The Nursing Student Loan Program is a need-based loan fund available to students accepted into the Nursing Program and enrolled in at least a half-time basis. An NSL recipient must demonstrate financial need. This federal program provides long-term, low-interest loans to help meet the costs of a nursing education for needy students.
Here are some commonly asked questions regarding the Nursing Student Loan:
- How do I apply for the loan?
Complete the FAFSA. The results of your FAFSA will provide us with the information on which loan you are eligible to receive.
- How much can I borrow?
A student may borrow up to $2,500 for an academic year. Third and fourth year nursing students may potentially borrow up to $4,000 per year. Aggregate maximum for the nursing loan is $13,000.
- How will I know I was awarded a Nursing Loan?
It will be included in your Financial Aid Award Notification that you receive via e-mail. You will need to accept the loan and complete all requirements to receive the funds.
- How many hours must I be enrolled to receive the loan?
You must be enrolled at least half time to receive any direct loan funds, there are no exceptions.
- Do I need to be making Satisfactory Academic Progress to receive a Nursing Loan?
Yes. If you are not making Satisfactory Academic Progress you are not eligible to be awarded a Nursing Loan.
- When will my loan funds credit my account?
The financial aid office will credit your student account at the beginning of each semester. If you have completed all the loan requirements your loan funds will credit your account for the start of each semester.
- When will repayment begin on the loan?
As long as you are enrolled and attending at least half time, you have nine months after you graduate, withdraw from school, or drop below half-time status before you must begin repayment. The five percent interest rate begins nine months after you leave school and may extend for up to 10 years with a minimum payment of $40 per month.
- Where can I find out my total federal student loan amounts?
You can keep track of your federal loan accumulations by using the federal National Student Loan Database (NSLDS).