A loan is money that is borrowed and must be paid back with interest. Loan repayment usually begins after you have completed your education or drop below half time (6 credits) enrollment. Remember you can borrow less than what is offered to you. You should only borrow what you need!
Find On SiS:
Types of Available Loans:
Direct Loan Online Services:
Federal Direct Unsubsidized Loan:
- Federally funded loan program available through the University
- Eligibility does not require demonstrated financial need
- Must complete FAFSA (no separate application required)
- Enrolled at least half time (6+ credits)
- Enrolled in a degree granting or eligible certificate program
- Students must complete an online Entrance Counseling and Master Promissory Note
- Borrowers may receive no more than $20,500 in unsubsidized loans for an academic year or loan period
- Aggregate loan limit for graduate students cannot exceed $138,500 ($65,500 maximum in subsidized loans)
- Interest rates for loans disbursing on or after July 1, 2017 is 6%
- Origination fees for loans disbursing on or after Oct. 1, 2017 is 1.066%
- Interest is charged from the time the loan is disbursed until it is paid in full. If a student allows the interest to accumulate, it will be capitalized—that is, the interest will be added to the principal amount of the loan and additional interest will be based upon the higher amount
- Repayment starts six months after graduation, withdrawal, or when the student’s course load drops below half time (6 credits) status
- Students must complete an Exit Counseling at point of graduation, withdrawal from school, or enrollment status drops below half time (6 credits) status
- Loan that must be repaid
Federal Perkins Loan*:
- Federally funded loan program available through the University (note that funding is limited each year and funding is not guaranteed to be available)
- Eligibility determined by demonstrated financial need, as well as available funding
- Must completed FAFSA (no separate application required)
- Enrolled at least half time (6 credits)in a degree granting or eligible certificate program
- Must complete a Promissory Note and Personal Information Sheet after awarded
- May not exceed the annual loan limit of $8,000
- May not exceed the graduate lifetime loan limit of $60,000, which includes amounts borrowed as an undergraduate
- Interest rate is a fixed 5.0%
- There are no origination fees
- Repayment starts nine months after graduation, withdrawal or if your enrollment drops below half time (6 credits)
- Must complete Perkins Exit Counseling at the point of graduation,withdrawal or if your enrollment drops below half time (6 credits)
- This is a loan that must be repaid
- *At this time, the government has discontinued any new Perkins Loans as of Oct. 1, 2017
Nurse Faculty Loan:
Students who have received an email and a "To Do" list item on SiS notifying them that their application for the Nurse Faculty Loan has been accepted and are now eligible for an award, will need to complete the Nurse Faculty Loan Truth in Lending Documents by using the eSign Online functionality.
- Note: While completing the necessary documents, additional browser windows need to open to provide information throughout the process.
- Temporarily disable any pop-up blocking software.
eSign Online Documents that must be completed:
- Application Solicitation form
- First Approval Disclosure
- Self-Certification form
- Nurse Faculty Loan Promissory Note
- Final Approval Disclosure
- You will receive an email when these documents have been deemed complete.
- The Nurse Faculty Loan funds will be disbursed within 10 business days from the date all requirements for this loan have been met.
- To complete all the documents online, go to Nurse Faculty Loan Truth in Lending Documents webpage.