For graduate students, student loans are the most common form of financial aid and are a great resource to help finance your graduate education. Federal Student loans are offered by the U.S. Department of Education to students who complete a Free Application for Federal Student Aid (FAFSA). When completing a FAFSA, students must include Regis University on their FAFSA using school code: 001363. Additionally, students may seek out educational loans through private lenders. 

It’s important that you borrow responsibility. Consider your expenses, your budget and only borrow what you need. The Consumer Financial Protection Bureau provides tools to help students make good decisions about student loans and to investigate any issues encountered with borrowing private and federal student loans. An online tool, the Student Debt Repayment Assistant, helps navigate student loan repayment options. Loan information is also available at Know Before You Owe. Staff can be contacted at 855.411.2372 or www.consumerfinance.gov.

You can also watch this video, provided by the U.S. Department of Education, about responsible borrowing:

Below you will find information about varying loan options for graduate students and you can find our “Finance your Future” fact sheet HERE.

Unsubsidized Loan

Graduate students may be eligible to borrow Federal Direct Unsubsidized loans after completing a FAFSA (Free Application for Federal Student Aid). Below is information regarding this loan option.

What is a Federal Direct Unsubsidized Student Loan?

Graduate students who are eligible to complete a Free Application for Federal Student Aid (FAFSA) –  may qualify for an unsubsidized loan. Unsubsidized means that interest is accruing on the borrowed loan while you are in school. Therefore, you are responsible for the interest from the time the unsubsidized loan is disbursed until it is paid in full.

The Federal Government limits graduate students to $20,500 annually (summer, fall and spring semester) and $138,500 in a lifetime limit of federal direct borrowing. 

The $138,500 includes any federal direct loans a graduate student may have borrowed while completing their undergraduate degree. 

Graduate students in the Pharmacy program may borrow up to $33,000 annually and $224,000 lifetime.

Graduate Student $20,500 (unsubsidized)
Graduate Pharmacy $33,000 (unsubsidized)
Graduate Student $138,500 (maximum $65,500 in subsidized)
Graduate Pharmacy $224,000 (maximum $65,500 in subsidized)

How do I repay the Federal Direct Unsubsidized Loan?

You are not required to begin repaying the loan while you are enrolled at least half-time in your graduate degree program. Once you are no longer enrolled at least half-time (non-enrolled or graduated from your program), you have a one-time 6 month grace period before repayment begins.

There is no prepayment penalty, so you may choose to make payments on your loan while you are enrolled in school and you may choose to pay more than the required amount once your loan is in repayment.

You can access your full loan history and loan servicer(s) on the National Student Loan Database System (NSLDS). You can set up an online account with your loan servicer(s) and contact them with any questions you may have regarding repayment.

What Repayment Plans are available?

The standard repayment period is 10 years. We encourage you to visit Federal Student Aid to view current repayment plan options. You can also utilize a loan repayment calculator to estimate future monthly loan payments on an amount you anticipate borrowing. The repayment plans and loan repayment calculator can be great tools to help you plan your finances and borrow responsibly!

How do I Apply for a Federal Direct Unsubsidized Loan?

1. Complete a FAFSA and include Regis University’s School Code (001363). 

a. After completing your FAFSA, you will be notified via email when your financial aid award letter is available on WebAdvisor. You well be able to accept whatever portion of the unsubsidized loan you wish to borrow through WebAdvisor. 

2. All new loan borrowers at Regis University are required to complete Entrance Counseling and sign a Master Promissory Note. You can also find each of these steps directly through studentloans.gov

Once those steps are complete, you view the aid disbursement process and schedule here.

Are there any fees associated with the Federal Direct Unsubsidized Loan?

Yes, the federal government assess an origination fee on all federal loans, which means that the amount of loan you receive will be less than the amount you borrow. Keep in mind you are responsible for the full amount of the loan you borrow. For example, if you borrow $10,000 and there is a 1.066% origination fee, you will receive $9,893, but you are responsible for the full $10,000. You should keep the origination fee in mind when determining how much of your student loan you wish to borrow. 

Current loan fees can be found here.



You can find current origination fees here.

