Private Institutional Loans

Private Institutional Loans include various long-term loans and short-term loans. The university awards these loans to help undergraduate and graduate students pay for educational costs. There are approximately 104 different loan funds. Many donors contribute moneys to these various funds. When the borrowers repay the loan the money goes directly into the appropriate loan fund. The moneys are then redistributed to current students as new Private Institutional Loans.

Long-term Loans

Interest Rate

The annual interest rate on the unpaid balance of long term institutional loan varies from 3% to 10%. The interest rate is stated on the borrower’s promissory note.

Grace Period

“Grace Period” is the period of time before the borrower must begin or resume repaying a loan. The grace period begins when you cease to be enrolled at least as a half-time student. Grace periods for long-term Private Institutional Loans vary from 3 months to a year depending upon the terms of the promissory note. Some long-term institutional loans do not have a grace period. Please refer to your promissory note for details.

Loan Repayment

Repayment of a long-term institutional loan begins when the grace period ends (if a grace period is applicable). At the time a borrower drops below half-time enrollment or leaves school, the University of Florida must conduct Exit Counseling, during which pertinent information and a repayment schedule are provided to the borrower. The repayment schedule contains the number of payments, interest rate, date of the first payment and frequency of payments. Long-term institutional loan payments are due on the first day of each month. Monthly payment amount depends on the amount borrowed. The repayment period may not exceed 10 years.

Short-term Loans

Interest Rate

The monthly interest rate on most short-term loans is 1%. The interest rate is also stated on the borrower’s promissory note.

Grace Period

Short-term loans do not have a grace period. Please refer to your promissory note for details.

Loan Repayment

Repayment for a short-term institutional loan is due by the following dates:

Fall: November 15
Spring: April 1
Summer: August 1

Exit Counseling is not required for a short-term loan.

Loan Payments and Billing

The University of Florida will send you an email notice for an unpaid short-term loan. However, payment of your debt is not contingent upon receipt of a notice.

When you make a payment by check or money order, please include your UFID number on the check or money order and make it payable to the University of Florida. Our address and phone number are listed below.

University of Florida
PO BOX 114050
Gainesville, FL 32611