Federal and Private Loan Options

Loans are a form of financial aid that must be repaid, but generally not until students have graduated, enroll less than half time, or stop attending school. Qualification may be based on need and in some cases a credit check may be required.

Federal Loans

Federal student loans are a primary financing option for students whose grants, scholarships, and other financial aid do not fully cover their Cost of Attendance (COA). These loans are funded by the federal government and are designed to help students and families manage educational expenses while providing borrower protections and flexible repayment options.

Federal student loans generally offer fixed interest rates, repayment plans based on income, deferment and forbearance options, and potential loan forgiveness opportunities for eligible borrowers. Eligibility is determined through the completion of the FAFSA®, and annual and aggregate borrowing limits apply based on the student’s dependency status and academic level. Depending on the loan type, students may qualify for subsidized loans, where the government pays interest while the student is enrolled at least half-time, or unsubsidized loans, where interest accrues during all periods. Because federal loans often provide more favorable terms and protections than private educational loans, students are encouraged to carefully review their eligibility and borrowing responsibilities before accepting loan funds.

First Time Borrowers

How to apply for the Federal Direct Subsidized/Unsubsidized Loans:

  • Visit www.studentaid.gov
  • Borrower signs in with FSA User ID and Password
  • Complete Counseling (Entrance) and print confirmation page for your records
  • Complete Master Promissory Note (MPN) for Stafford Subsidized/Unsubsidized and print confirmation page for your records
  • Graduate Students complete the Graduate Studies Supplemental Form

Parent PLUS Loan Instruction

  • Visit www.studentaid.gov
  • Parent signs in with FSA User ID and Password
  • Request a Direct PLUS Loan
  • Select Parent PLUS
  • Once approved, complete Master Promissory Note for PLUS, Parent Loan
  • If denied, contact the Financial Aid Office for further action at [email protected]

Graduate PLUS Loan Instruction*

Graduate PLUS applications can only be considered if borrower has exceeded their Direct Unsubsidized eligibly for the academic year.

  • Visit www.studentaid.gov
  • Borrower signs in with FSA User ID and Password
  • Request Direct PLUS Loan
  • Select Graduate PLUS
  • Complete Entrance Counseling for Grad Plus
  • Complete Master Promissory Note for Grad Plus

* If you start a new graduate program before July 1, 2026, you remain eligible for Federal Direct Graduate PLUS Loans (GradPLUS) under current rules. If you start a new graduate program after July 1, 2026, you will be able to apply for student loans through federal and private lending processes.

Private Educational Loans

Private loans are an additional financing option for students whose federal aid, grants, and scholarships do not fully cover their Cost of Attendance (COA). Recent changes to federal loan programs under the One Big Beautiful Bill Act (OBBBA) may lead more students to consider private loans to bridge this gap. These loans are offered by banks, credit unions, and online lenders, and can typically be used to cover remaining educational expenses for a given academic year.

Private student loans are credit-based, so approval often depends on credit history and may require a cosigner. Interest rates, fees, and repayment terms vary by lender, with options such as fixed or variable rates, flexible repayment timelines, and in some cases deferred payments while in school. Borrowers may be eligible to borrow up to their full COA, and some lenders offer incentives like rate reductions for automatic payments. Because terms can differ widely, it’s important for students to carefully compare options and make informed decisions before borrowing.

What to Consider Before Applying For a Private Loan

Before applying for a private loan, students are strongly encouraged to complete the FAFSA® and explore all available federal, state, and institutional aid options, including Direct PLUS Loans for eligible parents and graduate students, as well as tuition payment plans that may offer interest-free alternatives. Private loans should be considered only after these resources have been fully explored. Since private loans are credit-based and may require a cosigner, students should also evaluate whether they meet eligibility requirements and if securing a cosigner is a viable option before moving forward.

How to Apply for a Private Loan — ELMSelect

PCHS partners with ELMSelect to provide a centralized tool that allows students and families to research, compare, and evaluate private loan options from multiple lenders. The platform also highlights lenders that may specialize in specific fields of study. Choose Pacific College of Health and Science — NY from the list of schools (School Code: E00911) to begin.

