Loans are a type of financial aid that requires repayment after graduation and are awarded after the students eligibility for grants, scholarships and Federal Work-Study (FW-S) is considered. Loans are awarded annually to students who qualify, based on the student's FAFSA. The student's financial aid package may include need-based and/or non-need-based loans. The student may choose to decline or reduce the loan amount to better fit the student's financial need and limit debt accrual. This sample repayment chart will help you estimate your potential monthly loan payment.
Federal Direct Loans: Subsidized & Unsubsidized
Students who borrow Direct Loans for the first time at Clarkson College are required to complete a Master Promissory Note (MPN) and entrance loan counseling before the loan(s) will be disbursed. Direct Student Loan borrowers are required to complete Exit Loan Counseling when the student ceases to be enrolled at least half-time. The MPN, and entrance and exit counseling may be accessed through the U.S. Department of Education at studentloans.gov.
Federal Direct Subsidized Loan
The interest on a Federal Direct Subsidized Loan will begin to accrue when the loan funds are disbursed to the student. However, that interest is paid by the federal government while the student is enrolled at least half-time.
Graduate students are not eligible for Direct Subsidized Loans.
Non-Need Based Loans
Federal Direct Unsubsidized Loan
Federal Direct Unsubsidized Loans are similar to the subsidized Federal Direct Loans except that the student is immediately responsible for payment of the interest on these loans. Students can make interest payments while in school, or the interest can be capitalized and added to the principal loan balance when the student graduates or ceases to be enrolled at least half-time.
Federal Direct PLUS Loans: Parent & Grad
Federal Direct Parent PLUS Loan
The Federal Direct PLUS (Parent) Loan is a federally funded, low interest rate loan for parents of dependent, undergraduate students. A parent may borrow a Direct PLUS—regardless of financial need—for each dependent, undergraduate student enrolled at least half-time (six credit hours per semester). Potential borrowers will have their credit reviewed by the U.S. Department of Education as part of the loan origination process. A parent may borrow up to the estimated cost of attendance, less any financial assistance received by the student. Repayment of principal and interest usually begins 30-60 days after the loan has been fully disbursed. To apply for a Direct PLUS Loan, one parent of the student must complete a Master Promissory Note (MPN) on the Direct Loan website and a Direct Parent PLUS Request form. A parent who applies for a Direct PLUS must be a parent whose information is provided on the student’s current academic year’s FAFSA. Completed forms must be returned to the Student Financial Services department.
Federal Direct Grad PLUS Loan
Federal Direct Graduate PLUS Loans are available to graduate students to help pay for educational expenses. A graduate student must be enrolled at least half-time (three credit hours) to borrow from this program. The student may borrow up to his or her estimated cost of attendance, less Federal Direct Loan amounts and/or other financial assistance received. To apply for a Federal Direct Grad PLUS Loan, students must complete a Direct Grad PLUS Request form.
Repayment usually begins 30-60 days after loan funds are fully disbursed. The borrower may receive a deferment while s/he is enrolled at least half-time at an eligible institution. Deferment requests must be made directly to the lending institution.
Health Professional Loans
Nurses enrolled in the Clarkson College Doctor in Health Care Education & Leadership (Ed.D.) program or the Master of Science in Nursing (MSN) Nursing Education program option are eligible to participate in the Nurse Faculty Loan Program (NFLP). The program aims to increase the number of trained nurses entering the workforce by offering loan forgiveness to students pursuing an education to become nursing faculty.
The NFLP is funded by the Health Resources and Services Administration (HRSA) of the U.S. Department of Health and Human Services. Recipients are required to teach at least four consecutive years following graduation to meet loan forgiveness eligibility requirements. Upon completion of each teaching year, a percentage of the student’s loans will be forgiven with up to 85 percent forgiven, following the fourth year.
Nursing Student Loans (NSL)
The Nursing Student loan is funded by the U.S. Department of Health and Human Services through the Health Resources and Services Administration (HRSA) and is offered to undergraduate nursing students with financial need who are enrolled at least half-time. Award amounts are determined by Clarkson College and funding is limited.