This loan is awarded by UNI from funds allocated from the federal government. You must be enrolled at least half-time, complete the FAFSA, and demonstrate need for financial aid. The loan has a fixed interest rate of 5% during repayment, and there is no interest charge while you are in college. Repayment of the loan begins nine months after you graduate, leave school, or cease to be enrolled on at least a half-time basis. Annual award amounts usually range from $500-$2,000.