Federal Direct Subsidized and Unsubsidized Loans
Subsidized and unsubsidized loans are federal student loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. The U.S. Department of Education offers eligible students at participating schools Direct Subsidized Loans and Direct Unsubsidized Loans.
Direct Subsidized Loans are for students with financial need. Students are not charged interest while in school at least half-time (minimum of 6 hours). Repayment begins 6 months after the student leaves school or drops to less than half-time.
Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need. Interest accrues (accumulates) on an unsubsidized loan from the time it’s first paid out. You can, but are not required to, pay the interest while you are in school or during grace periods, deferments, or forbearance. Another option is to let the interest accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.
Direct Subsidized and Unsubsidized Loans disbursed on or after 7/1/2017 and before 7/1/2018 have an interest rate of 4.45%. These loans also have a loan fee of 1.066%. This fee is deducted from each loan disbursement.
New borrowers of Direct Loans must complete Direct Loan Entrance Counseling and a Loan Agreement (MPN) online at www.studentloans.gov.
Direct Parent PLUS Loan
The parent borrower must be the student's biological or adoptive parent. (In some cases, the student's stepparent may be eligible.) The student must be a dependent student (according to the FAFSA). The Direct Parent PLUS Loan is based on a credit check completed by the Department of Education. Credit checks are valid for 180 days. Direct Parent PLUS loans disbursed on or after 7/1/2017 and before 7/1/2018 have an interest rate of 7.0%. These loans also have a loan fee of 4.264%. This fee is deducted from each loan disbursement.
To apply for a Federal Direct Parent PLUS Loan
Apply online at www.studentloans.gov. The parent will log in using their FSA ID. If the parent does not have an FSA ID, they will apply for one at firstname.lastname@example.org. After the parent is logged into StudentLoans.gov, they will click “Apply for a PLUS Loan”.
If approved, complete a Loan Agreement for a PLUS Loan (MPN) at the same site, https://studentloans.gov.
Private Education Loans
The private (alternative) education loan program is available to assist students in covering the remaining balance due after other financial aid has been considered. These non-federal loans are in addition to the student Federal loans already included in the student's financial aid award.
The interest rates will differ with each lender and accrues from the first date of disbursement. This loan is in the student's name, and typically the student needs a credit worthy co-signer in order for the loan to be approved. Generally, repayment begins after students graduate, or drop below 6 credit hours. Search or Apply for a Private Loan.
Nurse Education Assistance Loan Program (OHIO)
The purpose of Nurse Education Assistance Loan Program is to provide financial assistance to Ohio students enrolled for at least half-time study (or accepted for enrollment) in approved Ohio pre-licensure nurse education program who intend to serve as nurses after graduation. The annual award for the most recent academic year was $1,500/year. In exchange, to qualify for loan cancellation, recipients must be employed full-time as a registered nurse or licensed practical nurse in the State of Ohio for a minimum of five years after graduation.
Please visit http://regents.ohio.gov/sgs/nealp/students.php for directions on how to apply!
Canton Student Loan Foundation
Students can receive $12,000 total toward their undergraduate education and an additional $8,000 if they continue on to graduate school. Eligible students must:
- Graduate from a Stark County high school; be a Stark County resident who was eligible to graduate from a Stark County high school but has graduated from a high school elsewhere; or have earned a diploma from the ABC (A Better Chance) program.
- Enroll for at least 12 credit hours per term in a post high-school, undergraduate degree-granting program. This includes associate degree, technical-school and trade-school programs.
- Have and maintain minimum term and cumulative grade point averages of 2.0.
Please visit http://www.cantonstudentloan.org/ for directions on how to apply!