Standard Healthcare Services, College of Nursing Comprehensive Student Loan Repayment Program
Introduction This comprehensive student loan repayment program is designed to empower students and graduates with knowledge, resources, and support to effectively manage federal student loans. By addressing student loan information, counseling, and monitoring, students can make informed financial decisions and successfully repay their loans while minimizing financial hardship. The school’s purpose is to ensure responsible borrowing, repayment, and the financial well-being of students.
- Federal Student Loan Information
Federal student loans administered by Standard College are the Direct Subsidized Loans and Direct Unsubsidized Loans. These loans are offered by the U.S. Department of Education (ED) to help eligible students cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school.
The Direct Subsidized Loans have slightly better terms to help out students with financial need. Differences between the loans can be found here.
There are limits on the amount in subsidized and unsubsidized loans that you may be eligible to receive each academic year (annual loan limits) and the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits). The actual loan amount you are eligible to receive each academic year may be less than the annual loan limit. These limits vary depending on
- what year you are in school and
- whether you are a dependent or independent student.
If you are a dependent student whose parents are not eligible for a Direct PLUS Loan, you may be able to receive additional Direct Unsubsidized Loan funds.
A chart that the annual and aggregate limits for subsidized and unsubsidized loans can be found here.
If the total loan amount you receive over the course of your education reaches the aggregate loan limit, you are not eligible to receive additional loans. However, if you repay some of your loans to bring your outstanding loan debt below the aggregate loan limit, you could then borrow again, up to the amount of your remaining eligibility under the aggregate loan limit.
Loan Servicer’s Role
- When you receive your Direct Loan, you will be contacted by your loan servicer (you repay your loan to the loan servicer). Your loan servicer will provide regular updates on the status of your Direct Loan, and any additional Direct Loans that you receive.
- After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you are required to begin repayment. During this period, you’ll receive repayment information from your loan servicer, and you’ll be notified about your first payment due date. Payments are usually due monthly. Learn more about repaying your loan.
Loan Repayment
After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you are required to begin repayment. During this period, you’ll receive repayment information from your loan servicer, and you’ll be notified of your first payment due date. Payments are usually due monthly. Learn more about repaying your loan.
Loan Repayment Plans
There are several repayment options available that are designed to meet the individual needs of borrowers. Your loan servicer can help you understand which repayment options are available to you. Generally, you’ll have 10 to 25 years to repay your loan, depending on the repayment plan that you choose. Learn more about your repayment options.
Loan Deferment and Forbearance
If you are unable to make your scheduled loan payments, contact your loan servicer immediately. Your loan servicer can help you understand your options for keeping your loan in good standing. For example, you may wish to change your repayment plan to lower your monthly payment or request a deferment or forbearance that allows you to temporarily stop or lower the payments on your loan. Learn more about deferment or forbearance options.
How to Cancel a Loan
Before your loan money is disbursed, you may cancel all or part of your loan at any time by notifying your school. After your loan is disbursed, you may cancel all or part of the loan within certain time frames. Your promissory note and additional information you receive from your school will explain the procedures and time frames for canceling your loan.
Loan Forgiveness or Discharge
Under certain conditions, you may be eligible to have all or part of your loan discharged or forgiven (canceled). Find out about loan cancellation, discharge, or forgiveness.
- Counseling
Entrance Counseling- Entrance counseling ensures you understand the terms and conditions of your loan rights and responsibilities. You’ll learn what a loan is, how interest works, your options for repayment, and how to avoid delinquency and default. When you’re finished, a record of your completion will be sent to the school, and you can then receive the loan money. Keep in mind that you cannot save and leave an incomplete session; you must complete the entrance counseling in one setting. More information can be found at https://studentaid.gov/entrance-counseling/
Exit Counseling- Exit counseling provides information to prepare you to repay your federal student loans once you leave school. You must complete exit counseling when you leave school or drop below half-time enrollment. The purpose of exit counseling is to ensure you understand your student loan obligations and are prepared for repayment. You’ll learn about what your federal student loan payments will look like after school. We’ll recommend a repayment strategy that best suits your future plans and goals.
More information can be found at https://studentaid.gov/exit-counseling.
III. Monitoring
The National Student Loan Data System (NSLDS) is a database that contains information about federal student aid. It’s managed by the U.S. Department of Education. The NSLDS tracks your student aid from the time it’s approved to when it’s closed, provides updates on outstanding balances and payment history with a centralized view of your student aid, and allows you to access your federal student loan history
To access the National Student Loan Data System (NSLDS), log in to the StudentAid.gov website using your FSA ID (Federal Student Aid ID), which is the same login used for FAFSA, and then navigate to the “My Aid” section to view their loan and grant information; you cannot directly access the NSLDS website anymore, but can access their data through the StudentAid.gov portal.
