Federal Nursing Student Loan

Eligibility

Undergraduate nursing students who are enrolled at least half-time and demonstrate exceptional financial need may be eligible for the Nursing Student Loan. Funds in this revolving loan program are derived from loan payments by former students who received this loan. Funding is limited, and eligibility is determined from information on the Free Application for Federal Student Aid (FAFSA) and by institutional policies.

Best Features
  • No interest accrual while enrolled at least half-time
  • Nine month grace period and ten year repayment period
  • Eligible first- and second-year nursing students may be awarded up to $3,300 annually
  • Eligible third- and fourth-year nursing students may be awarded up to $5,200 annually
  • Cumulative borrowing may not exceed $17,000
In-School Rate Formula Fees In-School Rate
0% 0% 0%
Repayment Rate Formula Fees Repayment Rate
Simple interest at a fixed rate of 5% begins at end of the grace period 0% 5%
MASTER PROMISSORY NOTE, TRUTH IN LENDING Disclosures, AND Entrance counseling

Recipients of the Nursing Student Loan are required to complete Entrance Counseling, Truth in Lending (TILA) Disclosures, and a Master Promissory Note before the funds are disbursed.  You will receive an unique PIN number, via email, to authenticate your identity when your promissory note, TILA documents, and Entrance Counseling are available.

EXIT COUNSELING 

Students must complete exit counseling upon dropping below half time status, taking a leave of absence, withdrawing or graduating.

For more information, please contact our office.