Student Loan Programs
Loans are funds that must be repaid with interest, usually after the student leaves college. Students must meet the eligibility requirements to qualify for student loans. Student loans are a serious financial obligation we encourage you to be very careful with your student loan borrowing. It is very easy to incur a large student loan debt through these loan programs. For more detailed information regarding loans please visit www.finaid.org.
Available Loans
Perkins Loan
The Federal Perkins Loan is a low interest (5 percent) loan for undergraduate and graduate students with financial need. NSU is the lender for this loan, and the loan is made with government funds. Repayment for this loan begins nine months after you graduate, leave school or drop below half-time enrollment. Funding for this loan is limited and is awarded to early applicants. To apply for a Federal Perkins Loan complete the Free Application for Federal Student Aid (FAFSA) as soon after January 1st as possible. If a Perkins Loan is part of your award package you will be contacted by the Office of Business Affairs regarding the paperwork you to need to complete. The maximum Perkins Loan award is $4000, and you must be enrolled in at least 6 credit hours.
Federal Stafford Loans
The Subsidized Stafford Loan is a loan for undergraduate and graduate students with financial need. For loans disbursed after July 1st, 2006 the interest rate is fixed at 6.8%. These loans come from banks that participate in the Federal Family Educational Loan Program (FFEL). The federal government pays the interest on subsidized loans while you are still in school and repayment begins six months after you graduate, leave school or drop below half-time enrollment.
The Unsubsidized Stafford Loan is a loan for undergraduate and graduate students that have no financial need. For loans disbursed after July 1st, 2006 the interest rate is fixed at 6.8%. These loans come from banks that participate in the Federal Family Educational Loan Program (FFEL). The federal government does not pay the interest on Unsubsidized Loans while you are still in school and repayment begins six months after you graduate, leave school or drop below half-time enrollment.
To apply for a Subsidized or Unsubsidized Loan complete the Free Application for Federal Student Aid (FAFSA) and indicate that you are interested in a student loan. After you have been awarded you will receive an award letter with instructions to Complete the Loan Process. Loans are disbursed directly to the University and applied to your account. Loan amounts vary based on grade level, financial need, and other types of aid being received.
*Note* If you are awarded a subsidized and unsubsidized loan, you only need to Complete the Loan Process once.
Parent Plus Loan
The Parent Plus Loan for Undergraduate Students allows parents to borrow money to pay educational expenses for their Undergraduate dependent child. To apply a parent must be able to pass a credit check and cannot be in default on a federal loan. Loans disbursed after July 1st, 2006 are at a fixed rate of 8.5%, repayment begins 60 days after the loan is disbursed. If your child has been awarded a parent plus loan and you wish to apply you will need to Complete the Loan Process for a Parent Plus Loan.
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