Loan Programs

Understanding Student Loans

If you file a FAFSA, you may be offered loans as part of your financial aid package. A loan is money you borrow and must pay back with interest.

Before taking out a loan, make sure you understand:

  • Who is making the loan
  • The terms and conditions of repayment

Student loans can come from the federal government or private lenders. Federal loans usually have lower interest rates and more flexible repayment options than private loans.

All Title IV loans are reported to the National Student Loan Data System (NSLDS) and are accessible by authorized agencies, lenders, and institutions.

Federal Student Loans

Stafford Loan

Parent PLUS Loan

Federal Loan Servicers

For repayment or deferment questions, contact your federal loan servicer. Not sure who your servicer is? Check NSLDS or call 800-4-FED-AID.

Nurse Education Assistance Loan Program (NEALP)

NEALP helps Ohio nursing students with financial assistance if enrolled at least half-time in an approved program.

  • Annual award: $1,800
  • To qualify for loan cancellation: work full-time as a nurse or nursing instructor in Ohio for 5 years after graduation
  • Learn more about NEALP

Private Student Loans

Private loans can help cover unmet college expenses after other aid options like:

  • Grants and scholarships
  • Federal work-study
  • Federal student loans

Important things to know:

  • Private loans are credit-based and not federally guaranteed
  • You may need a co-signer with good credit
  • Borrow only what you need
  • The maximum loan amount cannot exceed your cost of attendance minus other aid

Finding the right private loan

Aultman College selected FASTChoice for:

  • Excellent customer service
  • Competitive rates and flexible repayment terms
  • Easy online application and electronic fund transfers
  • In-school deferment and 6-month grace period

More info on private student loans

Important: Aultman College adheres to a Financial Aid Code of Conduct to prevent conflict of interest between Aultman College of Nursing and Health Sciences’ lender relationships and their responsibilities to students, the College, and its organizations (e.g., alumni). This policy upholds the Higher Education Opportunity Act and the Student Loan Sunshine requirements as required by educational institutions receiving Title IV funds.

Pursuant to Section 155 of the Higher Education Act of 1965, as amended, (HEA) and to satisfy the requirements of Section 128(e)(3) of the Truth in Lending Act, a lender must obtain a self-certification signed by the applicant before disbursing a private education loan. The school is required on request to provide this form or the required information only for students admitted or enrolled at the school. Throughout this Applicant Self-Certification, “you” and “your” refer to the applicant who is applying for the loan. The applicant and the student may be the same person. Private Education Loan Applicant Self-Certification.