Overview
Overview
Federal and private loans are need-based financial aid that must be repaid, sometimes with interest. Federal loans include the Direct Loan, Parent PLUS Loan, and more. Some federal loans don't accrue any interest while you're still a student. Private loans are another option to help you pay for the remainder of your education.
Federal Direct Loans
Federal Direct Loans
Federal Direct Loans are low interest rate loans that all students can apply for, provided they have filed a FAFSA and meet the criteria to receive federal aid.
As with all loans, Federal Direct Loans must be repaid with interest. There are two types of Federal Direct Loans: Subsidized and Unsubsidized. You may receive one or both types depending on your dependency and financial status. To receive the funds, you must be enrolled at least half-time.
Subsidized Direct Loan | Unsubsidized Direct Loan | |
|---|---|---|
| Financial Need | Based on need | Not based on need |
| Limits | Refer to the Annual and Aggregate Loan Limit tables below. Federal regulations limit new borrower eligibility for Direct Subsidized Loans to 150% of the published length of an undergraduate program. This limit applies only to first-time borrowers. | Refer to the Annual and Aggregate Loan Limit tables below. Important to note that Subsidized and Unsubsidized Direct Loans combined cannot exceed the Federal Direct Loan annual limits noted below. |
| Interest | The interest rate is a variable fixed rate which is determined at the beginning of each academic year (July 1). For more information, please visit . Note, Federal government pays the interest while in school at least half-time and during the six-month grace period after you graduate, leave school, or drop below half-time enrollment. Elimination of the Grace Period Interest Subsidy 鈥� Currently, the federal government pays the interest on a Federal Direct Subsidized loan not only when the student is enrolled at least 陆 time but also during their 6 month grace period. | The interest rate is a variable fixed rate which is determined at the beginning of each academic year (July 1). For more information, please visit . You are responsible for paying all the interest while in school and after graduating or dropping below half-time enrollment. You can allow the interest to accumulate while you are in school and during the grace period. If you do, the interest will be capitalized immediately at the time of repayment. The capitalized interest will be added to the principal balance. It is to your advantage to pay the interest while in college; you will pay less in the long run. |
| Fees | Fees are determined by the date of the first disbursement of the loan. For more information, please visit . | Fees are determined by the date of the first disbursement of the loan. For more information, please visit . |
| Apply for Loan and Entrance Counseling | After being awarded a Subsidized Direct Loan, go to to complete a Master Promissory Note (MPN) and your Entrance Counseling. If you are a continuing student borrower at 国产偷拍, go to your student portal to accept your loans. Entrance counseling is required for all first-time borrowers and strongly encouraged for all transfer students. This valuable step gives information on your rights and responsibilities for your loan(s), and helps you to understand what to expect while you are in school and beyond. | After being awarded an Unsubsidized Direct Loan, go to to complete a Master Promissory Note (MPN) and your Entrance Counseling. If you are a continuing student borrower at 国产偷拍, go to your student portal to accept your loans. Entrance counseling is required for all first-time borrowers and strongly encouraged for all transfer students. This valuable step gives information on your rights and responsibilities for your loan(s), and helps you to understand what to expect while you are in school and beyond. |
| Repayment | Repayment begins six months after you graduate, withdrawn, or cease to be enrolled at least half-time. The loan repayment period is typically 10 years, but may change depending on the loan repayment program you may choose or if you make more than the minimum payment. . If you would like to calculate your repayment of loans, try using . | Repayment begins six months after you graduate, withdrawn, or cease to be enrolled at least half-time. The loan repayment period is typically 10 years, but may change depending on the loan repayment program you may choose or if you make more than the minimum payment. . If you would like to calculate your repayment of loans, try using . |
| Exit Counseling | Every student borrower鈥� 鈥媜f federal loans鈥嬧�� who has dropped below half-time enrollment, withdrawn or graduated from 国产偷拍 is required to complete 鈥媏xit counseling.鈥� 鈥嬧�嬧�� Exit Counseling鈥� 鈥媘ay be completed at: . However, in-person Exit Counseling sessions are available at the end of each term, and are strongly encouraged. Communication will be sent to these students towards the end of the term notifying when in-person Exit Counseling sessions will be available. | Every student borrower鈥� 鈥媜f federal loans鈥嬧�� who has dropped below half-time enrollment, withdrawn or graduated from 国产偷拍 is required to complete 鈥媏xit counseling.鈥� 鈥嬧�嬧�� Exit Counseling鈥� 鈥媘ay be completed at: . However, in-person Exit Counseling sessions are available at the end of each term, and are strongly encouraged. Communication will be sent to these students towards the end of the term notifying when in-person Exit Counseling sessions will be available. |
Please Note:
- Additional Federal Unsubsidized Direct loan: If your parent is denied a Federal Parent PLUS loan, you are eligible to apply for an additional federal unsubsidized loan. The limits are listed below. Please contact SFS to see if you are eligible to apply.
- You are not required to borrow the full amount for which you are eligible; borrow conservatively to minimize indebtedness.
- Once awarded a federal loan, students still need to apply for or claim their loan in order for it to be credited to their student account.
