The Henry Strong Educational Foundation was created in 1919 to provide financial assistance for the education of deserving students. This foundation provides funding for loans which in turn are managed by UM. Funding is very limited.

Henry Strong Loans have a 5% interest rate that begins accruing after a student ceases to be enrolled in at least six credits. There are no origination fees associated with the loan. They have five years to pay the loan in full.

To be eligible for this loan a student must:

• Be in a "practical, literary, scientific, mechanical or business" major
• Be pursuing a first bachelor's degree or a graduate/professional degree
• Be enrolled in 6 or more credits
• Have exhausted federal loan eligibility for the year
• Have unmet need

Henry Strong Loans are awarded by the financial aid office on a case by case basis.

A student who borrows $5,000 at an interest rate of 5% will have monthly payments of $94. When the loan is paid in full after five years they will have paid a total of $5,661.

To receive a customized loan repayment schedule a student can access the loan calculators at finaid.org.

Funding for long-term departmental loans is very limited. Information on the loan terms and application process are available at the respective department.

Loans may be available in the following areas:

• The School of Law
• The School of Music
• The School of Journalism
• The College of Health Professions and Biomedical Sciences

A student who borrows $5,000 at an interest rate of 5% and repays the loan in two years will have 24 monthly payments of $219. When the loan is paid in full they will have paid a total of $5,2661.

To receive a customized loan repayment schedule a student can access the loan calculators at finaid.org.