Graduate students may find they need additional assistance for tuition costs after availing themselves of their own tuition reimbursement programs or receiving a scholarship award from the Restorative Practices Foundation.
Rates lower than federal student aid
IIRP graduate students can benefit from low-interest loans offered at 3.9%. Graduate students may borrow funds to pay tuition from the Restorative Practices Foundation at a rate substantially lower than the Federal Student Aid program, making it more affordable to earn their degree.
Budget calculator
Use the calculator to determine your personal amount and term of the loan. The interest rate is 3.9%. Terms are available for up to 8 years. Loans are available for tuition costs. Students are responsible to pay applicable fees and for materials and textbooks.
Repayment plans
The Registrar will assist the graduate student determining the best payment plan. Students have a choice as to when to begin payment. They can:
- Defer payment on the loan until they complete their studies or
- Begin paying sooner.
The term to pay off the loan is up to 8 years. As long as a graduate student is actively taking classes the loan can be deferred within this period. There is no prepayment penalty to pay off the loan.
Once the amount and terms are confirmed, the student signs a promissory note (PDF).
Truth in Lending disclosure
Below is a Truth in Lending disclosure example for loan amounts from $3,000 to $12,000, in $1,000 increments, borrowed at 3.9% interest and paid over an 8-year period with the total of all payments at the end of the 8 years.
Loan Example for Different Loan Amounts Borrowed over Two YearsUse the loan calculator above to determine the monthly payment and total paid for specific amounts and/or another time period. |
|||
|---|---|---|---|
| Loan Amount | Interest Rate | Monthly Payments for 8 Years |
*Total Paid |
| $3,000 | 3.9% | $36.43 | $3,497.13 |
| $4,000 | 3.9% | $48.57 | $4,662.84 |
| $5,000 | 3.9% | $60.71 | $5,828.55 |
| $6,000 | 3.9% | $72.86 | $6,994.26 |
| $7,000 | 3.9% | $85.00 | $8,159.97 |
| $8,000 | 3.9% | $97.14 | $9,325.68 |
| $9,000 | 3.9% | $109.29 | $10,491.39 |
| $10,000 | 3.9% | $121.43 | $11,657.10 |
| $11,000 | 3.9% | $133.57 | $12,822.81 |
| $12,000 | 3.9% | $145.71 | $13,988.52 |
| * There is no prepayment penalty to pay off the loan. | |||
