unit logo
  1. Home
  2. Knowledge Base
  3. Bursar
  4. Current and Former Students
  5. Student Financial Aid Information
  6. Private Institutional Loans

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 through the University of Florida Foundation. When the borrowers repay the loan, the money goes directly into the appropriate loan fund to then be 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 9%. 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 a student ceases to be enrolled in courses 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 the 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, leaves school or graduates, the student must complete Exit Counseling, during which important information is provided to the borrower including their repayment schedule.  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. The borrower should refer to the 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 the student an email notice for an unpaid short-term loan. However, payment of the student’s debt is not contingent upon receipt of a notice.  Payments on short-term loans are accepted though ONE.UF payment options on the Charges Due card.

Last Reviewed

Last reviewed on 03/20/2024


Bursar: (352) 392-0737

Still have a question?

View our FAQs