Annual Loan Limits
The following table shows the maximum amounts you can borrow each year for the Unsubsidized and Subsidized Direct Loans.
| Dependent 国产偷拍s | Base Amount (DSSL/DUSL) | Additional Unsubsidized Loan Amounts |
|---|---|---|
| 1st Year | $3,500 | $2,000 |
| 2nd Year | $4,500 | $2,000 |
| 3rd Year/4th Year | $5,500 | $2,000 |
| Independent 国产偷拍s | Base Amount (DSSL/DUSL) | Additional Unsubsidized Loan Amounts |
|---|---|---|
| 1st Year | $3,500 | $6,000 |
| 2nd Year | $4,500 | $6,000 |
| 3rd Year/4th Year | $5,500 | $7,000 |
Aggregate Loan Limits
The following table shows the maximum lifetime totals that you can borrow for both the Direct Subsidized and Unsubsidized loans:
| Dependent 国产偷拍s* | |
|---|---|
| Direct Subsidized Loans/Direct Unsubsidized Loan (DSSL/DUSL) | $31,000 |
| Total | $31,000 |
*Includes Teacher Credential students
| Independent 国产偷拍s** | |
|---|---|
| Direct Subsidized Loans (DSSL) | $23,000 |
| Direct Unsubsidized Loan (DUSL) | $34,500 |
| Total | $57,500 |
**Includes Dependent 国产偷拍 students whose parents are denied the PLUS loan
Federal Parent PLUS Loans
Federal Parent PLUS Loans
The Federal PLUS Loan is a credit-based loan for parents (or step-parents) of dependent undergraduate students. A FAFSA is required to apply for a Federal PLUS loan.
Read more about how to apply for the FAFSA.
- Loan Limits: Cost of Attendance minus any other financial aid received.
- Fees: For information concerning the origination fees for the PLUS loan, please visit .
- Interest: For information concerning the interest rate for the PLUS loan, please visit .
- Repayment: Repayment begins 60 days after the loan is fully disbursed. Deferments may be available. The loan repayment period is 10 years, but may change depending on the loan repayment program you may choose or if you make more than the minimum payment. The loan cannot be transferred into the student鈥檚 name. Please .
It may be to the parent's advantage to apply for the loan amount needed for a full academic year. For example, if a parent applies for a fall only PLUS loan, it is considered fully disbursed in the fall and repayment must begin within 60 days.
Please contact us about how much PLUS Loan is actually needed to cover your student鈥檚 institutional charges, as we do not advise you to borrow more than what you actually need.
Federal Nursing Student Loan
Federal Nursing Student Loan
The Federal Nursing Student Loan is a federally subsidized, low-interest rate loan for students accepted and enrolled in the 国产偷拍 Nursing program who demonstrate exceptional financial need. Pre-Nursing students are not eligible.
Federal Nursing Student Loan Details
- Loan Amounts: Varies. Determined by 国产偷拍 based on available funding.
- Interest: Fixed at 5% and begins accruing nine months after graduation, withdrawal or dropping to less than half-time status.
- Repayment: Begins nine months after graduation, withdrawal, or dropping less than half-time.
If you are awarded a nursing loan, you must sign a promissory note at the beginning of each semester before funds can be applied to your account.
Entrance and Exit Counseling
Entrance Counseling is required before Federal Nursing Student Loan funds can be disbursed. Exit Counseling is required when you have graduated, withdrawn, or enrolled for less than half time. The purpose of loan counseling is to advise you of your rights and responsibilities for borrowing a Nursing Loan, deferment and forbearance options, and repayment options. Entrance counseling is completed at the time you sign the Nursing Loan Promissory Note at ecsi.net. For Exit Counseling, you will receive an email from 国产偷拍 at the time of graduation, withdrawal, or enrolled for less than time, directing you online.
Please contact us to determine if you are eligible to apply.
Note: funds are limited; not all students who meet the qualifications for a Nursing Loan will receive the Loan. 国产偷拍 is the lender for this loan, so repayment will be to the university or its servicer ECSI.
Caution: Federal Nursing Student Loans are considered Federal funds and therefore are subject to similar repayment guidelines as other federal loans. Non-repayment of a Federal Nursing Loan must be reported by 国产偷拍 to the federal government and will affect your credit score.
Private Loans
Private Loans
A private loan is another option for funding. A student should apply for a private loan after all federal loan options have been exhausted. This type of loan is based on your credit and may require a co-signer. Private loans are also available to parents. Please be cautious and borrow only what you need for the academic year.
We also offer a Private Loan Lender list of companies that have worked well with students in the past. Although we provide resources to identify a lender, you are welcome to apply with any lender you choose.
Although we provide a Private Lender List, you can choose any lender that you wish to apply with.
We have partnered with Sparrow, a marketplace service, to assist you in identifying Private loan options.
As a faith-based university, we are committed to serving students and parents of 国产偷拍 in a way that brings honor to God and by following business practices that are above reproach. Each lender listed on our current Private Loan Lender List has a dedicated representative that works with the school on any issues that may surface. They were selected by a 国产偷拍 representative considering these areas:
- Customer Service
- Borrower Benefits
- Technology and Safety of Information
- Value Added Services
As stated above, borrowers may select any lending institution, including those not listed. The lender list and marketplace resource are provided so that our students and parents are aware of which providers have completed the screening process. We do not accept revenue-sharing, compensation agreements, gifts, or trips from any lending institution. Any services provided must have a direct benefit or interest to our students.
Private loans are offered by various lenders that set individual criteria on credit and interest rates. Interest rates may be higher than the Federal Direct Loan and PLUS, compare rates to see what fits your situation the best. To improve your chances of approval and possibly lower your interest rate, you may want to apply with a co-signer. Interest rates are based on national metrics plus a percentage tier that may vary depending on the borrower鈥檚 credit and, if required, co-signer鈥檚 credit. Students should research different lenders since the criteria on a Private Loan can vary from lender to lender.
Notes
- If there are any questions regarding the lender's website or process, please contact the lender.
- To ensure fully informed borrowing, you should refer directly to each lender's loan application and promissory note for exact information regarding terms, assumptions, conditions, eligibility, definitions, and Annual Percentage Rate (APR) or contact your lender.
- Most lenders use a national interest rate as a base. These rates change monthly and can be found through . However, please consult your private loan lender for your specific interest rate.
- If possible, please apply with one lender only. Applying with multiple lenders may affect your credit.