#school loan #

Student Loans

Federal and supplemental (private) student loans are available to assist students in meeting their educational expenses. Since loans must be repaid, our office encourages individuals who use this option to (a) fully understand the terms of each loan and (b) take only what is needed. We also advise individuals to research loan repayment and employment options which can assist in meeting loan repayment obligations. If you have any questions about student loans, please contact our office.

Federal Perkins Loan

• 5% interest rate
• Interest deferred while enrolled at least half-time
• Repayment begins 9 months after no longer enrolled at least half-time

Funding for this program is extremely limited and awards are made to students who demonstrate significant financial need. Priority is given to undergraduate students who enroll full-time. Provisions of this program allow borrowers who work in qualifying health care facilities to cancel 100% of the loan principal. To be considered for the Perkins Loan. complete the financial aid application. Apply for financial aid

Federal Nursing Student Loan

• 5% interest rate
• Interest is deferred while enrolled at least half-time
• Repayment begins 9 months after no longer enrolled at least half-time

Funding for this program is extremely limited and awards are made to dependent students who demonstrate significant financial need. Priority is given to students who enroll full-time. Depending upon availability of funds, the annual maximum award is $5,500. To be considered, complete the financial aid application. Apply for financial aid

Federal Direct Loan

The U.S. Department of Education offers low interest loans at fixed rates ranging from 3.4%-7.9%. Depending upon the program, an origination/default fee equal to 1%-4% of the loan principal is charged, and the fee is automatically deducted from the loan proceeds. The School participates in three types of Federal Direct Loans :

Subsidized Direct Loan

A subsidized loan is awarded based on financial need. Interest is deferred while you are enrolled at least half-time. Repayment begins 6 months after you are no longer enrolled at least half-time.

Unsubsidized Direct Loan

If you do not demonstrate financial need you may borrow an unsubsidized loan. Unsubsidized loan interest accrues from the time the loan is disbursed until it is paid in full. You may pay the interest while enrolled in school or allow it to accrue. Accrued interest will be capitalized; meaning it will be added to the principal amount of the loan when it enters repayment. Repayment of principal and interest begins 6 months after you are no longer enrolled at least half-time.

Direct PLUS Loan

Provides supplemental unsubsidized loans to creditworthy graduate students and parents of dependent undergraduate students. There is no financial need requirement for this program. However, graduate students must first exhaust their eligibility for unsubsidized loans. All applicants are encouraged to take advantage of other federal loan funds before applying for a PLUS loan. Repayment begins within 60 days after the loan is fully disbursed. Borrowers may request a deferment while enrolled at least half-time.

To be considered for a Direct Loan, complete the financial aid application. Apply for financial aid

Eligibility for subsidized and/or unsubsidized loan funds is determined by the Office of Student Financial Services .

Loan terms and loan limits for each program are listed below: