Financial Aid Loans
For detailed information on all federal loans go to StudentAid.gov.
- Direct Subsidized Loans are for Undergraduates with financial need. The U.S. Department of Education will pay the interest on a Subsidized Loan while the student is in school at least half time. The current interest rate is 4.53%.
- Direct Unsubsidized Loans are available to Undergraduate and Graduate students and are not based on need. The current interest rate for Undergraduates is 4.53%. The current interest rate for Graduates is 6.08%.
- Direct PLUS or Grad PLUS Loans are available for parents of dependent Undergraduate students or for Graduate students and eligibility is based on credit. The current interest rate is 7.08%.
The U.S. Department of Education calculates a cohort default rate (CDR) for each eligible higher education institution each fiscal year. Roseman’s CDR for the most recently published fiscal year (FY16) is 1.0%. The overall national CDR was 10.1% for the same period, and the rate for Private institutions similar to Roseman (i.e., offering Bachelor degrees and higher) was 6.3%. Additional information can be found on the U.S. Department of Education’s CDR website here: https://www2.ed.gov/offices/OSFAP/defaultmanagement/cdr.html
Loan Origination Fees
Federal student loans have loan fees that are a percentage of the total loan amount. The loan fee is deducted proportionately from each loan disbursement you receive. This means the money you receive will be less than the amount you actually borrow. You are responsible for repaying the entire amount you borrowed and not just the amount you received.
- Direct Subsidized Loans and Direct Unsubsidized Loans with a first disbursement date between 10/1/18 and 9/30/19 have an origination fee of 1.062%. Direct Subsidized and Unsubsidized Loans with a first disbursement date between 10/1/19 and 9/30/20 have an origination fee of 1.059%.
- Direct PLUS or Grad PLUS Loans with a first disbursement date between 10/1/18 and 9/30/19 have an origination fee of 4.248%. Direct PLUS Loans with a first disbursement date between 10/1/19 and 9/30/20 have an origination fee of 4.236%.
National Student Loan Data System (NSLDS) Students and/or parents who elect to borrow a Title IV loan (e.g., Direct Subsidized or Unsubsidized or PLUS and Grad PLUS loans) at Roseman University will have that loan information submitted to NSLDS and it will be accessible by borrowers, guaranty agencies, lenders and institutions who are authorized users of the data system.
Federal Direct Loan Maximums Per Award Year
|ABSN & BSN||$5,500||$2,000||$5,500||$7,000|
*No Subsidized loans for graduate students beginning July 1, 2012.
**AEODO/MBA is not eligible for Health Professional maximums because residents receive a post-doctoral certificate in Orthodontics and a Master in Business Administration.
Borrowers of federal Title IV loans are subject to aggregate loan limits. There is a cap on the total amount a student is allowed to borrow. It is very important for students to be aware of their lifetime loan totals and their aggregate loan limits. Students need to borrow conservatively, consider how much they will need to borrow in the future, and know when they will reach their aggregate limit. Students can access their Title IV loan information at NSLDS and receive a comprehensive review of all Federal Family Education Loan Program Loans, Direct Loans, Perkins Loans, and Pell grants they have received. Students must have a FSA ID to access their information.
Lifetime Federal Stafford Loan Aggregates
|Dependent Undergraduate||$31,000 (no more than $23,000 subsidized)|
|Independent Undergraduate||$57,500 (no more than $23,000 subsidized)|
|Graduate/Professional (MBA & AEODO/MBA*)||$138,500 (no more than $65,500 subsidized)|
|Graduate/Health Professional (Pharmacy & DMD)||$224,000 (no more than $65,500 subsidized)|
*AEODO/MBA is not eligible for Health Professional limits because residents receive a post-doctoral certificate in Orthodontics and a Master in Business Administration.
- These are credit based loans in the student’s name. Private/alternative loans are available to all students who can be approved by a lender.
- To apply, choose a lender you prefer and apply directly with them. Students in Utah should select Nevada to find Roseman University. You must reapply each year you want the loan.
- The amount is not to exceed the student’s Cost of Attendance minus the student’s other financial aid.
- Interest rates vary from lender to lender. Some lenders may require the student to maintain Satisfactory Academic Progress (SAP). It is the student’s responsibility to understand the lender’s criteria when borrowing a private/alternative loan.
- For more details on these private education loans (and/or to verify the latest information, which may be changed by the lenders without notice), contact the lenders directly.