Graduate PLUS Loan

Graduate students may be eligible to borrow a Graduate PLUS loan after completing a FAFSA (Free Application for Federal Student Aid). We encourage graduate students to explore their Federal Direct Unsubsidized loan eligibility first, as the Graduate PLUS loan requires a credit check and is at a higher interest rate. Below you will find information regarding the Graduate PLUS loan option.

What is a Graduate PLUS loan?

A Graduate PLUS loan is a federal loan available to students seeking a graduate degree. In addition to being enrolled at least half-time (three graduate credits per semester) and filing a Free Application for Federal Student Aid (FAFSA), you must complete a credit check application. Adverse credit history may affect your ability to borrow. Adverse credit history includes:

• Accounts with a total outstanding balance greater than $2,085 that are 90 or more days delinquent as of the date of the credit report, or that have been placed in collection or charged off during the two years preceding the date of the credit report.

• Default determination during the five years preceding the date of the credit report.

• Bankruptcy discharge during the five years preceding the date of the credit report.

• Repossession during the five years preceding the date of the credit report.

• Foreclosure during the five years preceding the date of the credit report.

• Charge-off/write-off of a federal student aid debt during the five years preceding the date of the credit report.

• Wage garnishment during the five years preceding the date of the credit report.

• Tax lien during the five years preceding the date of the credit report.

Students with adverse credit history may elect to utilize an endorser. The Federal Direct Graduate PLUS interest rate and loan fees are set each year by the federal government. Current rates can be found at https://studentaid.ed.gov/sa/types/loans/interest-rates.

How much can I borrow?

You may borrow a graduate PLUS loan up to the full cost of attendance each year (as determined by the Financial Aid office) minus the amount of other financial aid awarded. The estimated cost of attendance includes tuition, room, board, books, personal, transportation and other educationally related expenses.

How do I repay the Graduate PLUS loan?

Graduate PLUS loan repayment begins within 60 days after graduation or dropping below half-time status. If you are enrolled at least half-time you will automatically be placed in deferment status. There is no prepayment penalty, so you may choose to make payments on your loan while you are enrolled in school and you may choose to pay more than the required amount once your loan is in repayment. 

You can find your loan servicer and full loan history on the National Student Loan Database System (NSLDS). You can set up an online account with your loan servicer to set up a repayment plan, make one-time payments or set up automatic reoccurring payments.

What Repayment Plans are available for Graduate PLUS loans?

The standard repayment period is 10 years. We encourage you to visit Federal Student Aid to view current repayment plan options. You can also utilize a loan repayment calculator to estimate future monthly loan payments on an amount you anticipate borrowing. The repayment plans and loan repayment calculator can be great tools to help you plan your finances and borrow responsibly!

How do I apply for a Graduate PLUS loan?

To start an application for Federal Direct Graduate PLUS you will:

1) Go to the Federal Student Aid website and open or access your account.
2) Apply for the Federal Direct Graduate PLUS Loan.
3) Complete the Master Promissory Note (MPN).

After the MPN is complete and Regis University receives your FAFSA and other required documents, you will be notified via your RegisNet email by the Office of Financial Aid that your award letter is available on WebAdvisor. Your award letter will show the amount of loan that has been certified.

You can view the aid disbursement process and schedule here.

Are there any fees associated with the Graduate PLUS Loan?

Yes, the federal government assess an origination fee on all federal loans, which means that the amount of loan you receive will be less than the amount you borrow. Keep in mind you are responsible for the full amount of the loan you borrow. For example, if you borrow $10,000 and there is a 4.264% origination fee, you will receive $9,573, but you are responsible for the full $10,000. You should keep the origination fee in mind when determining how much of your student loan you wish to borrow.

Private Educational Loans

Private Educational loans can provide funds to assist you in meeting the cost of your education when traditional financial aid and your own resources do not cover all educational expenses. These loans may be more expensive than the federal student loans and we encourage you to consider these funds AFTER you have exhausted all financial aid and federal loan options.

Where can I find a Private Educational Loan lender?

Finaid.org provides available lenders that you may review here, but you are welcome to contact any lender of your choosing to determine if they offer private student loans. Please read the information about these loans carefully to be sure that you qualify before you fill out an application and go through a credit check. If you need assistance determining whether or not you are eligible for a certain loan product, contact the lender before you file a loan application.

How do I apply for a Private Educational loan?

If you plan on borrowing a Private Educational loan, you must reach out to the lender you select and complete their application and credit check. Additionally, you must respond to three unique disclosures from your lender before loan funds can be certified by Regis University. Some lenders have the capability for you to sign these disclosures online, while others will mail you disclosures that require your signature before your loan can continue processing. Title X of the Higher Education Opportunity Act (HEOA) also added a self-certification form that the student must return to the lender before the school will be asked to certify the loan. In order to complete the self-certification form, you must have available the cost of attendance for your academic program. Please see Financial Aid Preparation: Planning for your 2017-18 Educational Expenses (Non-Traditional). If you need further assistance completing the self-certification form, please contact your financial aid counselor at studentservices@regis.edu or 303.458.4126.

Once your loan application is finalized by the lender, and you have accepted the final disclosure and the loan has been certified by the University, there is a mandatory rescission period that must pass before the first loan disbursement can take place. No Private Educational loan funds can be disbursed to a student’s account during this period, and the borrower may cancel the loan without penalty if they decide that they do not want to accept the terms of the loan. For most lenders, the rescission period is 10-15 business days.

You can view the aid disbursement process and schedule here.

Nurse Faculty Loans

What is a Nurse Faculty Loan?

The Nurse Faculty Loan Program (NFLP) is a federally funded program designed to increase the number of nursing students who pursue degrees as full-time faculty teaching in accredited schools of nursing. To qualify you must:

• Be enrolled in Regis University’s M.S. in Nursing: Leadership in Healthcare Systems: Educational Focus track.
• Be a U.S. citizen or have a permanent resident status (a student who is in the U.S. on a work or student visa is not eligible for an NFLP loan).
• Complete a Free Application for Federal Student Aid each year you wish to receive the loan.
• Intend to maintain enrollment in two consecutive terms during each academic year.
• Have not previously defaulted on any federal student loans.
• Maintain a 3.0 Cumulative GPA.
• Complete specific educational coursework relevant to the nursing faculty role.
• Commit to work full-time as a faculty member in an accredited degree-seeking nursing program upon graduation.

The funds can be used for tuition, books, fees and other reasonable educational expenses. Once you are accepted in the program, you will continue within the program receiving funds for the extent of your education (up to 5 years as long as the student does not default on the program requirements and as long as funds remain available). After graduation, you are eligible for up to 85% loan forgiveness for up to a 4-year commitment for teaching full-time at an accredited school of nursing within 12 months of completion of your degree. If you fail to graduate, do not follow the guidelines of the program, take an unapproved leave from school or do not serve as a full-time faculty upon 12 months of graduation, you will have to repay the funds with interest at the prevailing market rate. You are required to submit a Free Application for Federal Student Aid, although federal need is not a requirement of acceptance into the program.

How are applicants selected?

First level priority will be given to full-time students wishing to pursue enrollment in all 3 semesters. Second level priority will be full-time students anticipating enrollment in 2 out of 3 semesters (this needs to be 2 consecutive semesters of the year) of the academic year (AY) and remaining funds will be given to part-time students planning enrollment in 3 credits per semester for all 3 semesters.

Secondary priority will be given to students that are not receiving other funding sources, excluding federal loans (i.e. employee tuition-assistance programs, scholarships, etc.), students estimated graduation date, and students that have applied for the program before and meet the first level priority will be placed at the top of the list of applicants the following semester.

What are my responsibilities as a Nurse Faculty Loan Borrower?

If you are granted an NFLP loan, you will be responsible for:

