Financial Assistance

How Do I Pay for My Tuition
You may choose to pay your tuition out-of-pocket. The GI Bill has not been approved and financial aid is not available for the Practical Nursing Program. However, you are free to seek aid from any financial institution of your choice. We highly recommend SLM Financial (Sallie Mae) for an educational loan. An on-line application is available by clicking the following link: www.slmfinancial.com

Applying with SLM Financial

To apply for a “Career Training Loan”, please have the following information ready:

1. School Name – University of DC Med Program
   
2. School Contact Name – Andre Eba, Program Specialist
   
3. Borrower’s Social Security Number – Input the borrowers SSN
   
4. Student’s Social Security Number – Input student SSN (if different from borrower)
   
5. Borrower’s income, employment, and asset information
   
6. Total tuition - $6,900 (may change without prior notice) – divided into four equal installments is $1,725 each.
   
7. In addition to tuition, you may also ask up to 60% of tuition for related expenses. (For example, the full tuition is $6,900 – you could ask up to $4,140 for related expenses which will be sent directly to you.)
   
8. Name and phone number of two personal references
   
9. Name and email address of co-signer (if necessary)
   
10. Name, city and state of school attended by the student
    
11. Student’s enrollment status, anticipated graduation date, and the enrollment period the loan will support.
12. Two payment options are available while you are in school:
    • Interest only payment (12-months maximum)
    • Deferred payment (12-months maximum)
      • For a deferred payment option, you only pay $10 per month

To Determine If You Need a Co-Borrower
Many people are reluctant to ask someone to co-sign on a loan. SLM Financial encourages it whenever possible. There are many great benefits to the borrower if he/she is able to get a co-borrower:

• Better interest rate! SLM Financial determines the interest rate by the borrower’s credit rating. If the borrower is able to find a co-signer, the interest rate will be based on the better of the two scores. This can result in smaller monthly payments and less interest paid over the term of the loan.
  
• Establish credit for future loans. Having a co-signer can only help your credit. It will help you to establish or re-establish credit.
  
• Co-borrower release option – if you are worried about your co-signer being tied to a lengthy loan term, the co-signer can be dropped from the loan with a written request after 24-consecutive payments have been made.

Please be advised that if you meet any of the following criteria, you definitely will need a co-signer. In that case, you must complete the co-signer’s section of the application.

1. Unemployed
   
2. High debt to income ratio
   
3. Currently in bankruptcy
   
4. Have an outstanding judgment or lien
   
5. Have charged off accounts
   
6. Limited or no credit history
   
7. Poor credit history with several delinquencies
   
8. No re-established credit since bankruptcy

For additional information, please call (202) 274-6399