Silver-Light Loan Summary

Silver-Light Loan

The Silver-Light Loan program provides low-interest loans to UCI College of Medicine students with financial need to help pay their costs of postsecondary education. The Silver-Light Loan is an institutional loan funded by the University of California. UCI is the lender.

Loan limits: Variable

Total origination or insurance fee: None

Interest rate: 7 percent per year

Prepayment: No penalty for early repayment

Initial grace period: 6 months

Repayment period begins: Six months after leaving UCI

Repayment period: Up to ten years

Minimum payment: $150 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 and interest will not accrue 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 2 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. Interest continues to accrue during these periods.

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:

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