Tura Hawk Loan Summary
Tura A. Hawk Loan
The Tura A. Hawk Loan program provides interest-free loans to students with financial need to help pay their costs of postsecondary education. The Tura A. Hawk
Loan is an institutional loan funded by the University of California, Irvine. UCI is the lender.
Loan limits:
Variable
Total origination or insurance fee:
None
Interest rate:
None
Prepayment:
No penalty for early repayment
Initial grace period:
None
Repayment period begins:
Immediately after leaving UCI
Repayment period:
Up to five years
Minimum payment:
$90 per quarter
Credit reporting:
Reported to three national credit bureaus:
Equifax, Experian, and
TransUnion
Late charges:
$6 per quarter
Late charges are assessed for failure to make timely payment of all or any part of a scheduled installment or to submit appropriate deferment requests on time.
Deferments:
Upon approval of properly documented written requests, borrowers may defer making scheduled installments during the following periods:
Student Deferment
Enrollment and attendance as a regular student in at least a half-time course of study at an eligible institution of higher education.
Military Service
For a period, not to exceed 3 years, while on full-time active duty as a member of the Armed Forces of the United States (Army, Navy, Air Force, Marine Corps, or Coast Guard).
Peace Corps Service
For a period, not to exceed 3 years, while serving as a volunteer under the Peace Corps Act.
Domestic Volunteer Service
For a period, not to exceed 3 years, while serving as a VISTA volunteer under Title I-Part A of the Domestic Volunteer Service Act.
Volunteer Service
For a period, not to exceed 3 years, while serving as a full-time volunteer in a tax-exempt organization performing service comparable to the service performed by Peace Corps or ACTION agency volunteers.
Temporary Total Disability
For a period, not to exceed 3 years, when a borrower is temporarily and totally disabled as established by an affidavit of a qualified physician or when a borrower is unable to secure employment because the borrower is providing care required by a spouse who is temporally and totally disabled.
Public Health Service
For a period, not to exceed 3 years, when a borrower is on full-time active duty in the Commissioned Corps of the U.S. Public Health Service.
Internship and Residency
For a period, not to exceed 3 years, when a borrower is serving in an internship or residency in order to receive professional recognition required to begin professional service or practice.
Extraordinary Circumstances:
Upon properly documented written request, the institution may defer or reduce scheduled repayments if extraordinary circumstances such as prolonged illness or unemployment prevent a borrower from making regularly scheduled payments.
Death cancellation:
The total amount owed on the loan is canceled in the event of the death of the borrower.
Permanent and total disability:
The total amount owed on the loan is canceled if the borrower becomes permanently and totally disabled after receiving the loan.
Default:
Failure to make an installment payment when it is due or to comply with the other terms of the promissory note may result in the following:
- Loss of deferment benefits
- Imposition of late charges
- Negative reports to national credit bureaus
- Suspension of campus services including registration, transcripts, and diplomas
- Withholding California State Tax refunds and applying them to past-due loans
- Loan acceleration
- Assessment of collection costs, attorney fees, and litigation costs
- Referral of the loan to an outside collection agency
- Ineligibility for further student financial assistance
FS Home | Loan Services Home