The Union College Loan is a college-funded loan ranging from $1,000 to $5,000 with a fixed interest rate of 8%. These loans are based on need and the standard financial aid application procedures apply. Payment of both principal and interest is deferred while the student is in attendance at least half-time. Repayment begins six months after the student graduates and/or drops below half-time enrollment. Repayment can be deferred for graduate school.