Ordean Foundation Loans
Repayment of Loan
The terms and conditions of repayment shall be set forth in a separate repayment schedule which is approved by the institution and agreed to by the borrower. Payments under the repayment schedule shall be made no less often than monthly, except that if the borrower is more than 180 days past due, the remaining balance of the loan shall be considered as in default, and be repaid within fifteen (15) days of notification.
Click here to request and printout a Certification of Deferment Status Form.
This loan will be cancelled at the rate of up to a maximum amount of one thousand dollars ($1,000.00) per year for each complete year of service as a Physician in the defined Duluth area.
Death or Disability
Permanent and Total Disability: Should you become unable to engage in any substantial gainful activity because of a medically determinable impairment, the unpaid balance remaining on the loan may be cancelled. To claim this entitlement, you must submit a formal request for loan cancellation and a physician's statement which certifies the date of onset, nature, and extent of your disability along with copies of all medical records pertinent to the disability.
UMD Home Page
Document URL : http:// www.duluth.umn.edu /umdbo/ordean.html
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