Loans are a financial aid resource and most students at some point in their college careers need to borrow loan funds. Loans are available through many sources including the federal government, the state, the institution and private lenders.

Students that borrow should research the terms and agreement of any loan, including Federal Stafford loans, before borrowing. Borrowing requires a commitment/obligation to repay and therefore it is important to understand your responsibilities and rights as a student loan borrower.

The Federal Government is the largest education loan lender. The US Department of Education offers three different types of Federal Direct Loans depending upon your student type: Subsidized, Unsubsidized and PLUS (Graduate and Parent). Students must be enrolled at least half-time to be eligible for federal student loans. Repayment of student loans begins six months after graduation or six months after dropping below half-time status. Parents have the option of entering repayment immediately after the loan is fully disbursed or deferring repayment until the student graduates or drops below a half-time status.

There are two types of Federal Direct Stafford Loans:

Federal Direct Subsidized Stafford Loan

This is a need-based loan for which the interest is paid by the government while the student is in school at least half-time. Interest will begin to accumulate at the start of the student’s 6 month grace period (the period of time before repayment, which occurs after the student is no longer in school at least half time). Students who are new borrowers beginning July 1, 2013, may receive the Federal Direct Subsidized Stafford Loan for a timeframe equivalent to 150% of the length of the student’s degree or certificate, provided that all other eligibility criteria are met. In addition, any previously-borrowed subsidized loan will begin to accrue interest at the time that the student reaches the 150% timeframe. Click here for more information about this limit.

Federal Direct Unsubsidized Stafford Loan

There is no financial need requirement to be eligible for an Unsubsidized Loan. However, total financial aid, which includes the Unsubsidized Loan, cannot exceed the cost of education. Unlike the Subsidized Stafford Loan, interest accumulates while the student is attending school and can be paid monthly or capitalized (added to the total loan balance) until the student leaves school.

Federal Direct PLUS (Parent and Graduate)

Parents may borrow funds to cover educational costs for their dependent students. There is no financial need required to be eligible; however, total financial aid cannot exceed cost of education. The applicant’s credit history will be evaluated in determining loan eligibility. The maximum award amount is the student's cost of attendance less other financial aid, subject to credit approval. Application for the PLUS includes the Free Application for Federal Student Aid (FAFSA) and the Federal Direct Parent PLUS application and Master Promissory Note (MPN). The application and MPN may be completed at

Nurse Education Assistance Loan Program (NEALP)

What is NEALP?

The Nurse Education Assistance Loan Program (NEALP) provides financial assistance to Ohio students enrolled for at least half-time study (or accepted for enrollment) in an approved Ohio nurse education program. NEALP provides funding for nurses who intend to serve as instructors or students who intend to serve as nurses after graduation.

Information for Future Nurses

  • Nurse Education Assistance Loan Program funding for Future Nurses.
  • Provides financial assistance to Ohio students enrolled for at least half-time study (or accepted for enrollment) in approved Ohio pre-licensure nurse education program who intend to serve as nurses after graduation.
  • Funding Type: Loan.
  • Funding is provided by an educational surcharge on the biennial licensure renewal fee paid by all licensed LPN’s and RN’s.
  • Annual award for the 2023-2024 academic year is $1,650/year.
  • Awards based on EFC.
  • Recipient must serve as a fulltime nurse in Ohio for five years to qualify for 100 percent loan cancellation.

About the Program

The Nurse Education Assistance Loan Program (NEALP) was created by the Ohio General Assembly in 1990. The purpose of NEALP is to assist the state in meeting nursing shortages by providing financial assistance to Ohio students enrolled for at least half-time study (or accepted for enrollment) in approved Ohio pre-licensure nurse education program who intend to serve as nurses after graduation. The annual award for the most recent academic year was $1,650/year. In exchange, to qualify for loan cancellation, recipients must be employed full-time as a registered nurse or licensed practical nurse in the State of Ohio for a minimum of five years after graduation.

Steps to Apply

  1. Go here to complete the Free Application for Federal Student Aid.
  2. Go here and follow the instructions to complete the NEALP application process.
    (Please Note: NEALP does not automatically renew; students need to reapply annually)

Feel free to call 614-466-3561 with any questions.

NEALP Awarding

Applicants will be awarded NEALP funding based on information received from the applicant’s institution, FAFSA data, and information from the NEALP application. Applicants are ranked based on FAFSA data, those that demonstrate the highest level of need are awarded first. Awarding continues from the next neediest student until funds are depleted for the year. If sufficient funds are available, as determined by the Ohio Department of Higher Education, loan assistance will be awarded to all eligible applicants. Loans may be awarded for a maximum of twelve quarters or eight semesters or the equivalent. The total aggregate loan amount shall not exceed twelve thousand dollars.

Eligibility Requirements

An applicant must:

  • Be an Ohio resident.
  • Be a U.S. citizen or a permanent resident.
  • Be enrolled in or be accepted for enrollment approved nurse education programs in Ohio colleges, universities, hospitals, or vocational schools.
  • Not be in default or owe a refund to any Federal Financial Aid program.
  • Maintain an academic record which places the student in good academic standings within the institution.
  • Be enrolled at least half‐time each term, which is defined as an academic course load that is at least one‐half of the normal full‐time course load, as determined by the institution.

Is There a Deadline?

Students may apply after January 1 and before July 15th of each year. Notification of acceptance or denial for NEALP funding will be sent the first week of September.

Why Choose Us


of graduates employed within 12 months (2021 grads)


average class size


scholarship money awarded from the Mount Carmel Foundation in 2023