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Federal Loans & Grants for Graduate Students

Assistantships and Federal Nurse Traineeship Grants

Assistantships and Traineeship Grants are administered directly through the Graduate Schools of Education and Nursing. Applicable information and application procedures should be obtained from the responsible individual in the appropriate Graduate School.

Federal Direct Loan Program

To be considered for a Federal Direct Loan, the following forms should be filed six weeks prior to the start of the semester or cohort to ensure timely processing. However, applications received subsequently, will be processed as applicable and in compliance with USDE Regulations.

• FAFSA ( 2010-2011 Free Application for Federal Student Aid)
  Gwynedd-Mercy College Code — 003270
  www.fafsa.ed.gov
• Gwynedd-Mercy College 2010-2011 Financial Aid Application (Green Form)
• Additional information, such as signed copies of 2009 tax returns and W-2 forms will be requested on an as-needed basis.
• Direct Loan Entrance Counseling and a Direct Loan Master Promissory Note (MPN) must be completed. Both can be done 24/7 at www.studentloan.gov.

Reminder

To be considered for the Federal Direct Loan, you must:

• Be officially accepted into the Master's Degree program*
• Be a U.S. citizen or eligible non-citizen as defined by the U.S. Department of Education
• Be enrolled on at least a half-time basis (minimum 6 credits per semester)
• Be making satisfactory academic progress
• Not be in default on any education loan

* Certification only... Not eligible for Federal Direct Loan

If you have questions please call Gwynedd-Mercy College Financial Aid Office at 215-646-7300 extensions 466, 483 or 191.

Considerations When Taking a Federal Direct Loan

Repayment

The maximum repayment period is generally 10 years, exclusive of deferment and forbearance periods, from the date the loan enters repayment.

Deferment

You have the right to postpone repayment of your loan(s) if you qualify for a deferment. While on deferment, borrowers with unsubsidized Federal Direct loans or Grad PLUS loans are responsible for the interest that accrues.

Forbearance

If you are unable to make a scheduled payment due to special circumstances, such as prolonged illness, unemployment, etc. you may request a forbearance from your lender/loan servicer.

Default

If a loan is delinquent for 270 days, it will be declared in default. If you default, the entire unpaid balance and any accrued collection fees on the applicable loans will become immediately due and payable. The consequences of default may include any or all of the following:

• Damage to your credit rating
• Garnishment of your wages
• Legal action against you
• Collection charges (including attorney fees) being assessed against you
• Loss of deferment eligibility

Excerpt from: EXIT Counseling, AES 7/08

Alternative Loans

It is policy of the Student Financial Aid Office to utilize the Federal Loan Programs whenever/wherever possible. This includes the Federal Subsidized Direct Loan, Federal Unsubsidized Direct Loan, and Federal Graduate PLUS Loan. This is because the Federal Loan Programs have lower and fixed interest rates. Also, the loan terms are better and provide better repayment options. Private/Alternative loans will be processed as a last resort for students to meet their educational costs.

Under no circumstance will the total financial aid received, including the Private/Alternative loan, exceed the student's Cost of Attendance for the academic period.

Each Private/Alternative loan program has different interest rates, fees, and terms making it difficult to advise which loan would be best for any given person. Two websites exist to enable the student borrower to review and compare the various loan options so that she/he can select the loan program best suited to meet needs. These websites are:

www.elmselect.com
pennsylvania.privateloanmarketplace.com/Gwynedd-MercyCollege

The student can then apply online to the lender of choice. The lender will approve (or deny) the student. If approved, the lender will send additional information for completion.