Union College funds two loan programs to assist with educational expenses: the Union Loan and the CAUSE loan.
Union Loans range from $1,000 to $5,000 with a fixed interest rate of 8%. These loans are based on need and standard financial aid application procedures apply. Payment of both the principal and interest is deferred while the student is in attendance at least half-time. Repayment begins six months after the student graduates or drops below half-time enrollment. Repayment can be deferred for graduate school. Students who are awarded a Union loan are required to complete a Master Promissory Note that should be returned to the Student Loan Manager in Financial Services, McKean House.
Chester Arthur Undergraduate Support for Excellence (CAUSE) loans are also need-based and require the student to complete a Master Promissory Note. However, students may qualify for cancellation of repayment provided they engage in public service work upon graduation. If the student does not meet the qualifications for cancellation, the procedures for repayment are in line with the Union loan listed above.