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Jersey College School of Nursing

Line of Credit

Our innovative line of credit solution is designed to help you responsibly pay for nursing school.

✔ About Program

✔ Competitive Rates

✔ Manage Account

✔ FAQs

Convenient and Flexible Funding

With our line of credit, you can secure funding for your entire nursing career with just one application!* When you need additional funds, simply request funds from your line (called a “draw”) for the amount you need – no need to reapply! And with multiple repayment terms, we’ll help you successfully manage repayment. As a local, not-for-profit credit union, we’ve got your best interests in mind.

Jersey College School of Nursing

When you attend Jersey College School of Nursing for your nursing degree, you can also enjoy the benefits of borrowing with a lender you can trust.

For 24/7 assistance call 866-614-7832.

The applicant or credit worthy co-borrower will need:

  • At least $48,000 in gross annual income for the last two years
  • FICO score 620 of greater

Current Rates

Variable Rate Solution

Variable Rate icon

As rates rise and fall according to the market index, your monthly payment may change over time.

Rate Ranges: 7.00% - 15.00% APR†

Borrow up to $50,000.

Repayment term of 20 or 25 years◊.

 

Apply for Variable Rate

Fixed Rate Solution

Fixed Rate icon

Get a fixed monthly payment with a rate that doesn't change over time.

Rate Ranges: 6.00% - 14.50% APR†

Borrow up to $50,000.

Repayment term of 15 years◊◊.

 

Apply for Fixed Rate

Important Disclosures and Rate Details

DID YOU KNOW?

You can potentially reduce your rate by 0.25% by enrolling in automatic electronic payments during full repayment**

Manage Your Account

Make A Payment

Log in to view your account balance and make a payment. Note that University Accounting Service (UAS) is the loan servicer for your account.

Log In

 

Finish An Application

Log in to finish an application that you have already started, upload supporting documents, and complete the lending process.

Log In

 

Frequently Asked Questions

You must be:

  • Attending Jersey College School of Nursing for your nursing degree

  • Eligible for credit union membership (you may apply without being a member of the credit union, but you will need to become a member in order for the loan to be funded)

  • A U.S. citizen or permanent resident (non-residents are NOT eligible)

  • Able to meet Merck Sharp & Dohme Federal Credit Union's standard underwriting criteria (a cosigner may be necessary in order for you to meet credit criteria, and may also help you qualify for a lower rate)

The maximum loan amount will be the certified need determined by your training organization, up to $50,000. IMPORTANT: Please note that the maximum co-borrower aggregate amount for borrowing (across multiple lines of credit for multiple borrowers) is $100,000. 

In order to fund the loan, the borrower must be a member of the credit union. To expedite funding, visit your credit union branch or website to open your membership account while we are processing your loan.

During peak loan season (July through September), please allow 35-40 business days from the time you submit your completed loan documents. During non-peak season, please allow 10 to 15 business days from the time your completed loan application has been submitted.

Though your loan may be processed, it is up to the training organization to "certify" your loan. Certification involves selecting a disbursement date and loan amount for your loan. The training organization has the final say on when your loan disburses and in what amount.

You may submit documents by secure upload, fax or mail.

- Upload: You can safely and securely upload images of your loan documents directly to Loan Processing by logging into your existing application.

- Mail:

Merck Sharp & Dohme Federal Credit Union

c/o CampusDoor Holdings
210 York Street, Suite 200
York, PA 17403

- Fax: (717) 241-3188

If you need further assistance in submitting your documents, please email us at studentchoicehelp@cd.studentchoice.org
or call the credit union at 866-614-7832.

You may choose to make interest-only payments while in school; defer both principal and interest payments until six months after graduation; or make full payments while in school. If you defer both principal and interest payments during school, interest begins accruing at disbursement and will be capitalized when you enter repayment.

University Accounting Service (UAS) will service your loan. Once your loan has been disbursed or entered repayment, you may contact UAS with questions at 877-530-9782.

Please log in to your account or contact UAS at 877-530-9782 to set up automatic debit for your student loan payments.

 

Jersey College School of Nursing

Variable Rate Solution

The Annual Percentage Rate (APR) for our Jersey College School of Nursing line of credit is variable1 and is based on the Prime index2 plus a margin.

The current offered rate3 will be between 7.00% and 15.00% APR.

 

Fixed Rate Solution

The Annual Percentage Rate (APR) for our Jersey College School of Nursing line of credit is fixed4 for the life of the loan.

The current offered rate5 will be between 6.00% and 14.50% APR.

 

Please Note:

All loans subject to approval and restrictions may apply. We reserve the right to change rates for new applications at any time and without notice. Credit union membership and a minimum share deposit is required.

 

Variable Rate Disclosures

  1. The Annual Percentage Rate is subject to increase after consummation. The interest rate will be adjusted quarterly, based on changes to the Index. The APR will not exceed 15.00%, or fall below the Floor rate regardless of the Index or any additional rate discount. Any increase in the Index may increase the APR and the amount of your monthly payment.

  2. The "Index" for the quarter beginning October 1, 2024, is 8.50%, which was the Prime index published in the Wall Street Journal on the first business day of September 2024.

  3. Current offered rate(s) are calculated by using the Index, Margin and Floor value(s) in effect. Your specific Interest Rate, Margin, Floor, and/or credit approval depends upon the credit qualifications of the student borrower and co-borrower (if applicable). Margin will be disclosed at account opening. Student borrowers may apply with a creditworthy co-borrower which may result in a better chance of approval and/or lower interest rate.

 

Fixed Rate Disclosures

  1. Your interest rate is fixed and your rate and/or credit approval depends upon the credit qualifications of the student borrower or coborrower (if applicable).

  2. Your actual rate within the range stated will be disclosed upon approval. Student borrowers may apply with a creditworthy coborrower which may result in a better chance of approval and/or lower interest rate.


 

* Credit Union Membership eligibility and credit qualifications apply.
** The APR will not fall below the floor rate regardless of the index or any additional rate discount
† APR = Annual Percentage Rate
‡ Approved organizations subject to change without notice.
◊ Variable Rate Option: the repayment term is 20 years if your principal balance at repayment is $40,000 or less, and 25 years if your principal balance at repayment is more than $40,000.
◊◊ Fixed Rate Option: the repayment schedule is fixed at 15 years regardless of the amount you borrow. Full repayment begins at the end of the grace period, unless full repayment is selected during enrollment.

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