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FEDERAL CARL D. PERKINS LOAN
The Perkins Loan is a 5% interest loan awarded to
undergraduate students who have financial need and meet the priority processing
date of March 15
each year. The amount of the loan
depends on estimated financial need and the amount of the other aid being received. The
average award at UND is $2000 per academic year. Students must complete the
Free Application for Federal Student Aid
(FAFSA) to apply for this loan.
The Perkins Loan offers many deferment
or cancellation options.
You must contact the Student Loan
Service Center (phone: 1-800-698-7397) for more information. More
information on these options, including cancellation options for teachers,
click here.
NOTE for 2009-10 Awards:
Perkins Loans will only be awarded to eligible freshman undergraduate students
who meet the priority processing deadline of March 15, 2009.
This is due to a sudden and dramatic decrease in available Perkins Loan funding.
It is our expectation that Perkins Loans will again be awarded to all eligible
undergraduate students for the 2010-11 academic year, subject to the
availability of funds.
"Colleges and universities are finding themselves in this
unprecedented situation due to several factors over the last few years,
including the lack of new capital contributions by the federal government and
large swings in the number of borrowers choosing to consolidate Perkins loans
with their other federally guaranteed loans after leaving school." - National
Association of College and University Business Officers, May 2008
FEDERAL NURSING LOAN
This loan is available to undergraduate students who
have been accepted into the UND College of Nursing. The average award at UND is $2000 per
academic year. Students must complete the FAFSA to apply for this loan.
FEDERAL ROBERT T. STAFFORD LOAN
This is a low interest loan made to the
student from a lender such as a bank, credit union, or savings and loan
association. The Stafford Loan is available to eligible undergraduate and
graduate students enrolled at least half-time.
The Federal Stafford Loan programs require two
disbursements if the loan period is the academic year.
The Stafford Loan offers many deferment
or cancellation
options. You must contact your lender determine if you qualify and to request
application forms. More information on these options, including
cancellation options for teaching and public service employees,
click here.
Stafford Loan - Subsidized
This loan is available to students who show
financial need. The Federal government pays the interest on the Stafford
loan while the student is enrolled at least half-time. Origination and default
fees are deducted before the funds are disbursed. Repayment begins 6 months
after the student ceases at least half-time enrollment.
Stafford Loan -Unsubsidized
This loan is an alternative funding source for students
who need additional funding to meet the cost of education. Financial need is not required
to be eligible to borrow an Unsubsidized Stafford Loan.
The borrower must pay the interest on the loan
during in-school periods, during the grace period, during any deferment period
and during the repayment period. The borrower also has the option of deferring
the interest during these periods, however, the interest will be capitalized.
Origination and default fees are deducted before the funds are disbursed.
Repayment of principal and interest begins 6 months after the student ceases at
least half-time enrollment.
Stafford Loan Interest Rates
Loans first disbursed between July 1, 1998 and June 30, 2006 have
variable rates. Contact your loan holder for the current rate.
Loans first disburse on or after July 1, 2006 have fixed
rates:
|
Loan Type |
Grade Level |
First Disbursed |
Interest Rate |
| Subsidized |
Undergraduate |
7/1/2006 to 6/30/2008 |
6.8% |
| 7/1/2008 to 6/30/2009 |
6.0% |
| 7/1/2009 to 6/30/2010 |
5.6% |
|
Unsubsidized |
Undergraduate |
7/1/2006 and beyond |
6.8% |
| Subsidized & Unsubsidized |
Graduate/ Professional |
7/1/2006 and beyond |
6.8% |
Stafford Loan Award Amount Limits
Stafford Loan Application/Processing
FEDERAL NURSE FACULTY LOAN PROGRAM (NFLP)
The Nurse Faculty Loan Program is a federal program designed to
increase the number of nursing students who pursue careers as full-time faculty
teaching in schools of nursing. The program is funded by the Health
Resources and Services Administration (HRSA), Bureau of Health Professions, and
allows nursing schools to make loans to their students enrolled full-time in
advanced degree nursing programs.
Following graduation and upon full-time employment in a school
of nursing within one year of graduation, the borrower can cancel up to 20% per
year for a maximum of 85 percent of the total NFLP loan (years 1, 2, 3: 20%;
year 4: 25%). The NFLP loan bears interest on the unpaid balance at the
rate of 3% per annum beginning 3 months after the borrower ceases to be a
full-time student in the advanced nurse education program. Those who
fail to become faculty members after graduation, or take a leave from
school, must repay the loan at the prevailing market rate. The NFLP
loan goes into repayment 9 months after the borrower ceases to be a full-time
student in the advanced nurse education program.
Awardees will receive funding up to the cost of full-time
tuition and fees. Awards may be renewable for a maximum of four years but
this is contingent upon ongoing federal funding and therefore subject to change.
Students are eligible to apply if they are:
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committed to a faculty role,
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in good academic standing,
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enrolled full-time or part-time Fall and Spring Semesters,
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US citizens or permanent residents, and
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not in default on any prior student loans.
Interested students should contact the UND College of Nursing,
graduatenursing@mail.und.edu,
for an application.
LOAN COUNSELING
All of the federal student loan programs listed above
require that a student attend an Entrance Loan Counseling
Session before checks may be released.
Students are also required to attend an
Exit Loan Counseling Session if they drop below half-time
enrollment, withdraw, or before the end of their last term of enrollment at UND.
The National Student Loan Data System (NSLDS) Student Access site is available for students to view their loan
and grant records and obtain balance and loan holder information.
LOAN CONSOLIDATION AND DEFAULT
INFORMATION
The U.S. Department of Education's
Guide to Defaulted Student Loans provides information for borrowers whose Stafford, PLUS, Perkins and/or Direct Loans are
in default status. This site also provides information regarding consolidation of
these loan programs. Click here for
more information on loan consolidation.
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