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Loans

141 South Main St. • 570-408-2000 (T) • 570-408-3000 (F)
Emailself-service system • Title IV code 003394

The Federal Nursing Student Loan program is funded jointly by the federal government and the University, and provides loans of up to $2,500 per year to students who show exceptional need and are enrolled in the B.S. degree program in Nursing. The program contains deferment provisions for borrowers.

Interest, at the rate of 5% per annum (prior to November 4, 1988 interest was 6%), begins to accrue with the 10th month following termination of half-time enrollment within the Nursing program and is made in monthly installments of not less than $40.

The Federal Direct Stafford Loan is a federal program that enables students to borrow money to help students pay for any educational costs. It is available to full-time and part-time degree-seeking students. The Stafford Loan may be subsidized or unsubsidized. The Subsidized Direct Federal Stafford Loan is interest-free while the borrower is enrolled at least half-time and for the first six months following termination of such enrollment. The Unsubsidized Federal Direct Stafford Loan requires the payment of interest while the student is enrolled.

The loan limits, per academic grade level, are $3,500 for first-year undergraduates, $4,500 for second-year undergraduates, $5,500 for third- and fourth-year undergraduates. Repayment of principal and, for subsidized loans, interest begins six months after the student ceases to be enrolled on at least a half-time basis. Under certain circumstances deferment of repayment is available. Stafford Loan funds are issued co-payable to the student and the University and are sent directly to the University. Students will have funds credited directly to their account when the funds are received. Loans approved for the academic year are disbursed in two checks of equal amounts. An Origination Fee and Insurance Fee may be deducted from the loan proceeds.

To be considered for the Stafford Loan students must meet the same eligibility requirements as those stated for the Pell Grant and must be enrolled on at least a half-time basis.

Additional Unsubsidized Federal Direct Stafford Loans are available to independent students who are eligible to apply for these funds, which are in excess of the Stafford Loan maximums already mentioned. The student academic year maximum is $4,000 for grade level one and two, $5,000 for grade level three and four. The loan carries the same interest rate and repayment obligations as listed under the section on Stafford Loans.

The Federal Direct PLUS program is available to parents of dependent undergraduate students. The PLUS Loan enables parents with good credit histories to borrow for each child who is enrolled at least half-time and is a dependent student. The annual loan limit is the student’s cost of education minus any estimated financial aid received.

This loan carries a variable interest rate and repayment begins 60 days after the loan proceeds have been disbursed. In cases of financial hardship, repayment may be delayed in one-year increments, up to a maximum total of three years. Parents must apply for this delay through the lending institution. There are deferment allowances for student borrowers. To be considered for the PLUS Loan, the student for whom the parent is borrowing the fund must meet the same eligibility requirements as those stated for the Pell Grant and must be enrolled at least half-time.

The Gulf Oil Loan Fund provides loans of up to $2,000 per year to students who have exhausted all other means of obtaining financial assistance. The loan is interest-free while the student is enrolled on at least a half-time basis at Wilkes University or is enrolled as a full-time student at another institution and for three months following termination of such enrollment. The Gulf Oil loan is offered at the discretion of the Financial Aid Director.

Repayment of principal and interest begins with the fourth month following termination of such enrollment and is made in monthly installments of not less than $50. The interest rate is 6%. The repayment period may extend up to 10 years.

The Rulison Evans Loan Fund provides loans of up to $2,000 per year to students who have exhausted all other means of obtaining financial assistance. The loan is interest-free while the student is enrolled on at least a half-time basis at Wilkes University or is enrolled as a full-time student at another institution, and for three months following termination of such enrollment. The Rulison Evans loan is offered at the discretion of the Financial Aid Director.

Repayment of principal and interest begins with the fourth month following termination of such enrollment and is made in monthly installments of not less than $50. The interest rate is 6%. The repayment period may extend up to 10 years.

The Federal Direct Loan Consolidation Program allows students who borrowed from the Federal Perkins Loan, Nursing Student Loan, Stafford Loan, PLUS/SLS and Federal Direct Loan programs to consolidate these loans into one single payment plan.

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  • 84 West South Street, Wilkes-Barre, PA 18766 |
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