• Completing an application yearly. 
• Signing a yearly NFLP letter of commitment. 
• Maintaining a plan of study. 
• Maintaining enrollment in two-consecutive semesters each academic year. 
• Maintaining a GPA of 3.0. 
• Completing a FAFSA yearly. 
• Accepting your NFLP loan via WebAdvisor once an award package is presented yearly.
• Completing an online Entrance Interview, one time only at https://www.ecsi.net/promea/.
• Completing and signing via E-Sign the Truth in Lending Act (TILA) documents each semester. 
• Signing an online promissory note each year via E-Sign at https://www.ecsi.net/promea/.
• Following application requirements as determined by Health Resources and Services Administration (HRSA). 
• Completing an exit interview upon graduation or separation from Regis University (Transcripts and Diplomas cannot be released to you until verification is received that the Exit Interview was completed).
• Graduating within 5 years of starting the nursing program. 
• Completing the educational components to prepare nurse educators. 
• Completing the graduation checklist in order to assist students in finding a nurse faculty position (includes: completing practicum hours in an academic setting; attending a national, regional or local nursing education conference with a focus on nursing education; completing a job posting cover letter and resume assignment; creating, maintaining and expanding your portfolio; meeting with Career Services to discuss resumes, cover letters, interviewing tips, job search strategies, networking, and involvement in professional organizations; and working with a mentor to focus on topics related to nursing education)
• Completing an exit questionnaire upon graduation. 
• Completing a 1-year follow-up questionnaire after graduation

How do I apply?

Please direct any questions that you have about the program to Susan Dalbey, DNP, RN at sdalbey@regis.edu or phone 303.964.6506.
Susan can provide you with the application for the loan, and when complete, you must submit your application as an attachment to sdalbey@regis.edu. You will receive a confirmation email indicating that it has been submitted within 2 to 3 days of submission.

Who is my loan servicer for the Nurse Faculty Loan Program?

Regis University has partnered with Heartland ECSI for Loan Servicing.
Once awarded, you can create your EasyPath profile today to take advantage of convenient features such as account management, online payments, electronic statements, payment history, and online document access.

Heartland ECSI Customer Service
Payment Mailing Address:  P.O. Box 718, Wexford, PA 15090           
Live Chat:  https://heartland.ecsi.net
Paperwork Mailing Address:  P.O. Box 1278, Wexford, PA 15090              
Phone Support:  1.888.549.3274 

Create your profile in 3 easy steps! 
    Step 1:  Go to https://heartland.ecsi.net. 
    Step 2:  Register by creating a profile. 
    Step 3:  Connect your account using your Heartland Key 
    If you need assistance, visit the “Need Help Getting Started Online?” section of the ECSI website. 
    Don’t forget to download the EasyPath mobile app by visiting the iPhone App Store or Android Marketplace.
 
      

How do I repay my loan?

If you are currently in repayment your payment will be due the 10th of every month. To learn more about due dates, visit Heartland ECSI’s website at https://heartland.ecsi.net. You can also set up recurring payment schedule with Heartland ECSI. This can be done by creating your EasyPath profile and selecting Make A Payment. If you want to learn more about payment options, visit https://heartland.ecsi.net
If you are currently enrolled in school, are in your grace period, or are in deferment/forbearance, no payment is due at this time. You will begin to receive billing statements prior to your first payment due date.

If you have questions regarding repayment, please contact ECSI customer service at 1.888.549.3274.

FAQs

How do I apply for student loans?

To apply for most forms of financial aid, including federal loans, all students must complete a Free Application for Federal Student Aid (FAFSA). You must contact lenders directly to apply for Private Educational Loans. Please see our Private Education loan section for more information.

What should I consider when taking out federal student loans?

Before you take out a loan, it’s important to understand that a loan is a legal obligation that you will be responsible for repaying with interest. You may not have to begin repaying your federal student loans right away, but you don’t have to wait to understand your responsibilities as a borrower. Get the scoop: Watch this video about responsible borrowing or browse the tips below it. Be a responsible borrower.

  • Keep track of how much you’re borrowing. Think about how the amount of your loans will affect your future finances, and how much you can afford to repay. Your student loan payments should be only a small percentage of your salary after you graduate, so it’s important not to borrow more than you need for your school-related expenses.
  • Research starting salaries in your field. Ask your school for starting salaries of recent graduates in your field of study to get an idea of how much you are likely to earn after you graduate. You can use the U.S. Department of Labor's Occupational Outlook Handbook to estimate salaries for different careers or research employment opportunities advertised in the area where you plan to live to get an idea of a local starting salary. You also can use the Department of Labor's career search tool to research careers and view the average annual salary for each career.
  • Understand the terms of your loan and keep copies of your loan documents. When you sign your promissory note, you are agreeing to repay the loan according to the terms of the note even if you don’t complete your education, can’t get a job after you complete the program, or you didn’t like the education you received.
  • Make payments on time. You are required to make payments on time even if you don’t receive a bill, repayment notice, or a reminder. You must pay the full amount required by your repayment plan, as partial payments do not fulfill your obligation to repay your student loan on time.
  • Keep in touch with your loan servicer. Notify your loan servicer when you graduate; withdraw from school; drop below half-time status; transfer to another school; or change your name, address, or Social Security number. You also should contact your servicer if you’re having trouble making your scheduled loan payments. Your servicer has several options available to help you keep your loan in good standing.

