Nursing student loans are available to undergraduate and graduate nursing students enrolled at least half time. The interest rate is fixed at 5 percent. Once your enrollment drops below half-time status, you have a grace period of nine months before repayment begins and interest accrues.
Loan amounts are subject to annual and aggregate limits. The annual limit is $3,300, but if the student is in their last two years of the program, the annual limit is $5,200. The aggregate or overall total that a student may borrow is $17,000.
Students must complete entrance counseling and a promissory note through the university's Bursar’s Office before funds are disbursed. Upon leaving the university, exit counseling must be completed.
You are eligible to apply for this loan at a school that participates in the Nursing Student Loan program if you are:
- a citizen, national or lawful permanent resident of the United States or the District of Columbia, the Commonwealths of Puerto Rico or the Marianas Islands, the Virgin Islands, Guam, the American Samoa, the Trust Territory of the Pacific Islands, the Republic of Palau, the Republic of the Marshall Islands and the Federated State of Micronesia
- able to demonstrate financial need and provide financial information about your parents.