Nursing Student Loan Facts
Nursing Student loans are awarded to students admitted to the School of Health Sciences and pursuing a baccalaureate degree in nursing. Students must have documented financial need as determined from a processed FAFSA. Funds are obtained from the federal government and from former SPU students who are in process of repaying their loans. No interest is charged on the loan while you are enrolled at least half-time. Repayment begins nine months after you leave school or drop below half-time enrollment.
Just prior to graduation, or shortly after you withdraw or drop to less than half-time enrollment you will be provided exit counseling. Exit counseling includes information regarding the conditions and terms of your loan, specific information about your repayment amount and start date, default and debt management. You will have paperwork to complete and return to SFS. Each spring several exit counseling sessions are offered to students; individual appointments may also be scheduled by contacting Student Financial Services.
Interest on your Nursing loan will accrue following the nine-month grace period at the rate of 5% per annum. Please refer to your promissory note for the required minimum monthly payment amount. Your repayment schedule and number of payments depends on the amount borrowed and the minimum monthly payment amount required. Nursing Student loans must be repaid within ten years, including forbearance and deferment periods.
To be eligible for in-school deferment for your Nursing loan, you must be enrolled in an eligible nursing degree program. No other course of study is eligible for deferment. Please contact Campus
Partners or call 1(800) 334-8609.
There are no cancellation benefits for the Nursing loan program.
You may download the Hardship
The U.S. Department of Health and Human Services provides the Nursing Education Loan Repayment Program (NELRP) which is a competitive program that repays 60 percent of the qualifying loan balance of registered nurses selected for funding in exchange for 2 years of service at a critical shortage facility. Participants may be eligible to work a third year and receive an additional 25 percent of the qualifying loan balance. Information about this program is available at http://www.hrsa.gov/loanscholarships/repayment/nursing/.
If you have any questions regarding repayment or the benefits of your Nursing loan, please contact Campus
Partners or call (206) 281-3534.
Last Updated: 10/31/2011