Gwynedd Mercy University
AY2020-2021 / Undergraduate Academic Catalog
Loan amounts offered to students are contingent on adequate federal funding of the programs .
A loan is a serious responsibility and obligation . Students should exercise discretion when borrowing money for school . The full amount borrowed plus all accrued interest must be repaid whether or not the student borrower completes his / her program of study . Transcripts will not be released for any student whose file reflects default on repayment of a student loan .
Nursing Student Loan ( NSL )
The Nursing Student Loan is a federal aid program , which provides loans to eligible nursing students on the basis of financial need and academic proficiency . A maximum of $ 3,300 may be borrowed for each of the freshman and sophomore years and $ 5,200 for each of the junior and senior years to an aggregate of $ 17,000 during 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 .
Federal Direct Loan
The Federal Direct Load Program provides annual loans up to $ 5,500 for freshmen , $ 6,500 for sophomores , $ 7,500 for juniors and seniors , and $ 8,500 for graduate students to an aggregate of $ 31,000 for undergraduate study and $ 138,500 for graduate study ( including any undergraduate Federal Direct Loans ). All applicants must demonstrate need for the subsidized Direct Loan . For eligible students , the Federal Stafford and Direct Loan will be subsidized , that is , 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 www . studentloan . gov .
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
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