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 Student Financial Services

University Trust Fund Loans

Prepayment | Interest Rate | Grace Period | Repayment | Late Charges | Deferment | Death or Disability | Additional Information

General Information

You may prepay all or part of your unpaid loan balance, plus any accrued interest, at any time without penalty.

Interest Rate
For interest rates on this loan type, please refer to your promissory note or consult this office. Effective August 1, 1995, the interest rate is 7% per year.

Grace Period
There is a 90-day grace period on this loan. Payments are due by the 15th of each month.

The total amount awarded plus accrued interest must be repaid within a ten-year period.

During the repayment period, your repayment amount is based upon the principal balance as listed below. The payment may be for an amount greater that $50.00 per month so that the repayment period does not exceed 120 months.

Principal Balance Installment
$0 - $500 $20.00
$501 - $1,000 $30.00
$1,001 - $1,500 $40.00
$1,500 + At Least $50.00

Late Charges
Under the terms of your University Trust Fund Student Loan promissory note, the school will assess a charge if you fail to make an installment payment when due or to file "timely" evidence of entitlement to deferment. Late charges may not exceed 20% of the monthly payment. In order to avoid late charges as specified in the note, payments or forms for deferment in lieu of such payments, must reach the school on or before the due date or any scheduled repayment installment in accordance with the repayment schedule you received before leaving school.

Once the repayment period begins, you may be eligible for deferment during which interest ceases to accrue on the loan(s) and repayment of principal is not required. When you transfer from one accredited school to another accredited school as at least a half-time student, payments will be deferred. To claim a student deferment, a Certification of Deferment Status Form must be completed and certified by the school you are attending and submitted to the Student Financial Services Office at UMD.

Death or Disability

Death:Should you die, the unpaid balance of your loan and accrued interest thereon is cancelled. To claim cancellation, the executor of your estate must submit a death certificate to the Financial Collections Office at UMD.

Permanent and Total Disability:Should you become unable to engage in any substantial gainful activity because of a medically determinable impairment, the unpaid balance of your loan and accrued interest thereon may be cancelled. To claim this entitlement, you must submit a formal request for loan cancellation and a physician's statement which certifies the date of onset, nature, and extent of your disability along with copies of all medical records pertinent to the disability to the Student Financial Services Office at UMD.

Additional Information
Any questions regarding repayment of your University Trust Fund Loan(s) not answered on this site should be directed to: University of Minnesota Duluth, Student Financial Services, 129 DAdB, 1049 University Drive, Duluth, MN 55812-3011. Telephone: 218-726-8103. Email:


Exit counseling is required for all borrowers of federal and University-administered student loan programs. Exit counseling provides you with information regarding the rights and responsibilities of a borrower and a lender/servicer. You will learn about repayment, deferment, and cancellation of your loan. These sessions prepare you to be responsible and effective in repayment of your educational loans.

You are required to complete 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

Once you have been selected for the exit process, you will receive an email with instructions to complete your exit counseling online.

Did you transfer or withdraw?

If you recently transferred or withdrew from the University, please contact Student Financial Services to let us know that your enrollment status has changed. Otherwise, it will take several months for us to identify you as needing to complete the exit counseling process.


Make sure you respond by completing your exit counseling in a timely manner! A hold will remain on your student record until your exit counseling is complete, delaying your diploma, preventing registration and preventing access to your transcripts.


For more information about student loan exit counseling, contact Student Financial Services.