Loan Repayment

Eligibility

MMUF students entering PhD programs in Mellon Designated Fields are eligible for repayment of their undergraduate loans up to a maximum of $10,000.  Only undergraduate debt accrued through Perkins, Stafford, or college loan programs qualify for repayment.

Procedures

Under the terms of the MMUF program, each undergraduate institution establishes its own procedure for facilitating the loan repayment process and record keeping.  Coordinators work directly with their undergraduate financial aid offices.  Generally, institutions require fellows to participate in an exit interview, during which time the undergraduate coordinators familiarize students with loan repayment procedures and provide them with necessary information to apply for repayment.

For each of the first four years of full-time graduate study, the Mellon Foundation, through students’ undergraduate institutions, will repay one-eighth (up to $1,250) of the fellows’ undergraduate debts.   Thus, if students pursue full-time graduate study for four years, they will receive $5,000.  When students complete the doctorate, they will qualify for an additional $5,000.  Students are required to submit a loan deferment form and verification of graduate enrollment when requesting payments.

If a student has undergraduate debt totaling less than $10,000, the remaining  loan repayment funds may be used to repay graduate students loans.  Graduate students loans may only be repaid upon completion of the PhD.  The total amount of loan repayment funds will not exceed $10,000 and may only be used toward designated educational loans from recognized lenders for graduate study.