NEED-BASED STUDENT LOANS

As part of the need-based financial aid program AUB started a loan program in September 2003 for medical students enrolled in the Faculty of Medicine. For three consecutive years, each year the program was extended to another faculty or school. Currently, the following students receiving financial aid benefit from this program:

- Medical students, years 1 to 4.

- Undergraduate students in the Faculty of Engineering and Architecture, second year and on.

- Undergraduate students in Rafic Hariri School of Nursing enrolled in their second and third years.

- Undergraduate students of the Suliman S. Olayan School of Business enrolled in their second and third years.

The purpose of the loan program is to allow further financial support to students who find it difficult to complete their studies.  The students would apply for financial aid as usual; however, if eligible, the students receive financial assistance as a package in the form of a grant from AUB and a loan from a bank assigned by AUB.  Students cannot apply for the loan separately, it is a necessary condition for the student to receive a need-based grant in order to be considered for the loan. Participating students can take the loan during each year of study.  The loan is subsidized by AUB during the student's years of study until graduation.  Accordingly, AUB pays the loan's interest, relieving the student from this financial burden until graduation, after which the student starts repaying the loan at a low interest rate over a period of four to six years depending on the course of study.  The University is continuously studying the possibility of extending the loan program to other faculties/schools.