If you apply for financial aid by filing a FAFSA, you may be offered loans as part of your financial aid offer. A loan is money you borrow and must pay back with interest.
If you decide to take out a loan, make sure you understand who is making the loan and the terms and conditions of the loan. Student loans can come from the federal government or from private sources such as a bank or financial institution. Loans made by the federal government, called federal student loans, usually offer borrowers lower interest rates and have more flexible repayment options than loans from banks or other private sources. Learn more about the differences between federal and private student loans.
Types of Federal Student Loans
This is a federal student loan and carries a fixed interest rate. There are two types of this loan: subsidized and unsubsidized. Learn more about the differences by clicking here.
Parent PLUS Loan
This federal credit-based loan program is available to the parents of eligible dependents who are undergraduate students. Learn more about the PLUS loans by clicking here.
Federal Loan Servicers
For questions about loan repayment or deferment, a borrower can contact his or her federal loan servicing center. Not sure who your federal loan servicer is? Look it up on National Student Loan Database SystemSM or call the Federal Student Aid Information Center at 800-4-FED-AID.
For additional information about Direct Loans, visit https://studentaid.ed.gov/sa/types/loans
Nurse Education Assistance Loan Program
The Nurse Education Assistance Loan Program (NEALP) provides financial assistance to Ohio students enrolled for at least half-time study (or accepted for enrollment) in an approved Ohio nurse education program. NEALP provides funding for nurses who intend to serve as instructors or students who intend to serve as nurses after graduation.
The annual award for the most recent academic year was $1,500/year. In exchange, to qualify for loan cancellation, recipients must be employed full-time as a registered nurse or licensed practical nurse in the State of Ohio for a minimum of five years after graduation.
To learn more about the requirements and application period, visit https://www.ohiohighered.org/nealp
Private College Loans
Private student loans (also known as alternative student loans or personal student loans) can provide you with additional funding for unmet college expenses and help you pay for college, generally at better interest rates than other lines of credit. You should only use private student loans as supplemental funding after you have exhausted all other sources of financial aid, including grants, scholarships, federal work-study, and federal student loans as detailed above. Please file the FAFSA first, which may qualify you for these forms of aid.
Once a student has used up all other financial aid choices, a private student loan is a credit-based loan supplied by a lender to help students to pay for the costs necessary for their education. Tuition, books, and living costs may also be expenses for financial aid. If the funds cause a credit on the student's account, the finance office will send a refund check or electronic deposit.
As with any student loan, be conservative and only borrow what you absolutely need. Private loans are not federally guaranteed and require a good credit rating and/or creditworthy co-signer. The annual amount cannot exceed the cost of attendance minus other financial aid. Aultman College does not endorse any lender or lending institution. We will process a private education loan from ANY lending institution.
To assist you in your search for private loans, you can use FASTChoice – a private loan selection tool that helps you make a wise choice regarding borrowing a private loan by comparing lender rates, terms, and benefits. Please note that all lenders do not provide the same benefits, terms or rates.
Aultman College selected the FASTChoice lender option for the following reasons:
- History of providing excellent customer service to Aultman College students
- Competitive interest rates
- Offer multiple loan products and incentive programs
- Extended repayment terms are available
- In-school deferment options
- Six month grace period before repayment
- Fast and easy online application
- Funds are sent via Electronic Funds Transfer
Aultman College adheres to a Financial Aid Code of Conduct to prevent conflict of interest between Aultman College of Nursing and Health Sciences’ lender relationships and their responsibilities to students, the College, and its organizations (e.g., alumni). This policy upholds the Higher Education Opportunity Act and the Student Loan Sunshine requirements as required by educational institutions receiving Title IV funds.
Additional information on private educations loans can be found at http://www.finaid.org/loans/privatestudentloans.phtml
Pursuant to Section 155 of the Higher Education Act of 1965, as amended, (HEA) and to satisfy the requirements of Section 128(e)(3) of the Truth in Lending Act, a lender must obtain a self-certification signed by the applicant before disbursing a private education loan. The school is required on request to provide this form or the required information only for students admitted or enrolled at the school. Throughout this Applicant Self-Certification, “you” and “your” refer to the applicant who is applying for the loan. The applicant and the student may be the same person. Private Education Loan Applicant Self-Certification