Loans are borrowed funds which must be repaid. To meet the Cost of Attendance, many students and parents find that loans are an important resource for financing education expenses. There are no pre-payment penalties on these loans. There are three basic loan categories: Federal, Institutional, and Private/Alternative Loans.
Nursing Student Loan
The Nursing Loan (NSL) is a need-based, long-term, low interest (5%) federal loan specifically for students admitted into the Orvis School of Nursing. There are no processing fees. Interest does not accrue and there is no repayment while you remain enrolled at least half-time. Repayment begins nine months following graduation, withdrawal, or enrollment less than half-time. The standard repayment term is ten years. The Cashier’s Office will mail the appropriate paperwork for the Nursing Loan in July or if awarded after July, within two weeks of an offer.
Federal Perkins Loan
The Federal Perkins Loan is a need-based, long-term, low interest (5%) federal loan for both undergraduate and graduate/professional students. These funds are limited and are slowly phasing out of existence within the next couple years. Federal Perkins Loans are awarded to qualified nursing students who have been admitted into the nursing department and demonstrate need. Other undergraduate students may qualify for the loan if they demonstrate high need and have requested the funds through our office. Some Medical/Graduate students may qualify for these funds if they have received a Federal Perkins Loan disbursement prior to October 1, 2015. The Cashier's Office will mail the appropriate paperwork for the Federal Perkins Loan in July or if awarded after July, within two weeks of an offer.
Garvey-Rhodes and Blundell Undergraduate Loans
Garvey-Rhodes (GRLN) and Blundell Undergraduate (BLUN) are need-based loans for undergraduates funded from institutional endowments. Both offer low interest (5%), long-term loans. There are no processing fees. You must be and remain full-time during the award year. Interest does not accrue and there is no repayment while you remain enrolled at least half-time. Repayment begins six months after graduation, withdrawal, or enrollment less than half-time. Repayment is not deferred if you enroll at another college. The Cashier’s Office will mail the appropriate paperwork for the Garvey-Rhodes or Blundell Loan in July or if awarded after July, within two weeks of an offer.
This is an institutional, short-term loan designed to assist continuing students who have cash flow issues. A co-signer is required and a processing fee of 2% of the loan is collected at the time the application is submitted. Ten percent (10%) interest accrues from the date of approval. one half of the balance is due in 6 months and the balance of the loan at the end of 12 months or sooner if you graduate. If financial aid is received, the loan is due and payable in full at that time. This loan, in combination with other financial aid or scholarships, may not exceed the student budget.
Private and Alternative Loans
A private/alternative loan (BALP) is a consumer-based, non-need-based loan. The interest rate for an alternative loan is usually considerably higher than the rate for a federal loan. You should compare the terms, interest rates and fees carefully before borrowing an alternative loan.