You are in no way obligated to borrow a loan. All loan programs require a minimum unit enrollment of six (6) units to be eligible for payment. All Loan program require repayment of the amount you borrow plus interest.
Federal Perkins Loan is a low interest rate (5%) loan to help students with exceptional need to meet their educational expenses. Priority is given to students who are enrolled in six (6) units at the Home campus and acceptance into the Nursing Program.
Subsidized Federal Direct Loans are need based and the Financial Aid and Scholarship Office determines your eligibility. Interest is paid by the government while you are enrolled at least half-time and during your grace period after leaving school or dropping below the six (6 units) requirement. Interest rates are set each academic year.
An Unsubsidized Federal Direct Loan is not need based and has no interest subsidy, which means interest is accruing while you are still in school. We recommend that you make interest payments for unsubsidized loans. Interest payments may be postponed during qualifying periods; however, any interest deferred will be added to the original loan amount.
There is a life time loan limit requirement for all borrowers. Once a student reaches his/her life time limit, he/she will not be eligible to borrow.
There is an annual maximum loan limit for all borrowers. Once a student reaches his/her annual limit, he/she will not be eligible to borrow.