Institutional Loans

Brown University offers various institutional loans to undergraduate 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 University Loan is a need-based loan that is offered when students are ineligible for any federal loan programs.  The loan is awarded through the Office of Financial Aid.

Brown university loan
Loan Amounts:
Determined by the Office of Financial Aid
Interest Rate: 9%
Grace Period: 6 months

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.

Ellwood Loans
Loan Amounts:

$3,000 Annual Limit

$12,000 Aggregate Limit

Interest Rate: Fixed rate of 7% for loans borrowed after June 30, 2011. Fixed rate of 9% for loans borrowed prior to June 30, 2011.
Grace Period: 6 months

Medical/Casperson/Kaplan Loans
Loan Amounts:
Determined by Financial Aid
Interest Rate: 7%
Grace Period: 6 months

Plitt/Anderson Loan
Loan Amounts:
Determined by Financial Aid
Interest Rate:  5%
Grace Period: 6 months

Loan Requirements (Undergraduate and Medical students)

University policies require that all borrowers of Institutional Loans complete Entrance Counseling, Truth in Lending Disclosures, and Promissory Note each year.  The requirements will all be completed online.  Once the materials are created, the Loan Office will send an email notification to the student's Brown University GMail account.

Entrance Counseling: This session will give you guidance on managing your student loans both during and after college, and provide information on your rights and responsibilities as a borrower. 

Truth in Lending Disclosures:  The disclosures are intended to promote the informed use of consumer credit by requiring disclosures about its terms and cost. 

 Promissory Note:  By signing the promissory note, you promise to pay back to Brown University all loan amounts disbursed while enrolled at Brown plus interest accrued. 

Loan Repayment

Learn more at Repay Your Loans.