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Supplemental Loan Program

Princeton University has terminated the Supplemental Loan Program effective June 30, 2004. Children not covered under the Plan as of June 30, 2004 will not be eligible for supplemental loans. However, children currently receiving loans will be grandfathered under the program and their continued eligibility governed under current plan rules.

The interest rate for the Supplemental Loan Program will remain at 7.25%.

All requests for supplemental loans will be processed by the Loans and Receivables Department in the Treasurer’s Office. If you would like an application for a supplemental loan or information about an existing supplemental loan, please contact Loans and Receivables directly. The office can be reached at 258-7220 or by e-mail at emploan@princeton.edu .

This program provides a loan to cover the cost of undergraduate expenses of an eligible employee's child not paid by other forms of assistance. The amount eligible to be borrowed may not exceed the actual cost of the child's tuition, room/board, and fees or similar charges at Princeton University (whichever is less) reduced by any amounts provided under the Tuition Grant Program, and any financial assistance the eligible child receives from the other sources. Employees may select either a mortgage-secured or personal loan option. While administered by Loans and Receivables Department, this is a benefit program. For more information, visit the Human Resources site regarding Children's Education Assistance. This site also contains information regarding the Tuition Grant Program.

The interest rate is 7.25%. The loan is repaid through payroll deductions between 11 years (if the initial loan is for a senior) and 14 years (if the initial loan is for a freshman).