Federal Nursing Student Loan
- Award based on financial need.
- Must be a junior, senior, second degree candidate, or a graduate student pursuing a degree in nursing.
- The annual interest rate is 5% and is deferred while enrolled at least half-time in the School of Nursing.
- Awards range from $200-$4,000 per academic year and the aggregate limit is $17,000 for the entire academic career.
- Repayment begins 9 months after the borrower graduates, leaves the School of Nursing, or drops below half-time status. A minimum quarterly repayment of $120 with a maximum repayment period of 10 years.
- The Federal Nursing Student Loan Program does not allow loan cancellation for nursing employment after graduation for qualified recipients.
- Borrowers may enter into an agreement with the Secretary of Health and Human Services (HHS) to serve as a registered nurse in a "nursing-shortage area". In such cases, the government will repay part of the outstanding debt.
- Deferments can be obtained under certain circumstances. NSL borrowers may defer the principal and interest payments for up to 3 years during an active military service and as a Peace Corps volunteer. Full or half-time enrollment in a nursing program leading to a Masters Degree or a PhD or any professional training in nursing qualifies for a 10 year deferment period.
Students offered a Federal Nursing Loan must complete a promissory note each time a new loan is accepted. Students must first accept the loan via their PAWS account before promissory notes become available for completion. Upon acceptance of the loan, the school will notify the servicer that the student is eligible. Within 3-4 days after accepting the award, the student will see a "TO DO" item indicating the need to complete the promissory note. (Promissory notes for the 2013-2014 academic year will not be available to complete until May 1st, 2013.)