Loss of eligibility

Assistance options

• UC may extend the required repayment date on your loan for up to 2 years. After the extension, the University will re-evaluate the status of the property to determine whether an additional extension is warranted.
• UC may temporarily waive the requirement that you use the property as your principal place of residence.

Eligibility requirements/criteria

• If your loan has been sold to an investor, the investor must approve any requested exceptions.
• If you are requesting an exception to policy to allow you to temporarily rent out your property and purchase another property, provide the following:
  • Documentation of a hardship situation that necessitates moving to another property (for example: medical reasons, change in family circumstances, commute times, etc.)
  • Documentation of the current value of your property (generally a full appraisal by a University approved appraiser is required).
  • Documentation that you have insufficient assets to pay off the shortfall in the event that you were to sell your property for less than the outstanding loan balance(s).
• All loan payments and property tax payments must be kept current during the exception period.
• Sufficient hazard insurance coverage must remain in force.
• All exceptions are contingent on the continued maintenance of the property.