Gwynedd Mercy University
AY2023-2024 Undergraduate Academic Catalog
and / or qualify to have loans cancelled in whole or part . Borrowers should note both deferment and cancellation provisions when negotiating the loans .
Federal Direct Loans The Federal Direct Loan Program provides annual loans up to $ 5,500 for freshmen , $ 6,500 for sophomores , $ 7,500 for juniors and seniors , and $ 20,500 for graduate students . The aggregate loan limit is $ 31,000 for undergraduate study and $ 138,500 for graduate study ( including any undergraduate Federal Direct Loans ).
Subsidized Federal Direct Loans : All applicants must demonstrate financial need to receive a subsidized Direct Loan . For eligible students , a subsidized Federal Stafford and Direct Loan means the Federal Government will pay applicable interest during the student ’ s enrollment and the six-month grace period . Repayment begins six months after graduation or termination of studies and borrowers are allowed 10 years to repay the loan . The Federal Direct Loan Master Promissory Note can be completed online at https :// studentaid . gov /
Unsubsidized Federal Direct Loans : Students who do not qualify for the federal interest subsidy because they do not meet the federal financial need analysis standards are eligible to borrow through the unsubsidized Federal Direct Loan program . The unsubsidized loan can be issued for the full amount of eligibility or in combination with a subsidized Federal Direct Loan . However , on any portion of the unsubsidized loan , interest must be paid by the student . Otherwise , all terms and conditions of the loans under the subsidized Federal Direct Loan Program apply to unsubsidized Federal Direct Loans .
Students who meet the federal requirements for independent student * status may be eligible to receive additional funding through the unsubsidized Federal Loan Program . Total Direct Loan borrowing ( including subsidized and unsubsidized loans ) may not exceed the following annual maximums : Freshman $ 9,500 Sophomore $ 10,500 Junior & Senior $ 12,500 Graduate Level $ 20,500
* Independent undergraduate aggregate is $ 57,500
Federal Direct PLUS Loan Direct PLUS Loans are low-interest loans available for the parents of dependent students and for graduate / professional degree students . The Direct PLUS Loan amount may not exceed the COST of ATTENDANCE minus any estimated financial aid the student has or may receive during enrollment . Interest on the Direct PLUS Loan is a fixed rate which is set in July of every year . Interest is charged during all periods beginning on the date of the first disbursement . The Direct PLUS Loan Master Promissory Note ( MPN ) can be obtained online at https :// studentaid . gov /
Nursing Student Loan ( NSL ) Gwynedd Mercy University participates in the Federal Nursing Student Loan program . Through this program , the University provides long-term , low-interest loans to students who demonstrate financial need and demonstrate academic proficiency . A maximum of $ 5,200 for each of the junior and senior years of undergraduate enrollment . Repayment begins nine months after graduation or termination of studies and borrowers are allowed 10 years to repay the loan . During the repayment period , 5 % interest is charged on the unpaid balance of the loan principle .
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