Students who apply for need-based scholarship will concurrently be evaluated for the school's institutional loans. Students are not able to specifically apply to be considered for institutional loans separately. If a student is awarded an institutional loan, they will be notified in their financial aid package and there will be additional steps for them to complete. This loan requires a promissory note and entrance counseling. This loan is serviced by UAS during school and throughout repayment. Interest rates are generally fixed at 5% and will begin accruing interest while in repayment. Institutional loans will not accrue interest during school or during the 6-month grace period following graduation. The repayment term is set for 10 years.