Adult Education

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Private Education Loans
Private, Alternative or Continuing Education Loans, as they are sometime know as are loan programs that were designed to help students pay for their education when they are unable to receive federal money or when other financial aid does not cover the cost of their education.

Private Loans are NOT Federal Student Loans.  They are offered by private lenders and do not require the student to complete federal forms (FAFSA).  Approval for Private Education Loans are generally based on the individual credit and may require a credit check. 

Students can expect to pay a higher interest rate on a Private Loan than that of a Federal Student Loan.  Interest rates and fees on Private Loans are based on the individual credit score (FICO) and it is best to have a co-signer if you do not have a well established credit history.  If your (and your co-signer's) FICO score is less than 650 you will probably not be approved for a loan.
 
Repayment of Private Loans generally begin 30 days after the first disbursement.
 The following loan programs only apply to our Practical Nursing Program
 
 Quick Links
The following Links only apply to the Practical Nursing Program
 
MPN (Master Promissory Note)
Applying for a PIN
Entrance Counseling
Exit Counseling
 
 
Annual Maximum Loan Limits
 
Direct Subsidized Loan
Dependent Student      $3,500
Independent Student   $3,500
 
Direct Unsubsidized Loan
Dependent Student      $2,000
Independent Student   $6,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Federal Direct Loan Program
The Federal Direct Loan Program are low-interest loans that are available to both the student and parent to help pay for the cost of a student's education.  The loans are available through the U.S. Department of Education instead of bank or other financial institution.  The Federal Direct Loan Program consist of Direct Subsidized, Unsubsidized, Direct Parent Plus and Direct Consolidation loans.
 
Students who are in DEFAULT will not be eligible for Federal Student Aid (Pell and/or Federal Student Loans).
 
Direct Subsidized Loans are available to students who demonstrate financial need based on income and other information provided on the FAFSA.  No interest is charged while the student is enrolled at least half-time, during the grace period and during deferment periods.

Direct Unsubsidized Loans are not based on the students financial need.  The student is responsible for the interest, which may be paid while the student is in school.  If the student chooses not to pay the interest while attending school the interest is accrued and then added to the principal balance when the student enters repayment.  Repayment of student loans occur six months after the student is no longer enrolled at least half-time.

Parent Plus Loans are low-interest loans available to parents of a dependent student to help with the cost of paying for their dependent's education.  Interest is charged during all periods.
 
Remember these are loans and they must be repaid.  Borrow only what you need.  The best way to keep on track of your finances is to complete a budget prior to accepting a student loan.  The U.S. Department of Education has created a budget sheet on their website.  Please go to http://www.direct.ed.gov/calc.html for budget calculator and repayment plans.
 
 
 
 
 
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