» Financial Aid & Scholarships

Loans are regarded as self-help and are made directly to students enabling them to pay a portion of their education with future earnings. Several types of loans are available to qualified students in all four years of study.

Gwynedd-Mercy College participates in both the Federal Perkins Loan and Federal Nursing Student Loan programs. Through these, the College provides long-term, low-interest loans to students who demonstrate financial need. The loans are interest free during the student's enrollment at Gwynedd-Mercy and can be repaid over a 10-year period that begins nine months after graduation or termination of studies.

Under certain federally-mandated and approved conditions, borrowers may arrange to defer loan repayment and/or qualify to have loans cancelled in whole or part. Borrowers should note both deferment and cancellation provisions when negotiating the loans.

Loan amounts offered to students are contingent on adequate federal funding of the programs.

A loan is a serious responsibility and obligation. Students should exercise discretion when borrowing money for school. The full amount borrowed plus all accrued interest must be repaid whether or not the student borrower completes his/her program of study. Transcripts will not be released for any student whose file reflects default on repayment of a student loan.

Federal Perkins Loan
The Perkins Loan is a federal aid program which provides loans to eligible students on the basis of exceptional need and academic proficiency. A maximum of $3,000 may be borrowed annually to an aggregate of $15,000 during undergraduate enrollment.

Repayment begins nine months after graduation or termination of studies and borrowers are allowed 10 years to repay the loan. During the repayment period, 5% interest is charged on the unpaid balance of the loan principal.

Nursing Student Loan (NSL)
The Nursing Student Loan is a federal aid program which provides loans to eligible nursing students on the basis of financial need and academic proficiency. A maximum of $2,500 may be borrowed for each of the freshman and sophomore years and $4,000 for each of the junior and senior years to an aggregate of $13,000 during undergraduate enrollment.

Repayment begins nine months after graduation or termination of studies and borrowers are allowed 10 years to repay the loan. During the repayment period, 5% interest is charged on the unpaid balance of the loan principal.

Federal Stafford Loan
The Federal Stafford Loan program provides annual loans up to $3,500 for freshmen, $4,500 for sophomores, $5,500 for junior and seniors, and $8500 for graduate students to an aggregate of $23,000 for undergraduate study and $65,500 for graduate study (including any undergraduate Federal Stafford Loans). All applicants must demonstrate need for the subsidized Stafford Loan.

For eligible students, the Federal Stafford Loan will be subsidized, that is, the Federal Government will pay applicable interest during the student's enrollment and the six-month grace period. The interest rate is variable but may not exceed 8.25%.

Repayment begins six months after graduation or termination of studies and borrowers are allowed 10 years to repay the loan. Federal Stafford Loan applications should be obtained from participating banks.

Students who do not qualify for the federal interest subsidy because they do not meet the federal financial need analysis standards, are eligible to borrow through the unsubsidized Federal Stafford Loan Program.

The unsubsidized loan can be issued for the full amount of eligibility or in combination with a subsidized Federal Stafford Loan. However, on any portion of the unsubsidized loan, interest must be paid by the student, at the current rate, while the student is enrolled in school.

Otherwise, all terms and conditions of the loans under the subsidized Federal Stafford Loan program apply to unsubsidized Federal Stafford Loans.

Students who meet the federal requirements for independent student status may be eligible to receive additional funding through the unsubsidized Federal Stafford Loan Program. Total Stafford Loan borrowing (including subsidized and unsubsidized loans) may not exceed the following annual maximums:

Federal PLUS Loan
The Federal PLUS Loan is a program through which a parent may borrow on behalf of a dependent student if the parent is determined to have a satisfactory credit history. The amount of the PLUS loan may not exceed cost of attendance minus any estimated financial assistance the student has or may receive during the period of enrollment. The interest rate on the Federal PLUS Loan is variable, adjusted annually, but may not exceed 9%. Interest begins to accrue and repayment begins upon disbursement of the loan. Applications should be obtained at participating banks. Graduate students who have maxed out on their Stafford Loan may also borrow through the Plus Loan Program.

Alternative Loans
In addition to the Federal Loan Program, a student and/or credit-worthy co-signer may borrow funds not to exceed the student's Cost of Attendance. Private/Alternative loans have different fee and rate structures.  For more information, go to www.elmselect.com, or come to the Financial Aid Office located in Campbell Hall.