Documents
Resources
Learning Center
Upload
Plans & pricing Sign in
Sign Out

Loan Interest Rate _ Fees Loan Cost Examples Federal Nursing .pdf

VIEWS: 4 PAGES: 2

									               Federal Nursing Student Loan Application & Solicitation Disclosure
                                                                                                                                               Page 1 of 2

                                                                                                         Yale University
                                                                                                         P.O. Box 208338
                                                                                                         New Haven, CT 06520-8338
                                                                                                         203-432-2727
Loan Interest Rate & Fees
 Your fixed interest rate will be
                                                                       Your Interest Rate during the life of the loan
                                                                       Your rate is fixed. This means that your rate will remain fixed at
                                                                       the interest rate stated on this form.
                                5%




Loan Fees
Late Charge: not to exceed an amount equal to 6% of the required monthly payment on loans more than 60 days past due.
Returned Check Charge: $25.00




Loan Cost Examples
The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides
estimates based upon two (2) different repayment options available to you while enrolled in school.

Repayment Option                                       Amount Provided           Interest Rate        Loan Term                    Total Paid over 10
(while enrolled in school)                             (amount provided          (highest possible    (how long you have to        years
                                                       directly to you or your   starting rate)       pay off the loan)            (includes associated
                                                       school)                                                                     fees)

1. DEFER PAYMENTS                                        $1,500                    5%                  10 years                     $1,632
    Make no payments while enrolled in school.                                                         starting after the
                                                                                                       deferment period

2. MAKE FULL PAYMENTS                                    $1,500                    5%                  10 years                     $1,632
    Pay both the principal and interest amounts                                                        starting after your first
    while enrolled in school.                                                                          payment




About this example
The repayment example assumes that you remain in school for 4 years and have a 9 month grace period before beginning repayment. It is based on the fixed
interest rate and associated fees.
                                                                                                                                                                Page 2 of 2


Federal Loan Alternatives

Loan program                          Current Interest Rates by Program Type                                             You may qualify for Federal
                                                                                                                         education loans.
  PERKINS
                                       5% fixed
  for Students                                                                                                           For additional information, contact
                                                                                                                         your school's financial aid office or
  FEDERAL DIRECT                       4.5% fixed                 Undergraduate subsidized
                                                                                                                         the Department of Education at:
  for Students
                                       6.8% fixed                 Undergraduate unsubsidized & Graduate
                                                                                                                         www.federalstudentaid.ed.gov
  PLUS                                 7.9% fixed                 Federal Direct for Parents
  for Parents and
  Graduate / Professional                                         Federal Direct for Graduate & Professional
                                       7.9% fixed
  Students                                                        Students




Next Steps

1. Find Out About Other Loan Options.
       Some schools have school-specific student loan benefits and terms not detailed on this form. Contact
       your school's financial aid office or visit the Department of Education's web site at:
       www.federalstudentaid.ed.gov for more information about other loans.

2. To Apply for this Loan, Complete the Application and the Self-Certification Form.
       You may get the certification form from your school's financial aid office. If you are approved for this
       loan, the loan terms will be available for 30 days (terms will not change during this period, except as
       permitted by law).




 REFERENCE NOTES

Fixed Interest Rate                                                                        Bankruptcy Limitations
• This loan has a fixed interest rate for the life of the loan.                            • If you file for bankruptcy you may still be required to pay back this loan.

Eligibility Criteria
                                                                                           More information about loan eligibility and repayment deferral or
Borrower                                                                                   forbearance options is available in your loan application and loan
• Must be enrolled at an eligible school at least half-time.                               agreement.

• Must be 18 years or older at the time you apply.

								
To top