Federal Nursing Loans are need-based and limited to nursing students enrolled in NUR courses. The interest rate is fixed at five percent. Funding is limited. Students are eligible to receive up to $3,000 lifetime as an undergraduate at Cedar Crest College. Students must complete the FAFSA to be considered and awards are made through the College’s office of Student Financial Services.

An undergraduate student’s eligibility for a Direct Subsidized and/or a Direct Unsubsidized Loan is determined by the results of the FAFSA application. Students who are determined to have financial need qualify for a portion of the loan to be a Direct Subsidized Loan and a minimum of $2,000 of the loan to be a Direct Unsubsidized Loan. Students who do not demonstrate financial need qualify for the entire loan as a Direct Unsubsidized Loan. The student is the borrower for both the Direct Subsidized and Unsubsidized Loan programs, and no credit check is required. Graduate students only qualify for the Direct Unsubsidized Loan Program if they meet all required criteria. For a student to qualify for the Direct Loan Programs the student (both undergraduate and graduate) must be a U.S. citizen or eligible non-citizen, must not be in default on any education loan, must maintain at least half-time enrollment status and make satisfactory academic progress.

The federal government pays the interest on the subsidized loan while the student is enrolled at least half-time in school and during a period of deferment (a postponement of loan payments). Only undergraduate students may qualify to borrow through the Direct Subsidized Loan Program.

The student borrower is responsible for the interest that accrues on the unsubsidized loan from the date of disbursement. The borrower may make interest payments while in school and during the grace period, or choose to have the interest capitalized. Undergraduate and graduates students may qualify for the Direct Unsubsidized Loan Program.

Undergraduate Students:  Direct Subsidized and Unsubsidized Loans carry a fixed interest rate of 3.73% for loans first disbursed between July 1, 2021, and June 30, 2022.  They carry a 1.057% origination fee for loans disbursed on or after 10/1/2020 and before 10/1/2022.

Graduate Students: Direct Unsubsidized Loans carry a fixed interest rate of 5.28% for loans first disbursed between July 1, 2021, and June 30, 2022.    They carry a 1.057% origination fee for loans disbursed on or after 10/1/2020 and before 10/1/2022.

Federal student loans are borrowed funds that must be repaid with interest. Failure to repay a loan can result in default. The reports below show default rates and default recoveries for the federal student loan programs.

Cedar Crest College FY 2018 Cohort Default Rate is 2.3%.  The national cohort default rate is 7.3% for FY 2018.

Additional default rate information can be found by clicking: https://studentaid.gov/data-center/student/default .

This is a federal loan made to either parent (or step-parent) of a dependent student.  The borrower may apply to borrow an amount up to the student’s cost of attendance (COA) minus financial aid.  The interest rate is a fixed rate.  For current interest rates and loan fees, visit https://studentaid.gov/.  Repayment starts 60 days after the loan is fully disbursed, though deferment is available while the student is enrolled at least half-time.  If a parent is determined not to be creditworthy and is denied for this loan, the student is automatically qualified for additional annual Unsubsidized Direct Loan funds of $4,000 for freshmen and sophomores and $5,000 for juniors and seniors.

Graduate students may apply for a federal Direct Graduate PLUS Loan up to the cost of attendance for an academic year, less all other grant, scholarship and/or loan resources. The student is the borrower and must be credit-qualified to obtain a federal Direct Graduate PLUS Loan. Students should be certain they have exhausted all other Direct Loan resources prior to applying for a Direct Graduate PLUS Loan.

Federal Work Study jobs are awarded based on financial need as determined by the FAFSA application. Students work an average of eight hours per week and are eligible to earn up to a maximum of $1,500 per academic year. Students who qualify for federal work study will be notified as part of their financial aid award and all employment payroll requirements are administered through Student Financial Services. Federal Work Study students are paid monthly by check or direct deposit. Federal Work Study earnings are treated separately from other student income when applying for federal financial aid.

Currently enrolled students are eligible to apply for positions through the campus employment program. Campus employment is not part of a student’s financial aid. Current employment opportunities are maintained by the Human Resources office. Earnings through this program are considered regular income for students and are reportable as earned income for tax and financial aid purposes.

Students are encouraged to investigate outside scholarship opportunities from hometown civic clubs, high schools, parents’ employers, churches and other organizations. Students are required to notify Student Financial Services and provide written documentation if they receive any outside scholarships, as federal regulations required these to be considered a resource in determining aid eligibility. If adjustments to the aid package are necessary due to outside scholarships, Cedar Crest reduces self-help aid first (student loans) and adjusts grants only if necessary to prevent an over-award.

These are consumer education loan for students who have applied for all types of financial aid (grants, scholarships and federal student loans) and are looking to cover a remaining balance up to the cost of education. The student, along with a credit-worthy co-signer, is the borrower for all private educational loan programs. The maximum amount that may be borrowed is the school’s cost of attendance minus any other financial aid. For some loan programs, principal and interest may be deferred while the student is enrolled in school at least half-time. Fees and interest rates for these types of programs vary greatly and depend upon the credit criteria of the borrower (student) and co-signer. There are many private educational loan programs available which have different program features. When selecting a private educational loan, please be sure to carefully research all aspects of the loan program (i.e. loan fees, interest rates, repayment options, etc.). Regardless of the private educational loan program you choose, you will be required to complete a Private Education Loan Applicant Self-Certification form. This form will be supplied by your lender in order for you to acknowledge your understanding of other loan options, including the federal student Direct Loan and federal Direct Parent PLUS Loan options.