After selecting a lender through ELMSelect and beginning the lender’s application, students will complete required disclosures, including an Application Disclosure Statement and a Private Education Loan Applicant Self-Certification form. This certification requires information about your Cost of Attendance and financial aid status, which can be accessed through the PCHS financial aid student portal.

Once submitted, PCHS will certify the loan, after which the lender will issue a Final Loan Disclosure Statement.

Funds are then disbursed to your student account and applied to your term bill, which may result in a refund depending on your account balance and timing of processing.

Please note, private loan processing may take longer than federal loans due to required disclosures and federal right-to-cancel provisions.

Additional Private Loans

In addition to the lenders available through ELMSelect, students may also explore alternative private financing options offered by select specialty lenders.

  • Climb Credit provides financing primarily for career-focused programs, offering flexible monthly payment plans designed to support workforce development education.
  • Edly offers income-based private student loans that adjust repayment based on a borrower’s post-graduation income, with options that may not require a cosigner and include built-in financial support tools for eligible programs.
  • YELO provides private education financing solutions focused on expanding access for students in career-aligned and professional programs, with structured repayment options designed to support affordability and student success.

Student Loan Repayment Resources

Your education is an investment in your future and we’re here to help you successfully manage your student loans and build strong financial habits along the way. Whether you’re currently enrolled, graduating soon, or have already left school, we’re here to guide you through what to expect and where to find help.

When do I start repaying my student loans?

Most federal student loans have a 6-month grace period after you graduate, leave school, or drop below half-time enrollment. You can review your loan details, loan servicer information, and repayment start date by logging into StudentAid.gov. If you’re unsure about your repayment timeline, contact our Financial Aid Office and we’ll be happy to help you review your status.

Why making on-time payments matters

Making your payments on time and in full:

  • Protects your credit score
  • Helps you avoid additional fees
  • Keeps you eligible for future financial aid
  • Prevents collection activity

Missed payments can negatively affect your credit and may lead to serious consequences such as wage garnishment or tax refund offsets. You can monitor your credit report for free at AnnualCreditReport.com.

What happens if I miss payments?

If you miss a payment, your loan becomes delinquent. After 270 days of nonpayment, federal loans typically go into default.

Default can result in:

  • Damage to your credit
  • Collection fees
  • Wage garnishment
  • Loss of eligibility for additional federal aid

If you’re struggling, act early. Many options are available to help you avoid default. For official information on loan repayment and default prevention, visit Federal Student Aid.

Repayment Plans: You have options

Federal student loans offer several repayment plans, including:

  • Standard Repayment Plan
  • Graduated Repayment Plan
  • Extended Repayment Plan
  • Income-Driven Repayment (IDR) Plans

Income-driven plans adjust your payment based on your income and family size. Additional repayment plans can be found here.

To compare plans or apply, visit StudentAid.gov.

Need Temporary Relief?

If you’re experiencing financial hardship, you may qualify for:

  • Deferment
  • Forbearance
  • Loan consolidation
  • Public Service Loan Forgiveness (if eligible)

Explore your options before missing a payment. Our Financial Aid team can help you understand what may work best for your situation.

Financial Wellness Resources

Building strong financial habits now can make repayment easier. We encourage you to explore these trusted financial literacy resources:

Start Early. Stay Informed. Ask Questions.

Managing your student loans is a long-term commitment, but you don’t have to do it alone. Reach out to our Financial Aid team anytime for guidance and support. Your financial future matters, and we’re here to help you succeed.

We’re Here to Help

Our Financial Aid Office offers:

  • One-on-one repayment counseling
  • Budget planning assistance
  • Exit counseling support
  • Help contacting your loan servicer
  • Financial literacy information

Contact Us

Financial Aid Office
123 William Street, 14th Floor
New York, NY 10038
212-982-3456
[email protected]

 

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