SPU Institutional Loan Facts
SPU Institutional loans are awarded by Seattle Pacific University to undergraduate students with documented need as determined by a processed FAFSA. Funds are obtained from the institution and from former SPU students who are in the process of repaying their loans. No interest is charged on the loans while you are enrolled at least half-time. Repayment begins at six months after you leave SPU or drop below half-time enrollment.
Just prior to graduation, or shortly after you withdraw or drop to less than half-time enrollment you will be provided exit counseling. Exit counseling includes information regarding the conditions and terms of your loan, specific information about your repayment amount and start date, default and debt management. You will have paperwork to complete and return to SFS. Each spring several exit counseling sessions are offered to students; individual appointments may also be scheduled by contacting Student Financial Services.
Interest on your SPU Institutional loan will accrue following the six month grace period. Please refer to your promissory note for the interest rate and required minimum monthly payment amount. Your repayment schedule and number of payments depends on the amount borrowed and the minimum monthly payment amount required.
In-school deferment of your payments is only available if:
1) you are enrolled at SPU in at least six credits pursuing an undergraduate degree, or;
2) for a period not to exceed two years during which the borrower is pursuing a graduate degree at SPU and enrolled for nine or more credits.
In-school deferment is not available for enrollment at any other institution.
Cancellation benefits are not available in the Institutional loan program.
Hardship forbearance may be available.
If you have any questions regarding repayment or the benefits of your Institutional loan please contact the SPU Loan Repayment Office at (206) 281-3534.
Last Updated: 8/2/2010