Federal Subsidized Student Loans
A loan recipient must demonstrate financial need for the loan. Interest is paid for the student while he/she is a qualified full time or part time student. An undergraduate is limited to $3,500 for the first year and $4,500 for the second year, or the established need, whichever is lower. Cumulative total cannot exceed $31,000.
Federal Unsubsidized Student Loans
Eligibility is based on the cost of attendance minus other financial aid received. The student is responsible for payment of the interest from the time the loan is received. Interest is usually billed by the lender monthly or quarterly or the student may request that the lender capitalize the interest while in school. Independent students may borrow up to $6,000 per year with a cumulative total of $57,500 which includes all subsidized loans as well. Dependent students may borrow up to a total of $5,500 for the first year and $6,500 for the second year. The total also includes any subsidized loans received. Repayment terms vary depending on the individual circumstances of each student. The various repayment plans can be explained by each lender prior to entering repayment.
Any veteran, reservist or member of the National Guard and/or children of veterans deceased or disabled in connection with their service in the armed forces are eligible. Contact the regional Veterans' Administration Office in your area for information, details and forms.
To learn more about the Ellis School of Nursing, please call 518.243.4471.