Loan Counseling Information
All first time Federal Direct / Grad PLUS Loan borrowers at Mount Marty College will need to complete an entrance loan counseling session before receiving their first loan disbursement. Complete the entrance loan counseling session online at:
Once a student drops below half-time or ceases enrollment at Mount Marty College they are required to complete an exit loan counseling session for their Federal Direct / Grad PLUS Loan. Complete the exit loan counseling session at:
Under specific circumstances a Federal Direct Loan can be discharged (canceled) but you must not be in default* on the loan. A discharge releases you from all obligation to repay the loan.
Your loan may be discharged because of the type of work you do: teaching in a designated low-income school, for example. Get the latest information on loan discharge.
*Your loan can't be canceled because you didn't complete the program of study at your school (unless you couldn't complete the program for a valid reason - because the school closed, for example). Also, cancellation isn't possible because you didn't like the school or program of study, or you didn't obtain employment afterwards.
The Perkins loan can qualify for cancellation under certain conditions-as long as the borrower is not in default. A cancellation releases you from all obligation to repay the loan.
If you have any questions about the terms of your Federal Perkins Loan, repayment obligations, deferment, forbearance, or cancellation, check with the Business Office. Only the school may grant deferment, forbearance, or cancellation, or make other decisions concerning your loan.
To cope with a national nursing shortage, the Department of Health & Human Services has announced the Nursing Education Loan Repayment program (NELRP). The program could repay 60% of your outstanding education loans for two years of service in a designated facility that faces a critical shortage of nurses. If you agree to serve for three years, repayment increases to 85%.
More information, including complete eligibility rules and application forms can be found at US Department of Health and Human Services or by calling NELRP toll-free at 800-221-9393. This program is administered entirely by the Department of Health & Human Services, not by University Accounting Service or your lending institution. Funds are paid directly to you for repayment of your loans.
Loan types that can be repaid include all government and commercial loans obtained by you for expenses related to your undergraduate and graduate nursing education. Some examples include:
- Nursing Student Loans (NSL)
- Federal Perkins/National Direct Student Loans
- Federal Direct Loans
- Guaranteed Student Loans (GSL)
- Supplemental Loans for Students (SLS)
Loan funds must have been used to pay tuition or required fees, reasonable educational expenses, and/or reasonable living expenses during your nursing education.
The Teacher Loan Forgiveness Program was designed for those teachers that were new student loan borrowers on or after October 1, 1998. To qualify, you must have been teaching at an eligible school for five consecutive years. An elementary teacher must demonstrate knowledge in reading, writing, and mathematics and a secondary teacher must be teaching a subject relevant to his or her major.
Here are the answers to some frequently asked questions about Teacher Loan Forgiveness:
Q: Why does the Teacher Loan Forgiveness Program apply only to those borrowers who took their first student loan after October 1, 1998?
A: The Teacher Loan Forgiveness Program was first created in 1998 in anticipation of future teacher shortages. Borrowers whose first loan was taken prior to October 1, 1998 are not eligible.
Q; I borrowed my first loans prior to 1998, but have paid them off completely. If I returned to school and borrowed new loans after 1998, could I be eligible for Teacher Loan Forgiveness?
A: Yes, if you meet all other Teacher Loan Forgiveness requirements.
Q: How do I know if the school I teach at is eligible for forgiveness?
A: Check out Federal Student Aid Loan Teacher Cancellation. Keep in mind that this list changes yearly.
Q: Can I postpone my student loan payments while I am completing my five years of teaching service?
A: Possibly. Contact your loan holder for more information.
Q: If I qualify for Teacher Loan Forgiveness, will my loan balance be forgiven?
A: Up to $5,000 may be forgiven for qualified borrowers. Balances of less than $5,000 will be considered paid in full.
Q: How do I apply for Teacher Loan Forgiveness?
A: Tto learn more about Teacher Loan Forgiveness or to apply visit the Federal Student Aid website.