Loans

The Federal William D. Ford Direct Loan Program is designed to help you pay for your educational expenses.

Loans should be considered only after you explore all other sources of financial aid. ResU participates in the Federal William D. Ford Direct Loan Program so eligible students and parents borrow directly from the U.S. Department of Education. These loans are repaid directly to the U. S. Department of Education.

How to participate in the Federal Direct Loan Program at ResU.

  • Students who are accepting the Federal Direct Loans at ResU for the first time, will have to complete a Master Promissory Note (MPN) and an Entrance Counseling on the Federal Direct loan website, https://studentloans.gov. The school will then be contacted by the Department of Education to certify the loan.
  • Maintain an enrollment of 6 credit hours or more per semester to avoid starting the repayment process which includes a 6 month grace period. A graduate student has to maintain an enrollment of 3 credit hours or more per semester to avoid starting the repayment process. When enrollment status is less than the required credit hours or 30 days before the student is scheduled to graduate, an Exit Counseling should be completed at https://studentloans.gov.

Types of Federal Loans:

Federal Direct Subsidized Loan – The subsidized loan program is a need-based program. The amount the student is able to borrow for the academic year depends on their financial need minus any accepted need-based awards and scholarships that are accepted by the student. The government pays the interest on the loan while the student is attending school and during any approved deferment period. Graduate students are not eligible for the subsidized loan program.

A subsidized loan limit provision of 150% is now applied to first-time borrowers on or after July 1, 2013. A first-time borrower cannot exceed their maximum eligibility period. The maximum eligibility period is equal to 150% of the published length of the borrower’s academic program.

Federal Direct Unsubsidized Loan – The unsubsidized loan program is not need-based but combined with the other accepted financial aid awards and scholarships cannot be more than the student’s cost of attendance. The student is responsible for the interest on an unsubsidized loan. The student has the option of paying the interest on the loan while attending school or letting it accumulate and be added to the principal amount of the loan.

Federal Direct Plus Loan – The PLUS loan is money a parent borrows to assist their dependent student with their educational expenses or a graduate student borrows to assist with their educational expenses. This loan is not need- based, but is combined with the other accepted financial aid awards and scholarships, and cannot be more than the student’s cost of attendance. The parent’s or graduate student’s credit history will be checked.

Health Resources & Services Administration (HRSA) Nurse Faculty Loan Program (NFLP) – The NFLP loan is available to anyone enrolled in an MSN Nurse Practitioner, MSN Nurse Educator, or MSN Health Systems Leadership program. The NFLP loan will forgive up to 85% of the cost of tuition if the student commits to teaching full-time for four years at any accredited College of Nursing after completing their degree.


Information about Private Loans

Students can also apply for private loans, but Federal loans should be considered first. Federal loans carry a lower fixed interest rate than most private loans and they are guaranteed by the government.

The interest rate on an alternative loan varies as does the repayment period. Applying for this loan requires a different application than the application for a Federal loan. Most lenders will check the student’s credit history and may ask for a co-signer. The interest rate on the loan may depend on the student’s and the cosigner’s credit history. The student’s required enrollment status varies per loan specifications. It is the student’s choice on the lender they use for the loan. A sample of lenders can be found at www.elmselect.com.

This loan is not based on need, but combined with the other accepted financial aid awards and scholarships cannot be more than the student’s cost of attendance.