Undergraduate Students

The Brown 20th Century Loan may be offered to undergraduate students with high financial need.  Students may apply with the Office of Financial Aid to be considered for need-based university loans.  The Office of Financial Aid will determine eligibility and can answer questions about being awarded the Brown 20th Century Loan. 

Once the loan is awarded, Student Financial Services will instruct students on how to accept the loan, complete the required promissory note and entrance counseling requirements, and will disburse the loan funds to the student account. These loans are repaid directly to Brown University Student Financial Services. Review the Loan Process to learn more about how to apply and receive loans.

Grace Period

• 6 months; begins when enrollment ends or drops below half time

Interest Rate

• The fixed interest rate is 5%.
• Prior Years Interest Rates: 4.7% for 2020-2021; 6.4% for 2019-2020; 6.9% for 2018-2019; 6.4% for 2017-2018; 5.7% for 2016-2017; 6.2% for 2015-2016

Donations

The Brown 20th Century Loan fund is available based on generous donations:

• Alumni Loan Fund (est. 1900)
• Charles W. Brooks
• Mary D Chafee
• George Champlin
• Charles of the Ritz
• Class of 1928
• Class of 1982
• Arthur Francis Ballou
• Alexander Graham
• S. Jansen Hunt
• Inland Steel-Ryerson Foundation
• James Stanton Kenyon
• Sylvia Magaziner
• Morris Morgenstern
• Pembroke Dean's Fund (est 1930)
• Plantations Fund
• Rand Aid
• Alfred and Ernest Reiss
• C. Semenoff
• Milton and Elizabeth Stuart
• Teavy and Holly Udis
• Pembroke College (est 1958)

Graduate Students Urban Education Loans

The Graduate School Education department determines students' eligibility for the Brown University Urban Education Policy Loan or the Brown University Urban Education Teacher Loan. A limited number of graduate students may be awarded these loan programs. These are forgivable loan programs that may be cancelled (forgiven) based on the completion of 3 years of qualifying service, as indicated in the loan promissory note. 

Once the loan is awarded, Student Financial Services will instruct students on how to accept the loan, complete the required promissory note and entrance counseling requirements, and will disburse the loan funds to the student account. These loans are repaid directly to Brown University Student Financial Services. Review the Loan Process to learn more about how to apply and receive loans.

Loan Terms & Repayment

The Urban Education loan enters a grace period of 4 months once enrollment ends or drops below half-time status.  Once the grace period ends, interest begins to accrue on the loan. The fixed interest rate is 5.0%. 

Loan repayment begins when the grace period ends and lasts up to 10 years. Borrowers are responsible for making the monthly payments unless they have an approved deferment on file. 

Qualifying Service 

Brown University Urban Education Policy Loan

Completed three (3) consecutive years of service in a qualifying position in a public school system, non-profit entity, or public sector education organization (hereinafter jointly and severally referred to as the “School”) within the Providence, Rhode Island urban core region. To be considered a Providence urban core region, (1) the school or district must be qualified for federal funds in the year for which the cancellation is sought, and (2) more than 30% of the school’s enrollment must be made up of children from low-income families. A qualifying position is based on the duties presented in an official position description of the School and is subject to review and approval by the Provost of Brown University in consultation with the Chair of the Education Department.

Brown University Urban Education Teacher Loan

Three (3) consecutive years of full-time service as a teacher in a qualifying position in a public school system, non-profit entity, or public sector education organization (hereinafter jointly and severally referred to as the “School”) within the Providence, Rhode Island urban core region. To be considered a Providence urban core region, (1) the school or district must be qualified for federal funds in the year for which the cancellation is sought, and (2) more than 30% of the school’s enrollment must be made up of children from low-income families. A qualifying position is based on the duties presented in an official position description of the School and is subject to review and approval by the Provost of Brown University in consultation with the Chair of the Education Department.

Qualifying Position

A qualifying position meets both of the following criteria, subject to the approval of the Chair of the Education Department and Student Financial Services office:

• The position must be a full-time position with a public school system, non-profit entity, or public sector educational organization serving the Providence/Rhode Island urban core region, defined as communities with a high concentration of students from low-income families.
• The position must be one that has a substantial focus (30% or greater) on improving the quality of education for low-income students specifically which means:
  • A teaching position qualifies if it is located in a school with an enrollment of 30% or greater students from low-income families. Schools listed in the Teacher Cancellation Low Income (TCLI) Directory qualify. Others may also qualify with evidence about enrollment demographics.
  • A policy position qualifies if a substantial portion of its work (30% or more) supports providing direct service or developing policy to improve the quality of education for students from low-income families. This is determined both by the organization’s mission and by official position description provided by the employer. Additional information or justification may also be requested for approval.

