Brown University offers various institutional loans to undergraduate, graduate, and medical students. The Financial Aid Office or Alpert Medical School Office of Financial Aid will determine eligibility for each of these programs.
Undergraduate Students
The Brown 20th Century Loan may be offered to students with high financial need determined by the Office of Financial Aid. The loan offers a 6-month grace period and up to 10 year repayment term. These loans are repaid directly to Brown University Student Financial Services.
Beginning in 2022-2023, the fixed interest rate is 5%.
Prior year interest rates: 4.7% for 2020-2021; 6.4% for 2019-2020; 6.9% for 2018-2019; 6.4% for 2017-2018; 5.7% for 2016-2017; 6.2% for 2015-2016.
The Brown 20th Century Loan fund is available based on generous donations:
Alumni Loan Fund (est. 1900), Charles W. Brooks, Mary D Chafee, George Champlin, Charles of the Ritz, Class of 1928, Class of 1982, Arthur Francis Ballou, Alexander Graham, S. Jansen Hunt, Inland Steel-Ryerson Foundation, James Stanton Kenyon, Sylvia Magaziner, Morris Morgenstern, Pembroke Dean's Fund (est 1930), Plantations Fund, Rand Aid, Alfred and Ernest Reiss, C. Semenoff, Milton and Elizabeth Stuart, Teavy and Holly Udis, Pembroke College (est 1958)
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Medical Students
Students may apply with the Alpert Medical School Office of Financial Aid to be considered for need-based university loans. These loans are subsidized during school, and for up to three years of a medical residency. These loans offer a 6-month grace period. These loans are repaid directly to Brown University Student Financial Services.
Beginning in 2022-2023, the fixed interest rate is 5%.
Prior years: The fixed interest rates for the Casperson, Ellwood, Kaplan, and Medical loans are 7%. The fixed interest rate for the Plitt/Anderson Loan is 5%.
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Graduate Students - Urban Education Loans
The Graduate School Education department determines students eligiblity for these loan programs. A limited number of graduate students may be awarded the Brown University Urban Education Policy Loan or the Brown University Urban Education Teacher Loan. These are forgiveable loan programs that may be cancelled (forgiven) based on the completion of 3 years of qualifying service, as indicated in the loan promissory note.
Beginning in 2022-2023, the fixed interest rate is 5%.
Qualifying Service & Loan Deferment:
Loan repayment may be postponed (deferred) while the borrower completes 3 years of qualifying service as listed below. During this time, borrowers must submit completed loan deferment paperwork to Brown University Student Financial Services every year.
Brown University Urban Education Policy Loan: completed three (3) consecutive years of service in a qualifying position in a public school system, non-profit entity, or public sector education organization (hereinafter jointly and severally referred to as the “School”) within the Providence, Rhode Island urban core region. To be considered a Providence urban core region, (1) the school or district must be qualified for federal funds in the year for which the cancellation is sought, and (2) more than 30% of the school’s enrollment must be made up of children from low-income families. A qualifying position is based on the duties presented in an official position description of the School and is subject to review and approval by the Provost of Brown University in consultation with the Chair of the Education Department.
Brown University Urban Education Teacher Loan: three (3) consecutive years of full-time service as a teacher in a qualifying position in a public school system, non-profit entity, or public sector education organization (hereinafter jointly and severally referred to as the “School”) within the Providence, Rhode Island urban core region. To be considered a Providence urban core region, (1) the school or district must be qualified for federal funds in the year for which the cancellation is sought, and (2) more than 30% of the school’s enrollment must be made up of children from low-income families. A qualifying position is based on the duties presented in an official position description of the School and is subject to review and approval by the Provost of Brown University in consultation with the Chair of the Education Department.
Qualifying Service & Loan Forgiveness:
Upon the completion of 3 years of qualifying service as listed above, borrowers must submit completed loan cancellation paperwork to Brown University Student Financial Services. All required documentation must be submitted by the student to Brown University Student Financial Services and be approved by Brown University in order to receive loan forgiveness.
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Short Term Loans
Short Term Loans are available to undergraduate, graduate, or medical students who are currently enrolled at Brown, do not owe an outstanding short term loan, and are requesting funds to cover an emergency. These funds are not intended to cover tuition, fees, room, board, or other expenses that are charged to the student account.
Eligible students may complete the Short Term Loan Request Form and setup an eRefund Profile at payment.brown.edu in order to receive the funds electronically. Students must repay all approved Short Term Loans directly to the Brown University Cashier Office before the end of the current semester.
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Loan Repayment
Learn more at Repay Your Loans.