Nursing Student Loan - Nursing School Loan
Nursing Student Loans and Nursing School Loan Programs
The Nursing Student Loan program through Federal Aid is available to those that are a US Citizen US National, or permanent resident that are enrolled at least half time as an undergraduate or a graduate student in a nursing degree program. You may be awarded up to $2,500 per academic year, depending on your needs. This annual limit increased to $4,000 during your final two years of the nursing program. The aggregate nursing school student loan maximum is $13,000 for all combined years. The interest rate of 5 percent does not accrue during periods of deferment. For consideration, you must report parental data on the FAFSA, even if you have independent student status.
Each time you accept a nursing school loan, you will be mailed a paper promissory note and school loan disclosure forms that you are required to complete and return to your student financial office before the loan funds can be disbursed to you.
When you are changing your school status you are also required to attend an exit interview when you are ready to graduate, leave the University, drop your registration below half time, transfer to another school, or leave for a national student exchange (NSE) experience. Therefore, it is very important to always report any changes.
The total amount of nursing student loan support received under this program, plus accrued interest, is repayable over a 10 year period that begins immediately after the 9 month grace period expires (after you have graduated). During this repayment period, you can repay the loan and accrued interest in equal or graduated installments according to the repayment schedule. You can prepay all or any part of the loan principal and accrued interest at anytime with no prepayment penalties