably be emailed.  The loan reimbursement data can also be mailed to every cosigner.  For students exiting the college previous to commencement, their loans may also enter reimbursement roughly 5 months from the top of the final semester attended. 

For Lawrence or Edwards Campus students, loan reimbursement will start 5 months following commencement. For undergraduate or graduate students at KU Medical Center , reimbursement will start one yr after commencement. Medical student loans could also be deferred till completion of internship or residency packages.

The sum of all of the KU Endowment loans superior to the borrower (excluding short-term loans), in addition to the accrued curiosity, will probably be consolidated for reimbursement functions, and could also be repaid in equal installments of at least $50 per 30 days for a most of ten years. Borrowers could repay all or a part of the principal and accrued curiosity at any time with out penalty.

In the occasion {that a} borrower ceases to be usually enrolled earlier than graduating from KU, loan reimbursement will start 5 months following the final semester of attendance.

Long-term loans that change into 6 months delinquent are thought of to be in default.  The rate of interest on the loan will probably be elevated to 14% and a maintain will probably be positioned on the student’s KU data.  In addition, the loan my be referred to a group company at which level the loans(s) will probably be reported to the nationwide credit bureau.

READ:   Should I Pay Off My Student Loan Early?

Short-term loan reimbursement phrases
Short- time period loans are supplied on a case-by-case foundation to students who don’t qualify for long-term loans, who don’t have a cosigner or who want an emergency loan. Repayment of all short-term loans is due inside one yr of disbursement. However, if the borrower graduates throughout the yr of disbursement, the due date will probably be established one semester previous to commencement.

Short-term loans that aren’t repaid in full by the established due date are thought of to be in default. The loan will probably be referred to a group company, the rate of interest on the loan will probably be elevated to 14%  and a maintain will probably be positioned on the student’s KU data.

 

INTEREST AND ADDITIONAL FEES

A loan origination payment of two% will probably be assessed to all new lengthy and short-term loans.
The annual rate of interest on student loans is 5 % from the date of situation to maturity. Delinquent loans are topic to a 14 % annual rate of interest. KU Endowment could assess a late penalty cost equal to twenty % of the mounted cost quantity for every late installment cost for long-term loans. A late payment of $10 could also be assessed every month for short-term loans that aren’t paid in full by the maturity date.

Borrowers are additionally accountable for charges assessed for inadequate fund funds, delinquency letters and telephone calls. In the occasion the borrower defaults on the loan, the borrower will probably be accountable for all prices and charges related to any assortment exercise as permitted by federal and state legal guidelines.

 

SPECIAL PROVISIONS/OTHER INFORMATION

Any unpaid indebtedness on a KU Endowment loan shall be canceled within the occasion of the borrower’s loss of life.  

Other suppliers of federal student loans at the moment don’t consolidate federal  student loans with non-public loans (KU Endowment loans). 
 

CONTACT US

For questions concerning the KU Endowment Loan Program, contact the KU Endowment Loan Office.

Leave a Reply

Your email address will not be published. Required fields are marked *