Types of Financial Assistance

Federal Direct Unsubsidized Loans

Loans are guaranteed by the federal government and are provided through the U.S. Department of Education. All first time borrowers must complete Loan Entrance Counseling and complete a Master Promissory Note.

  • Students may borrow up to $20,500 per loan period.
  • Loans are “variable fixed,” meaning borrowers could receive a new rate with each new loan, but then that rate would be fixed for the life of the loan.
  • Interest rate is fixed at 6.0% (for loans borrowed within July 1, 2017 – June 30, 2018) with 10 years to repay.
  • Origination fee for loans made between 10/1/17 and 9/30/18 is 1.066%.
  • Interest begins to accrue on loans from the date of disbursement and continues throughout the life of the loan.
  • Loans have a six-month grace period, when the student ceases to be enrolled at least half-time, before repayment begins.

Federal Graduate PLUS Loans

Federal Direct Graduate PLUS loans are made to credit-worthy eligible borrowers. All borrowers must complete a master promissory note and apply for a PLUS loan every loan period Grad PLUS funds are borrowed.

  • Students are eligible to borrow up to the Cost of Attendance minus any other financial assistance received.
  • Loans are “variable fixed.” The fixed interest rate for loans disbursed between 7/1/17 and 6/30/18 is 7.0%.
  • Origination fee for loans made between 10/1/17 and 9/30/18 is 4.264%.
  • Borrowers are responsible for any interest that begins accruing the date of disbursement.
  • If you have an adverse credit history, you may still obtain a Graduate PLUS loan by 1) obtaining an endorser who does not have an adverse credit history and 2) documenting to the satisfaction of the U.S. Department of Education that there are extenuating circumstances relating to your adverse credit history. (With either option, PLUS credit counseling must be completed by the Graduate PLUS loan borrower).

Federal Direct Loan FACTS and Repayment Chart»

Private Loans

Private education loans are privately loaned from lenders outside of federal loan borrowing. Private or Alternative Loans require a separate application, credit check, multiple disclosures and a Self-Certification Form. This will be performed each time you borrow for each a new loan period. MTSA encourages serious and deliberate consideration be given to making any borrowing decision. Examine all options. Terms and conditions for a Federal Direct Loan may be more favorable than the provisions of private education loans. The Financial Aid Office will not certify any amount that exceeds the cost of attendance per loan period.

Consider visiting www.elmselect.com for the review and selection process. In the “School Search” tab, type in Middle Tennessee School of Anesthesia, then review the page of lenders used most frequently by MTSA students. Contact the lender of your choice.

The Higher Education Opportunity Act (HEOA) added a section to the Truth in Lending Act to require that before a private educational lender may consummate a private education loan for a student in attendance at an institution of higher education, the private education lender must obtain the completed and signed Self-Certification Form from the applicant.  Information required by The Code of Federal Regulations regarding Truth In Lending can be obtained here 15 U.S.C. 1638(3) [12CFR226.47(a)].

Private Education Loan Self-Certification Form (pdf)»

The Consumer Financial Protection Bureau’s private student loan ombudsman may be able to assist you if you have concerns about your private student loan.

MTSA has no preferred lender list or arrangement and does not endorse any loan product or service. You may apply directly with any lender that you choose. Click here (to learn more about the private lenders and the private/alternative loans offered for education.

Outside Assistance

Any sponsorship, scholarship, or tuition assistance received by the student must be disclosed to the Financial Aid Office and will be considered as a resource amount, thus reducing eligibility for additional funds.

Military Assistance

MTSA welcomes our military and their dependents. MTSA is approved to certify students eligible for VA Educational Benefits from the U.S. Department of Veterans Affairs. Questions regarding VA educational benefits while attending MTSA should be directed to the Financial Aid Office, 615-832-7673.

School’s Certifying Officials (SCO) – Debbie Rose, Director of Financial Aid, and Jennifer Speer, Assistant Director of Financial Aid

Student Responsibilities:

  • Notify the Financial Aid Office of intent to request military benefits (finaid@MTSA.edu).
  • Submit a Certificate of Eligibility (COE) to the Financial Aid Office.
  • Keep your address and direct deposit information current with the VA and Financial Aid Office.
  • Report all enrollment changes to the Financial Aid Office. You will be responsible for any and all charges owed the VA and/or MTSA as a result of any changes.

Register and utilize eBenefits to assist in:

  • Obtaining up to date information on your educational entitlement
  • Updating your Direct Deposit and personal contact information
  • Downloading VA letters and personal documents
  • Viewing current status of your payments

The various military programs offer financial assistance to students in exchange for service following completion of the program. For benefits related to service, visit www.benefits.va.gov/gibill/.

**GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA).