Student Eligibility : Junior or senior NEOUCOM students who demonstrate financial need through completion of the FAFSA and other analysis documents and who are maintaining satisfactory academic progress.

Application: FAFSA (including parent information) and NEOUCOM Supplemental Application.

Interest : 5%; begins to accrue following grace period.

Deferment Period : There is no deferment period on this loan. Interest begins to accrue and 1st payment is due immediately following the 3-month grace period after graduation or withdrawal.

Grace Period : Three months after graduation or one month after starting residency or leaving school.

Minimum Monthly Payment : $40.

Promissory Notes : To receive a NEOUCOM Student Loan, a student must sign a promissory note which shows the interest rate, repayment period, minimum monthly payments, penalty charges, acceleration, cost of collections, and disclosure of information.

Exit Interview : An exit interview is required of student borrowers at which time repayment terms and the borrower's rights and obligations under the loan will be explained.

Billing Procedures : Students will be sent a letter of notice and statement of account at least 30 days before the first payment is due and 10 days before the due date of each repayment after the first.

Loan Cancellation : In cases of death of the student or permanent and total disability (based on supporting documentation).