Brown University Loan repayment
Brown University awards institutional loans to eligible students. The loan programs vary in terms of eligibility requirements, interest rates, and deferment or forbearance options.
Grace period and repayment begin date
After you graduate, leave school, or drop below half-time enrollment, your loan enters a 6 month grace period. When the grace period ends, your loan enters repayment.
At the time you are no longer enrolled at least half-time, you will be required to complete exit counseling.
The servicer is the agency responsible for billing and collection of your loan. Brown University institutional loans are serviced by Brown University Loan Office.
Approximately two months prior to the first payment due date, you will receive correspondence from the Loan Office with information regarding repayment of your loan.
There is no penalty for prepayment of your loan. Please be aware, any extra amount paid will be applied to your loan balance and will not reduce your next regularly scheduled payment.
A repayment schedule is provided at the time you complete exit counseling requirements. The repayment schedule indicates the amount borrowed, the interest rate, number of payments, and the date that the first payment is due.
Payments are due to Brown University on the first day of each month. Loan billing statements are mailed approximately two weeks before the scheduled due date. To avoid the assessment of late charges, payments should be mailed well in advance of an approaching due date.
It is important to note that the billing statement is only a reminder of a payment due and that all payments are expected by the due date regardless of whether a statement is received. If you are nearing a repayment period and have not received a statement, please contact the Loan Office for assistance to determine the amounts due and to verify our records of your mailing address.
Address all payments to:
Brown University Cashiers Office
164 Angell St, 2nd floor, Box 1911
Providence, RI 02912-1911
A deferment is a temporary suspension of loan payments for specific situations such as reenrollment in school (at least half time), unemployment, or economic hardship.
A forbearance is a temporary postponement or reduction of payments for a period of time because you are experiencing financial difficulty. Interest accrues during forbearance, and you are responsible for paying it.