BYU Institutional Loan for Undocumented Students
Who is eligible to receive this loan and how do they apply?
Any student who is currently undocumented (with or without DACA), and therefore ineligible for federal aid, can receive this loan. There is no official application.
What are the loan details?
The loan amount is for up to $5500 for each school year, which will be split between the fall and winter semesters unless otherwise requested. The loan is available for a maximum of 4 years and should be used solely for educational expenses (tuition, books, housing, etc.). The interest rate is comparable with the federal interest rate and will be deferred while in school, on a mission, and during a 6-month repayment grace period following graduation or leaving the school.
How long will it take to process the loan?
The “paperwork” for the loan is completed electronically through My Financial Center. Once initiated through our office, the average processing time is about 1-2 weeks.
Meet with an Advisor
Any interested students should make an appointment with the BYU Financial Fitness Center.