MASTER PROMISSORY NOTE

Students attending Jameson Memorial Hospital School of Nursing may apply for Federal Family Educational Loans (subsidized and non-subsidized loans) by completing a Master Promissory Note annually.  Students will be given a paper  Master Promissory Note by the Student Accounts/Affairs Coordinator to apply for a student loan. The borrower must complete and submit the Master Promissory Note directly to PHEAA.  NOTE:  Students CANNOT complete the Master Promissory Note on-line (via the Internet).  If you have any questions regarding the process, contact the financial aid office at 724-656-4240.
 

Student loans are borrowed money that must be repaid with interest.  There are two types of student loans:  subsidized and unsubsidized.  Students must have financial need to receive a subsidized student loan.  Financial need is not a requirement to obtain an unsubsidized student loan.  Loan checks are made co-payable to the student and the school.  

SUBSIDIZED LOANS

The Federal Family Education Loan Program is subsidized by the U.S. Department of Education.  Private lenders provide funds that are guaranteed by the federal government and must be repaid to the bank or private lender that made the loan.  The Program enables eligible students to borrow a maximum of $3,500.00 for the first academic year and $4,500.00 for the second academic year.  The loan is certified based on the student's educational cost less family contribution and other financial aid resources and subject to the lender approval.
Stafford Loan interest rates are adjusted annually (July 1st); interest rate will not exceed 8.25%.  An origination fee and guarantee fee may be charged by the lender and is deducted proportionately from each loan disbursement.

NON-SUBSIDIZED LOANS

A non-subsidized loan is one in which the student is given the option of paying the interest quarterly or capitalizing the interest and paying it when the loan goes into repayment.   The interest rates are below the standard commercial rates and an origination fee may be charged for each loan disbursement.  Loan checks are made payable to the school and the student and mailed directly to the school.
 

LOAN LIMITS FOR STUDENTS ATTENDING JAMESON

Dependent students may borrow up to $2,00 unsubsidized loan for each year of Jameson's program.
1st Year - $3,500 subsidized loan + $2,000 unsubsidized loan=$5,500 total
2nd Year- $4,500 subsidized loan + $2,000 unsubsidized loan=$6,500 total

Independent students may borrow up to $6,000 unsubsidized loan for year of their program.
1st Year - $3,500 subsidized loan + $6,000 unsubsidized loan=$9,500 total
2nd Year - $4,500 subsidized loan + $6,000 unsubsidized loan=$6,500 total

The maximum aggregate undergraduate student loan limit (subsidized and unsubsidized loans) effective July 1, 2008 is $57,000 for undergraduate study.

Federal PLUS Loans enable parents with a good credit history to borrow to pay for educational expenses for a child who is a dependent undergraduate student enrolled at least half time.  The annual limit for a PLUS Loan is equal to the student’s cost of attendance minus any other financial aid received.  The interest rate is variable and there may be a 3 % loan origination fee plus a guarantee fee not exceeding 1 % of the loan amount deducted proportionately each time a loan disbursement is made.

ALTERNATIVE LOANS

A co-applicant is typically required.  The applicant must meet the following qualifications:  have a satisfactory credit history, residence and employment history of at least two years.  The applicant must have income sufficient to make required payments and must be a U.S. citizen or a permanent resident for two years.  Contact the financial aid office for an application.