(A) A long term loan may be granted for
university related student needs.
(B) Borrowers, except for college of medicine students,
shall repay their loan, plus interest thereon, in monthly installments over a
five-year period (sixty months) beginning nine months after graduation, or from
the last date of enrollment at the university of Cincinnati. College of
medicine students shall repay their loan, plus interest thereon, in monthly
installments over a maximum period of ten years (one hundred-twenty months)
beginning nine months after graduation, or from the last date of enrollment at
the university of Cincinnati. The nine-month period between enrollment and
repayment shall be considered a grace period in which no interest shall accrue;
however, borrowers shall be encouraged to repay any or all portions of their
outstanding loan during this period.
(C) In addition to the nine-month grace period, graduates
of the college of medicine in residency training may defer repayment of their
loans for up to three years, during which time no interest shall accrue.
Graduates who continue in residency training beyond three years should make at
a minimum monthly payments of fifty dollars, which shall be applied to
principal and interest.
(D) If the borrower's grace period elapses, and the
borrower returns to the university of Cincinnati during the repayment period,
payment of principal and interest may be extended by a manager of the
bursar's office.
(E) A
manager of the bursar's office may grant a borrower an extension of time
to repay their loan when the borrower demonstrates an inability to meet the
monthly payment requirements set forth in the promissory note. In no event
shall the minimum monthly repayment be less than fifty dollars, which shall be
applied to principal and interest.
(F) All applications shall be channeled through the office
of student financial aid for an audit of current student aid. The entire
application and promissory note shall be completed in full before sending for
final approval.
(G) An application fee shall be assessed to all loan
applicants.
(H) Interest, in accordance with applicable restrictions,
shall be charged beginning at the end of the grace period, as stated in
paragraph (B) or (C) of this rule, and continue until the loan is paid in full.
In the event a borrower fails to meet two or more scheduled payments, the
entire unpaid balance, including principal and interest due, shall become
immediately due and payable, and a service indicator (noting delinquency) shall
be placed against the borrower's university records, unless the borrower
has made new arrangements with the university for loan repayment.
(I) The applicant shall be a full-time registered student
with the university of Cincinnati and in pursuit of a degree.
(J) A
loan shall be denied if the applicant has a delinquent obligation owed to the
university of Cincinnati or if the applicant has a past due loan.
(K) The applicant shall meet the minimum age requirements
of eighteen years of age, set by the state of Ohio.
(L) The president of the university shall have the
authority to develop administrative guidelines and procedures to implement this
policy, including such matters as the maximum dollar amount of all long term
loans and the application fee assessed for such long term loans. The president
may delegate the authority granted by this paragraph.
