These loans are limited to international students as part of a need-based financial aid award. The interest rate is 5% per year. Interest is not charged during full-time enrollment at Lafayette and during the first six months after graduation, or during such time as the recipient is engaged in full-time graduate study. Repayment is made in monthly installments of not less than $40.00, beginning six months after graduation, with the full amount to be repaid in 10 years or less. There are no prepayment penalties. If the recipient withdraws prior to graduation, repayment begins on the first day of the second month following such departure.
Log on to your My Lafayette account after June 1 and accept or decline all or part the loan funds that have been offered in your financial aid award. A Master Promissory Note and Disclosure Statement is also required and will be provided by ECSI, the loan servicer after the loan funds have been accepted.