Loans

Stafford Loans

Stafford loans are federal loans administered through the U.S. Department of Education.

Health professions graduate students can borrow the Unsubsidized Stafford loan for up to $40,500 per year for a nine-month academic year, $44,944 for the second and third years 11-month academic period and $47,167 for a 12-month academic year, which applies to fourth-year students and all AODP and ASIP students.

• Total graduate and undergraduate borrowing cannot exceed $224,000.
• The interest rate is 7.05% for loans first disbursed on or after July 1, 2023, and before July 1, 2024. Interest accrues while enrolled.
• The origination fee, as of October 1, 2023, is 1.057%.
• Interest starts accruing for these unsubsidized loans as soon as the loan is funded.

Need-based loans

Based on parent/guardian FAFSA information, you may be eligible for:

• A Health Professions Student Loan, which average $5,000 per year at NECO.
• A Loan for Disadvantaged Students, which average $3,000 per year at NECO.
• A Fund for Education Loan (first-year students only), which average $3,000-$5,000 at NECO.
• All of these loans are interest-free until repayment begins and subject to 5% interest thereafter.

Federal Direct Grad PLUS loans

The federal graduate PLUS loan is designed to close the gap between other aid and the cost of attendance.

• The interest rate is 8.05 % for loans first disbursed on or after July 1, 2023 and before July 1, 2024. Interest accrues while enrolled.
• The origination fee, as of October 1, 2023, is 4.228%.

North Carolina Forgivable Loans for Service

The North Carolina Forgivable Loans for Service (FELS), provides financial assistance in the form of forgivable loans to qualified students enrolled in an approved education program and committed to working in critical employment shortage professions in North Carolina.  The Forgivable Education Loan for Service (FELS), was Established by the North Carolina General Assembly in 2011.  NECO’s doctoral degree students are eligible to receive $14,000 per year providing they meet the requirements.  You can find more information on their website, including eligibility and application requirement at Forgivable Education Loans for Service.

NECO emergency loans

Because we believe that unexpected expenses should not derail a promising optometry career, NECO provides interest-free emergency loans of up to $1,000 that can be made available in a matter of days.  Recipients of this interest-free cash advance will either have it deducted from a future refund or added to their existing balance.

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Managing and repaying your loans

Keep track of your borrowing and estimated repayment.  The Federal Student Aid website is a great resource for comparing student loan repayment programs and to view your borrowing history.

Before you contact your loan servicer to discuss repayment plans, you can use the loan simulator to compare student loan repayment plans that meet your needs and goals, for projecting monthly payments with different repayment options, or to decide whether to consolidate.  The helpful federal Loan Simulator combines information about your federal loans with interactive debt management and a budget planner.

Another helpful tool is the Aidan^® Virtual Assistant, which is an owl icon in the bottom right corner of any page on the Federal Student Aid website.  Aidan can answer common questions about federal student aid and guide customers to the correct information and resources.  Aidan can assist with finding pages quickly on the website, retrieving loan balance on your account, making a payment on the spot, understanding loan repayment, finding your loan servicer and finding customer support information.