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Rowe Loan

Rowe loans are granted to eligible applicants for emergencies and necessities. Examples of reasons a loan application may be approved include medical expenses, relocation expenses, purchase of an automobile, and home and household expenditures.

Loan applications are processed on a first-come, first-served basis and as loan funds are available.

The maximum period of repayment is two years, in monthly installments of principal and interest by payroll deduction. Deductions commence the last day of the month following the month the note is dated. The term of repayment must fall within the period of the borrower's University appointment.

The amount of the loan cannot exceed 15% of the borrower's annual base salary or a maximum of $5,000.00, whichever is lower.

A borrower may not apply for a loan within six months of repaying a predecessor loan from the Fund.

Guidelines for borrowing from the fund

  • Applicants must be faculty members or exempt monthly paid employees holding full-time appointments and actively at work, or on a paid leave of absence at the time the loan is issued. Applicants are eligible as of effective date of appointment.
  • Loans are granted to eligible applicants only, for emergencies and necessities. Examples of appropriate uses of the Fund are medical and other emergencies, relocation expenses, purchase of an automobile, and home and household expenditures.
  • Inappropriate uses of the Fund include, but are not limited to investments in financial instruments or other income source assets, risk capital for establishing a commercial enterprise, and continuing working capital for a commercial enterprise.
  • Loan applications are processed on a first-come, first-served basis and as loan funds are available.
  • The maximum period of repayment is two years, in monthly installments of principal and interest by payroll deduction. Deductions commence the last day of the month following the month the note is dated. The term of repayment must fall within the period of the borrower's University appointment.
  • The amount of the loan cannot exceed 15% of the borrower's annual base salary or a maximum of $5,000.00, whichever is lower.
  • A borrower may not apply for a loan within six months of repaying a predecessor loan from the Fund. The Benefits office will return to the applicant any application received within 6 months of a predecessor loan. New loans cannot be refinanced.
  • The annual rate of interest will be computed on the monthly unpaid balance. The interest rate shall not vary during the period of repayment, except in the instance of refinancing on termination of University employment.
  • Should the borrower cease employment at the University, any unpaid balance becomes due and payable at the end of the borrower's connection with the University. Should the borrower be unable to satisfy the loan at that time, such a balance may be refinanced at prevailing market rates.

For more information see Rowe Loan FAQs, send an email to hronestop@uc.edu or call 513-556-6381.

View the Rowe Loan Application Schedule.

Paying Off a Rowe Loan

Beginning December 1, 2011, for information on paying off a Rowe Loan, contact the Collections Office at 513-556-3431.

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