Apply for Loan Deferment

Loan repayment may be postponed (deferred) while the borrower completes 3 years of qualifying service as listed below. During this time, borrowers must submit completed loan deferment paperwork to Brown University Student Financial Services every year.

Borrowers who are completing their qualifying service can delay repayment by applying for deferment. Borrowers must request deferment at the beginning of each year of qualified service.

Tip: File the initial deferment application promptly (within 3 months of enrollment ending, and annually for each of the 3 years of qualifying service) to avoid interest from accruing on your loan and avoid being required to pay the monthly loan installment. Loan cancellation does not include interest charges that accrued or monthly loan payments that have been made. Failure to satisfy the terms of the loan will result in the borrower being responsible for repaying the full amount of the loan.

To qualify for deferment, borrowers must submit the required documentation to Student Financial Services and must be:

• enrolled at least half-time at another institution of higher education or
• teaching (or serving in a policy position full time in a public school system, not profit entity, or public sector education organization within the Providence, Rhode Island urban core region or other approved urban area schools as designated by US Department of Education as having a high concentration of students from low-income families if placement in Providence is not possible (hereinafter such service is referred to as “Qualified Service”). Such School and service must be directly involved in improving the quality of education for students and/or directly involved in creating policy aimed toward improving the quality of education for students of low-income families.

Borrowers should refer to their signed promissory note for additional details. 

To apply for deferment, borrowers must complete the Urban Education Deferment form, have their employer certify the form, and email the completed form to Student Financial Services at sfs@brown.edu. 

• For employment at a school, if it is not listed in the TCLI Directory for the year deferment is requested, provide documentation about school demographics to ensure it meets the 30% or greater low-income students threshold. If listed in the TCLI Directory, no documentation is needed.
• For employment at any other type of organization, you must provide information on the organization name and mission, your position within it, and how it satisfies the terms of the loan, signed by your employer.

NOTE: Employment at Providence Public School District, Central Falls School District, or the Rhode Island Department of Education do not require further documentation.

NOTE: While the loan terms call for three years of consecutive service in a qualifying position, borrowers may request up to one year of deferment in special circumstances, including difficulties in securing a local position or health, personal, or family circumstances that impact continuous employment. Please be in touch as early as possible to discuss this possibility if the need arises. 

Apply for Loan Cancellation/Forgiveness

At the end of three years of qualifying employment, borrowers can request cancellation of up to 100% of the original loan amount (principal).  

To qualify for cancellation, borrowers must meet the following criteria: 

• Borrower has obtained a Brown University MAT or UEP degree.
• Borrower has completed three years of consecutive service in a full-time qualifying position with the Rhode Island urban core and has filed deferment paperwork on the loan each year.
• Borrower completes the Urban Education Loan Cancellation Request Form and provides required documentation, including certification from the employer that the Borrower was employed in that position for the years indicated and how it meets the terms of the loan.

Borrowers should refer to their signed promissory note for additional details. 

To apply for cancellation, borrowers must complete the Urban Education Cancellation form, have their employer certify the form, and email the completed form to Student Financial Services at sfs@brown.edu. All required documentation must be submitted by the student to Brown University Student Financial Services and be approved by Brown University in order to receive loan forgiveness.

Medical Students

Several university loans may be offered to medical students with high financial need.  Students may apply with the Alpert Medical School Office of Financial Aid to be considered for need-based university loans.   

Once the loan is awarded, Student Financial Services will instruct students on how to accept the loan, complete the required promissory note and entrance counseling requirements, and will disburse the loan funds to the student account. These loans are repaid directly to Brown University Student Financial Services. Review the Loan Process to learn more about how to apply and receive loans.

Grace Period

• 6 months; begins when enrollment ends or drops below half time

Interest Rates

• The fixed interest rate is 5%.
• Years prior to 2022-2023:The fixed interest rates for Casperson, Ellwood, Kaplan, and Medical loans were 7%; for Plitt/Anderson Loan was 5%.