ASHS Residential Programs
Where do I start? : FAFSA : General Information : Credit : Loan Links : Federal Work-Study : Tuition and Budget : Loans Available at ATSU : Scholarships & Awards : ATSU Policies : ASHS Residential Programs Financial Home
Loans Available at ATSU
Federal
Subsidized Federal Stafford Loan
Amount: An $8,500 per year maximum exists, with the aggregate for undergraduate and graduate studies at $65,500.
Interest: Interest does not begin accruing for borrowers until repayment begins. The interest rate throughout repayment is fixed at 6.8%.
Conditions: The borrower must fill out a FAFSA need analysis to demonstrate financial need. This loan is given out in halves when tuition is due.
Repayment: The borrower has up to 10 years to repay this loan. Each borrower will go into repayment six months following graduation or withdrawal, unless the borrower qualifies for an economic hardship deferment. If a borrower experiences financial difficulty, forbearance may be requested.
Grace Period: Each borrower has a six-month grace period for the Subsidized Federal Stafford Loan. The grace period must be used up before the borrower is eligible for deferment or forbearance.
Fees: No origination fees are taken out if the student borrows through the NOWLoan$ program, where ATSU is the lender.
Unsubsidized Federal Stafford Loan
Amount: A $10,000 per year maximum exists, in addition to the Subsidized Federal Stafford Loan. The total aggregate for Subsidized and Unsubsidized loans during undergraduate and graduate studies is $138,500.
Interest: Interest begins accruing for the borrower when funds are wired to the school. The interest rate throughout repayment is fixed at 6.8%.
Conditions: The borrower must fill out a FAFSA need analysis to determine the financial need. This loan can be used to replace an expected family contribution. It is given out in two equal disbursements when tuition is due.
Repayment: The borrower has up to 10 years to repay this loan. Each borrower will go into repayment six months following graduation or withdrawal, unless the borrower qualifies for an economic hardship deferment.
Grace Period: Each borrower has a six-month grace period for the Unsubsidized Federal Stafford Loan. The grace period must be used up before the borrower is eligible for deferment or forbearance.
Fees: No origination fees are taken out if the student borrows through the NOWLoan$ program.
Federal Perkins Loan
Amount: Award amounts are $5,000 a year with the maximum aggregate at $40,000. Generally, parental information must be generally submitted on the FAFSA.
Interest: Interest does not begin accruing for the borrower until repayment begins. The interest rate is 5% and remains fixed throughout the life of the loan.
Conditions: The borrower must fill out a FAFSA need analysis to demonstrate financial need. This loan is given out in halves when tuition is due.
Repayment: Each borrower has up to 10 years to repay this loan. Borrower enters repayment following a nine month grace period immediately after graduation or withdrawal.
Fees: No origination or guarantee fee is taken out of the Federal Perkins Loan.
Federal Graduate PLUS Loan
Amount: Up to Cost of Education minus other financial assistance
Interest: Interest begins accruing for the borrower when funds are wired to the school. The interest rate throughout repayment is fixed at 8.5%.
Repayment: The borrower has up to 10 years to repay this loan. Deferment and forbearances are available during post-graduate training.
Fees: 3% is shaved off of all PLUS funds as an origination fee.
Private
Health/Graduate Access Loan
Amount: The borrower may receive up to the cost of attendance, minus other financial assistance received.
Interest: Interest begins accruing for the borrower when funds are wired to the school. The interest rate is based on the 3-month LIBOR, plus a per annum percentage based on the borrower's credit history.
Conditions: Students must meet a minimum credit score to be approved for this loan. The funds are normally given out in halves when tuition is due.
Repayment: The borrower has up to 20 years to repay this loan. Forbearance may be requested if the borrower experiences financial difficulty.
Grace Period: Each borrower has a nine-month grace period for the Access Loan. The grace period must be used up before the borrower is eligible for a residency deferment.
Fees: The loan fee for the Access Loan is either 0%, 3%, or 6%, based on the borrower's credit history. But no fees are deducted from the loan disbursement. The fee will be assessed immediately before the repayment period begins. This loan is not paid off if the borrower dies.
Signature Loan
Amount: The borrower may receive funds up to the cost of attendance, minus other financial assistance received.
Interest: Interest begins accruing for the borrower when funds are wired to the school. The interest rate is based on the prime rate and the borrower's credit history.
Conditions: Students must pass Signature's credit check to be approved for this loan. This loan is normally given out in halves when tuition is due.
Repayment: The borrower has up to 25 years to repay this loan. A borrower may choose graduated repayment if necessary.
Grace Period: Each borrower has a six-month grace period for the Signature Loan.
Fees: There are no fees taken out of the Signature Loan at disbursement. Instead, the fees are added on before repayment, based on borrower's credit history. This loan is not paid off if the borrower dies.
Short-term and Emergency Loans
Students experiencing temporary cash flow shortages may receive short-term or emergency loans. These funds are intended to help students deal with unexpected expenses such as medical bills or major car repairs. Students sign a promissory note prior to receiving the funds and pay back the loan when their financial aid is wired to the institution. Twelve percent simple interest is charged on all loans. Remember to allow for the decrease in the next financial aid disbursement when preparing a budget.