Federal
Pell Grant Award (Undergraduate)
- The award is solely based on the student’s need.
- The maximum amount for 2009-2010 will be $5,350.
- Must file Free Application for Federal Student Aid (FAFSA) to be considered eligible.
Federal
Stafford Loan (Undergraduate & Graduate)
Subsidized
- Need based loan available to undergraduate and graduate students.
- For undergraduate students interest rate is fixed at 5.6% for loans first disbursed or certified after 7/1/2009.
- For graduate students interest rate is fixed at 6.8% for loans first disbursed or certified after 7/1/2008.
- The interest is subsidized by the Federal Government while the student is attending school.
- Students may be charged a maximum 3% federal loan origination fee and a maximum 1% insurance premium (guarantee fee). These fees are deducted prior to the disbursement of funds.
- Repayment of the principal and interest begins six months after the borrower drops below half-time study. The maximum repayment period is up to ten years.
- A federal aid need analysis form (Free Application for Federal Student Aid) must be filed for eligibility to be determined.
- May be electronically transferred to the student’s account or disbursed by check.
Unsubsidized
- Not based on financial need available to undergraduate and graduate students.
- The interest rate is fixed at 6.8 percent for new borrowers.
- Students ineligible for (or ineligible for the full amount of) subsidized Federal Stafford Loans have an option to borrow unsubsidized Federal Stafford Loans.
- Repayment of the principal of the loan begins six months after the borrower drops below half-time study. Repayment of the interest begins on the date the first disbursement of the loan is made. The maximum repayment period is up to ten years.
- A federal aid need analysis form (Free Application for Federal Student Aid) must be filed for eligibility to be determined.
- May be electronically transferred to the student’s account or disbursed by check.
Federal
Parent Loan for Undergraduate Students (PLUS)
- The parent is the borrower for the dependent undergraduate student.
- The fixed interest rate is at 8.5 percent.
- Parents may be charged a maximum 3% federal loan origination fee and a maximum 1% insurance premium (guarantee fee). These fees are deducted prior to disbursement of funds.
- Loan proceeds may be electronically transferred to the student’s account or disbursed by a co-payable check to the parent borrower and Saint Francis Medical Center College of Nursing.
- Repayment begins within 60 days after the last disbursement of the loan. As
a result of new legislation, some lenders are now offering a deferred
repayment to their parent borrowers. The maximum repayment period is up to ten years.
- The College of Nursing requests that a federal aid need analysis form (Free Application for Federal Student Aid) be filed in order for eligibility of a Federal PLUS loan to be determined.
Grad Plus
Loans (Graduate Students Only)
- The graduate student is the borrower for this loan.
- The fixed interest rate is at 8.5 percent.
- Students may be charged a maximum 3% federal loan origination fee and a maximum 1% insurance premium (guarantee fee). These fees are deducted prior to disbursement of funds.
- Loan proceeds may be electronically transferred to the student’s account or disbursed by a co-payable check to the student borrower and Saint Francis Medical Center College of Nursing.
- Repayment begins within 60 days after the last disbursement of the loan. The maximum repayment period is up to ten years.
- The College of Nursing requests that a federal aid need analysis form (Free Application for Federal Student Aid) be filed in order for eligibility of a Federal PLUS loan to be determined.
