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University Trust Fund Loan (UTFL)

If you are enrolled full time as:

  • an undergraduate, you may be offered a UTFL loan for an amount up to $2,000 per academic year.
  • a graduate or professional student, you may be offered up to $3,000 per academic year.

The aggregate maximum total you may borrow from the University Trust Fund Loan (UTFL) program is $8,000 in as an undergraduate or, as a graduate/professional student, $14,000 (includes any UTFL loans you received as an undergraduate). The current annual interest rate varies up to 7 percent. Your loan will have either in-school or out-of-school interest charges, or both. In-school interest charges begin on the date your loan is disbursed and are payable annually while you are in school. If your loan has out-of-school interest charges, interest begins to accrue the day after your graduation, withdrawal, or enrollment less than half time. Some UTFLs have an in-school interest rate and an out-of-school rate that are not the same.

If you accept a UTFL, you will be required to review three separate disclosures at various points throughout the application process. You will be required to complete the Private Education Loan Applicant Self-Certification as well as a  and loan disclosure form with three personal references. Because the U.S. Department of Education considers the UTFL a private loan, the rules of the Truth In Lending Act govern the application process for this loan. As a result, there will be a delay as all three disclosures are sent to you and prior to any UTFL funds being disbursed. At the time you indicate your acceptance on the eFAAN (Financial Aid Award Notice), you will be sent an e-mail directing you to a website to complete your promissory note and loan disclosure form online.

You are also required to attend an exit counseling when you:

  • are about to graduate.
  • leave the University (even if it is just temporary).
  • drop your registration below half-time enrollment.
  • transfer to another school.
  • leave for a National Student Exchange (NSE) experience.

UTFL Repayment Information

To find out if you are eligible for this loan, please contact One Stop Student Services, 23 Solon Campus Center, (218) 726-8000, or umdhelp@d.umn.edu.