The Student Loan Program
The purpose of the loan program is to support the existing financial aid program of AUB allowing further financial support to those students finding it difficult to complete their studies.
The student loan program started in September 2003 for medical students. In 2004, the undergraduate students in the Faculty of Engineering and Architecture (second year and on) also benefited from this program, followed by nursing students in 2005. In 2006 the loan program was extended to include undergraduate business students, second year and on. The program is now available for the six faculties of AUB. Loans will be offered to all undergraduate students receiving financial aid and who have at least a Junior status or equivalent at AUB, regardless of major. The students would apply for financial aid as usual, however, if eligible, the students would receive financial assistance in the form of a grant from AUB and an optional loan from a bank in agreement with AUB.
The Loan Program Concept
The student loan program was designed to allow an increase in the overall financial assistance provided to students. These, however, will partially assume the responsibility of this aid by repaying the loan part after graduation. The loan component is added as an option such that the student may refuse the loan while keeping the financial aid grant.
The loan currency is Lebanese pounds and the interest is 3% as per Central Bank provisions, which will be charged on the student during the period of enrollment, the grace period and the entire repayment period. The student loans are guaranteed by AUB and the annual loan amount is determined by AUB and will not exceed 30% of the annual tuition fee. The total amount of the loan will depend on the eventual repayment ability of the student (parents) as judged by the bank. Students will have to repay the loan after graduation for up to 10 years following a grace period of one year.
Check out the details of the New Loan Program