MASTER PROMISSORY NOTE

Students attending Jameson Memorial Hospital School of Nursing may apply for a Federal Direct Loan by completing a Master Promissory Note annually.  Students must complete the Master Promissory Note on line (Internet) or complete a paper Master Promissory Note, available from the Student Accounts/Affairs Coordinator, Financial Aid Office at the School of Nursing. If you have any questions regarding the process, contact the School.

Student loans are borrowed money that must be repaid with interest.  There are two types of student loans: subsidized and unsubsidized.  Students must have financial need to receive a subsidized student loan.  Financial need is not a requirement to obtain an unsubsidized student loan.  Loan proceeds are directly credited to the students' account.

SUBSIDIZED LOANS/UN-SUBSIDIZED DIRECT LOANS

Subsidized student loan, interest and principal payments are deferred for six months after graduation or leaving the program. The interest rates are below the standard commercial rates and loan origination fee may be charged for each loan disbursement.

UN-SUBSIDIZED DIRECT LOANS

An unsubsidized direct loan is one in which the student is given the option of paying the interest quarterly or capitalizing the interest and paying it when the loan goes into repayment.  The interest rates are below the standard commercial rates and origination fee may be charged for each loan disbursement.  Loan checks are made payable to the school and the student and mailed directly to the school.

LOAN LIMITS FOR STUDENTS ATTENDING JAMESON

Dependent students may borrow up to THE FOLLOWING AMOUNTS BASED ON ELIGIBILITY:

1^st year - $3,500 subsidized loan + $2,000 unsubsidized loan = $5,500 total
2^nd year - $4,500 subsidized loan + $2,000 unsubsidized loan = $6,500

Independent students may borrow up to $6,000 unsubsidized loan for each year of their program.

1^st year - $3,500 subsidized + $6,000 unsubsidized loan = $9,500 total
2^nd year - $4,500 subsidized + $6,000 unsubsidized loan = $10,500 total

AGGREGATE LOAN LIMITS

The maximum aggregate undergraduate student loan limit ( subsidized and unsubsidized loans) effective July 1, 2008 is $57,500 for undergraduate study.

DIRECT PLUS LOANS

Federal Direct PLUS Loans enable parents with a good credit history to borrow to pay for education expenses for a child who is a dependent undergraduate student enrolled at least half-time.  The annual limit for a Direct PLUS Loan is equal to the students cost of attendance minus any other financial aid received.  The interest rate is variable and there may be a  loan origination fee plus a guaranty fee deducted proportionately each time a loan disbursement is made.

ALTERNATIVE LOANS

A co-applicant is typically required.  The applicant must meet the following qualifications: have a satisfactory credit history, residence and employment history of at least two years.  The applicant must have income sufficient to make required payments and must be a U.S. citizen or a permanent resident for two years.  Contact the financial aid office for information.