You can find more information at: https://studentaid.ed.gov/sa/types/loans.

Do I have to have good credit to borrow student loans?

Graduate students who complete a FAFSA may borrow up to $20,500 annually in a Federal Direct Unsubsidized Loan, and within a lifetime $138,500 loan limit, without a credit check. Credit history and credit score may affect your ability to borrow either a Graduate PLUS loan or a Private Education loan or affect your interest rate/terms and conditions through your lender when borrowing a Private Educational Loan.

When do I start paying back my loans and how long do I have to pay them back?

Repayment terms may vary depending on the type of loan you borrow. You can visit Federal Student Aid to find more information about repayment plans.

What are the interest rates on the student loans?

Current interest rates on federal student loans can be found here. Interest rates on Private Educational loans will vary by student/lender.

What are the annual and lifetime loan limits?

Annual Limits
Dependent Freshman (0-29 credits) $5,500 (maximum $3,500 in subsidized)
Dependent Sophomore (30-59 credits) $6,500 (maximum $4,500 in subsidized)
Dependent Junior (60-89 credits) $7,500 (maximum $5,500 in subsidized)
Dependent Senior (90+ credits) $7,500 (maximum $5,500 in subsidized)
Independent Freshman $9,500 (maximum $3,500 in subsidized)
Independent Sophomore $10,500 (maximum $4,500 in subsidized)
Independent Junior/Senior $12,500 (maximum $5,500 in subsidized)
Graduate Student $20,500 (unsubsidized)
Graduate Pharmacy $33,000 (unsubsidized)
Lifetime Limits
Dependent Undergraduate $31,000 (maximum $23,000 in subsidized)
Independent Undergraduate $57,500 (maximum $23,000 in subsidized)
Graduate Student $138,500 (maximum $65,500 in subsidized)
Graduate Pharmacy $224,000 (maximum $65,500 in subsidized)
Annual borrowing is also dependent on your cost of attendance which includes tuition, fees, and budgets provided by the state of Colorado for housing/utilities, transportation, books and personal expenses. Students may not borrow in excess of their cost of attendance. Students may choose to borrow Graduate PLUS loans or Private Educational Loans up to the cost of attendance.

Are there any enrollment requirements for graduates to receive loans?

Yes, as a graduate student, you must enroll in 3 graduate level credits or 6 undegraduate level credits per semester to be eligible for financial aid. Graduate and undergraduate credits must apply towards your current graduate degree program.

What is an MPN?

The MPN is the Master Promissory Note that you sign to promise to repay the student loan funds to the lender. You may sign the MPN electronically by going to studentloans.gov and creating an account. The MPN will cover all of the student loan disbursements for that lender for up to 10 years or until you request that your lender close it.

Why do I need to complete Entrance Loan Counseling?

The Entrance Loan Counseling is required of each new borrower by federal regulations. The presentation includes critical information about your loan and your rights and responsibilities. To complete this requirement, go to studentloans.gov and sign in to take the entrance counseling. Please do not confuse Entrance Counseling with Financial Awareness Counseling. Entrance Counseling is required before you can receive your loan funds. Financial Awareness Counseling is a great tool for your personal use.

How do I increase or reduce my Federal Direct Loan Amount?

If you wish to reduce the loan amount you were offered, you can submit a request to reduce your loan through WebAdvisor. If you wish to increase the amount of loan you wish to borrow after only accepting a portion, please submit a Revision Form.

Who do I contact if I have questions regarding my student loans?

Student Services at studentservices@regis.edu or 303.458.4126.