| Federal Perkins Loan |
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| Eligibility: | Student who has exceptional financial need and is a U.S. citizen or eligible noncitizen enrolled at an eligible school pursuing a degree or certificate. |
| Awards: | $4,000 annual maximum for undergraduate students and $6,000 for graduate students. The maximum cumulative undergraduate amount is $20,000; the maximum cumulative graduate and undergraduate limit is $40,000 ($8,000 for any student who has not yet completed two academic years of undergraduate work). The interest rate is 5 percent. |
| Application: | Students must submit a FAFSA. Application deadline is set by the institution. |
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| Federal Subsidized and Unsubsidized Stafford Loans |
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| Eligibility: | A U.S. citizen or eligible noncitizen enrolled or accepted for enrollment at least half-time in an eligible certificate or degree program at an eligible school. Student must show financial need to qualify for the subsidized loan but is not required to show financial need for the unsubsidized loan. |
| Awards: | The Federal Stafford Loan amount for an academic period cannot exceed the student's cost of attendance (as determined by the school) less the student's estimated financial assistance and, if the loan is a subsidized Stafford Loan, expected family contribution. The amount of one loan or a combination of both loans may not exceed the loan limits for an academic year based on the student's dependency status and grade level and the length of the program of study in which the student is enrolled. The interest rate changes each year but cannot be higher than 8.25 percent. The rate is recalculated each year and is in effect for the next July 1 through June 30. The federal government pays the interest on a subsidized loan until you begin repayment. You can pay the interest on an unsubsidized loan while you are in school or have the interest added to the principal. |
| Application: | FAFSA and the Federal Stafford Loan Master Promissory Note (MPN). The MPN may be submitted online and signed electronically. A paper MPN can be obtained from a participating lender or a financial aid office. Contact the schools to which you are applying to see if they prefer an electronic or paper MPN. |
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| Federal PLUS Loan |
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| Eligibility: | Any parent or stepparent of a dependent student enrolled or accepted for enrollment at least half-time in an eligible program at an eligible school. |
| Awards: | The maximum loan amount equals the cost of education minus other financial aid received. Federal PLUS Loans have a variable interest rate, which is capped at 9 percent. A borrower may have separate loans at different rates. The variable rate is recalculated each year and is in effect for the next July 1 through June 30. |
| Application: | FAFSA and PLUS Loan application. For a PLUS Loan application, contact a participating lender or the financial aid office at the school you plan to attend. |
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| Nursing Student Loan |
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| Eligibility: | U.S. citizen, national, or lawful permanent resident who is enrolled at least half-time
in a nursing program and demonstrates financial need. |
| Awards: | Varies. Participating schools are responsible for determining the amount of aid a
student requires. The interest rate is 5 percent. |
| Application: | Contact the financial aid office of the school you plan to attend. Application deadline is set by the school. |
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| Primary Care Loan |
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| Eligibility: | U.S. citizen, national, or lawful permanent resident who is enrolled full-time in a college of allopathic or osteopathic medicine, demonstrates financial need, and agrees to enter and complete residency training in primary care within four years after graduation and practice in primary care for the life of the loan. |
| Awards: | The maximum award for first- and second-year students is cost of attendance (including tuition, educational expenses, and reasonable living expenses). Greater amounts may be awarded to third- and fourth-year students. The interest rate is 5 percent during repayment unless the student fails to enter and complete a residency in primary health care (the interest rate is 18 percent and is charged from the date of noncompliance). |
| Application: | Contact the financial aid office of the school you plan to attend. Application deadline is set by the school. |
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