Financial need is not a requirement. The student is responsible for selecting a lender from the Preferred List of Lenders. A separate loan application and promissory note will then be mailed to the student from their selected preferred lender. The student will then submit the loan application and promissory note back to the lender for processing. Principal and interest payments begin 12 months after the student graduates, withdraws or drops to less than half-time attendance.
Deferrals are available for student status, economic hardship and select volunteer services.
Priority is given to undergraduate students. Up to total loan forgiveness is possible for teaching in low-income population areas, teaching the disabled or teaching in a federal Head Start program. Additional loan cancellation conditions exist. Preference given to LPN students. Principal and interest payments begin 12 months after the student graduates, withdraws or drops to less than half-time attendance.