Loan Information

Federal Direct Stafford Loan

St. Elizabeth School of Nursing administers federal student loans through the Federal Direct Loan Program (DL). All funding of federal student loans is done directly by the Federal Government in the Direct Loan Program and loans are serviced by contractors hired by the Government. Before applying, make sure you know your Federal Student Aid PIN that you used to file your Free Application for Federal Student Aid (FAFSA). Just like on the FAFSA, the PIN serves as your electronic signature on your MPN.

Steps for Borrowers to take to complete their loan setups (make sure in Steps 1 and 3 that you choose Saint Elizabeth School of Nursing):

Borrowers new to St. Elizabeth School of Nursing

Go to https://studentaid.gov/ and under Loans and Grants, complete Loan Entrance Counseling.
Select this link to complete your St. Elizabeth School of Nursing Loan Confirmation Form. Make sure you indicate the loan period(s) and amounts you wish to borrow.
Complete your Federal Direct Stafford Loan Master Promissory Note (MPN) at https://studentaid.gov/ under Loans and Grants, complete Master Promissory Note (MPN) for an undergraduate student.

Current St. Elizabeth School of Nursing students who have already borrowed Stafford Loans

Select this link to complete your St. Elizabeth School of Nursing Loan Confirmation Form. Make sure you indicate the loan period(s) and amounts you wish to borrow.
Complete your Federal Direct Stafford Loan Master Promissory Note (MPN) at https://studentaid.gov/ for an undergraduate student ONLY if you have never completed a Direct Loan MPN while attending StE.

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Federal Direct PLUS Loan

Parent Plus Loan Borrowers

St. Elizabeth School of Nursing administers federal PLUS loans through the Federal Direct PLUS Loan Program (DL).

Before applying, make sure you know your Federal Student Aid PIN that you used to file your student’s Free Application for Federal Student Aid (FAFSA). Just like on the FAFSA, the PIN serves as your electronic signature on your Master Promissory Note (MPN).

It is recommended that you apply for the amount you will need for the entire year, not just 1 semester at a time.

Steps for Parent Borrowers to take for Federal Direct PLUS Loans:

Select this link to complete your St. Elizabeth School of Nursing Plus Loan Confirmation Form. Make sure you indicate the loan period(s) and amounts you wish to borrow. Once complete, make sure you return to this page for Step 2.
Complete the Federal Direct parent PLUS application at https://studentaid.gov/, under Loans and Grants, choose PLUS Loans: Grad and Parent PLUS:
- Apply for a Parent PLUS Loan
- Complete a Master Promissory Note (MPN) for a Parent PLUS Loan

Federal Direct PLUS Loan

Direct PLUS Loan terms, which are subject to revision by federal regulation, include:

The borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or may wait until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled on at least a half-time basis. Generally, the Direct PLUS Loan has a 10-year repayment term.
Parents may apply for up to the full cost of education for the school year minus all other student aid. Parents are encouraged to apply for the amount needed for a full academic year at the time of application, rather than by semester. The amount of the loan is disbursed equally between the semesters and applied directly to the student’s tuition account.

Additional information of the Federal Direct PLUS Loan is available from the Department of Education website.

Alternative Loans

Important Private Loan Information

Some lenders offer private, or “alternative,” loans to students who need extra assistance in paying for educational expenses that aren’t covered by federal loans, grants and scholarships. Before using private loans, which tend to be more costly and have higher interest rates than federally guaranteed loans, make sure you understand the following points:

Students are strongly encouraged to pursue all other types of aid, including federal loans, before applying for a private loan as grant money is free and federal loans have a lower, fixed interest rate.
A student who has exhausted all other financial aid options may want to consider applying for an alternative educational loan.
Students can apply for this type of loan on their own if credit-worthy. If not, a credit-worthy cosigner will be required.
Students can borrow up to total cost of attendance minus other aid received.
Payments are deferred as long as the student remains enrolled at least half time. Interest does accrue while in school. It is strongly encouraged to pay the interest while in school.

Disclosures lenders must provide to borrowers

Application and Solicitation Disclosure – Provided when an application is initiated.
Borrower Self-Certification Form – Each private loan lender must obtain a signed and completed self-certification form from the borrower BEFORE disbursements can be made. Although this form should be given to the student by the lender when the initial Application and Solicitation Disclosure is sent, you may obtain a copy of the self-certification form by clicking here.
Loan Approved Disclosure – Sent after credit is approved. This disclosure provides information about terms of the loan. The borrower must actively accept the loan term within 30 days of receipt of disclosure for the application to proceed.
Final Disclosure – Sent after the borrower has accepted the terms of the loan and after the school has certified the loan amount (occurs prior to disbursement). The loan cannot be disbursed to the school until up to 7 days have passed from the lender sending disclosures to the borrower.

ATTENTION: FEDERAL LOAN ALTERNATIVES

You may qualify for Federal education loans or other assistance. Please check your financial aid award and/or contact the Financial Aid Office regarding your eligibility. Current interest rates for federal loans can be found at https://studentaid.gov/sa/types/loans/interest-rates.

APPLYING FOR A PRIVATE LOAN

Listed below are potential options so that you can research and determine which lender may best meet your needs. The INvestEd Marketplace allows you to compare lenders and actual rates for possible alternative loans and the other list provides lenders who have historically provided loans to StE students. The School of Nursing does not endorse any lender and you may choose whichever/whomever you wish as long as they are willing to fund you to attend StE. Not all lenders are able to fund all students at all schools in all states. Be sure to tell which ever lender you choose that you are attending St. Elizabeth School of Nursing in Lafayette, Indiana, school code 006257.

INvestEd Marketplace (Why INvestEd Marketplace?)

INvestEd Student Loan

PNC Solution Loan for Undergraduate Students

Sallie Mae Smart Option Student Loan

College Ave Student Loans