Federal Family Education Loan

Under the Federal Family Education Loan Program, private lenders provide the money for loans and lenders deliver the loan money directly to the school. The student must complete the Free Application for Federal Student Aid (FAFSA). The student must also complete a student loan application and submit that application to the financial aid office at the school. Applications can be obtained at the Ellis School of Nursing Financial Aid office. Applicants must meet all federal eligibility requirements before a loan can be approved.

Loans are subject to approval by the lender, guarantee agency and verification by the school. Students are not eligible for student loans if a previous student loan is currently in default and not in satisfactory repayment or if the student owes a refund on Pell Grants. Each student must attend an interview prior to receiving the loan funds and exit interview when graduating or terminating from school. Interest rates vary and are adjusted each year. The maximum interest rate will not exceed 8.25% unless changed by the Department of Education. An origination fee of up to 4% is deducted from the loan proceeds.

Borrowing money to attend college is a very serious step and should be avoided whenever possible. See ESON policy on Debt Management and Default Prevention in the Student Handbook.