Gwynedd Mercy University
2024-2025 Undergraduate Catalog
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 .
Alternative Loans In addition to the Federal Loan Programs , a student and / or credit-worthy co-signer may borrow funds not to exceed cost of attendance . Since Private / Alternative loans have different fee and rate structures , applicants are encouraged to request information directly from the lender or on the web at https :// www . elmselect . com / v4 /.
Employment Employment is regarded as “ self-help ” and is made available to eligible students enabling them to finance their educational costs through job earnings .
Federal Work-Study ( FW-S ) Work Study is a federal aid program , which provides employment both on Gwynedd Mercy University ’ s campus and off-campus with approved public or private non-profit agencies . Federal Work-Study is best described as the opportunity to work and earn a predetermined amount of money . Eligible students may be employed for a maximum of 10 hours weekly during the school year and 40 hours weekly during the summer and vacation periods . FW-S students are paid hourly for work performed ; they may use these funds to cover
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