Loans
Stafford Loan
The two different types of Stafford loans are the Subsidized Stafford Loan and the Unsubsidized Stafford Loan. All students qualify for a Stafford Loan provided that they are seeking a degree and are attending at least half-time at Marian. The eligibility amounts are based on your year in school and your financial need determined by the needs analysis process.
Subsidized Stafford Loan — The Subsidized Stafford Loan is based on financial need. The federal government pays the loan interest while the student is enrolled at least half-time and during a six-month grace period after the student leaves school. Maximum loan amounts per academic year are $3,500 for freshmen, $4,500 for sophomores, and $5,500 for juniors and seniors. Loan limits are based on the student’s class year standing at Marian. The maximum career limit for undergraduate study is $23,000.
Unsubsidized Federal Stafford Loan — The Unsubsidized Stafford Loan is a loan for students who do not qualify, in whole or in part, for a subsidized Federal Stafford Loan. Eligibility for this loan is not based on financial need or family income. A student must submit the FAFSA and Marian Supplemental Form to be eligible for this loan.
Unsubsidized means that the federal government does NOT pay the interest on the loan. Students are charged interest while they are in school. We recommend that you make interest payments while you are in school; if you choose not to, the interest will compound and create a larger loan each year. Independent students (as defined by the Department of Education) may borrow an additional Unsubsidized Stafford Loan up to $4,000 for freshmen and sophomores, up to $5,000 for juniors and seniors, and up to $10,000 for graduate students.
Federal Perkins Loan
The Federal Perkins Loan is a low-interest fixed rate (5 percent) loan offered to a limited number of students who show exceptional financial need and who file their application before the priority deadline of March 1, 2004. Federal Perkins Loans are made through Marian acting as the lender. Interest does not accrue and payments do not begin until nine months after you cease to be enrolled at least half-time. The repayment period is up to 10 years. You must be enrolled full-time to receive these funds. You will be given a promissory note to sign at the beginning of the first semester you’re enrolled. Once you have completed the promissory note and the Perkins Entrance Counseling your funds will be credited to your account.
Federal Nursing Loan
The Federal Nursing Loan is based on financial need and early filing of all financial aid forms. The criteria are the same as the Perkins Loan. A Federal Nursing Loan is only offered to juniors and seniors in the Nursing Program.
Wisconsin Nursing Loan
The Wisconsin Nursing Student Loan is a program provided by the State of Wisconsin for Wisconsin residents who are enrolled in a Nursing degree program and show financial need. Student recipients must agree to practice as a licensed nurse in Wisconsin for the term of the forgiveness period (with a maximum of up to 50 percent forgiven of the total amount borrowed). The interest rate will not exceed 5 percent.
The Wisconsin Nursing Student Loan is not to be confused with the Federal Nursing Loan Program.
Federal Direct PLUS Loan
The Federal Direct PLUS loan is a low-interest loan available to parents of dependent undergraduate students to help pay the cost of attending post-secondary schools. The U.S. Department of Education lends the funds to the parent borrower. A credit evaluation is completed, so those with adverse credit history may not qualify for the Federal Direct PLUS Loan. In these cases, students may then qualify for additional loan funding. To apply for a PLUS loan, contact the Financial Aid Office for the process that is most convenient for you.
Alternative Loan
Alternative loans have few benefits and usually carry a higher interest rate. We highly recommend that you seek them as a last resort. Be sure to compare features (interest rates and fees charged) and familiarize yourself with the variances between programs to find the one that best fits your needs. Cosigners are typically required, as these loans are based on good credit history of both student and cosigner. Most alternative loans require that the student be attending school at least half-time; however, there are some that can be used for less than half-time enrollment and for past balances. Alternative loans have variable interest rates that change every quarter with no cap or a very high cap on the interest rate. Some lenders charge fees on alternative loans. These fees can be based on credit or can be mandatory fees charged at origination, disbursement, or repayment. Alternative loans CANNOT be included in a Federal Consolidation Loan program.
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