Nursing Student Loan
Loans are borrowed to cover tuition and educational expenses
for undergraduate and graduate programs and must be repaid.
The Nursing Student Loan program provides long-term, low-interest rate loans to full-time and half-time financially needy students pursuing a course of study leading to a diploma, associate, baccalaureate or graduate degree in nursing.
Participating schools are responsible for selecting loan recipients and for determining the amount of assistance a student requires.
- This is a Federal program administered by WSU.
- Students certified in a Nursing program might be eligible to
be awarded this loan.
- Funding is extremely limited. Awarded amounts vary each year
based on funding availability.
- The student must have financial need to be considered for
this loan.
- The loan is interest free during in-school
periods and has a
fixed 5% interest rate. There is a nine month grace period (no
payments required) prior to repayment.
- Students must be enrolled in 12 or more credits per term in
order to be eligible for this loan.
- Once the student accepts the loan on the Financial Aid Award
Notification, the University Receivables/Student Loan Office will mail a
promissory note packet prior to the start of academic term.
- Funds will not be released until the promissory note
packet is completed and returned to the University Receivables
Office/Student Loan Office.
Deferment of
Payment
A deferment period on an Health Profession
Student Loan (HPSL) means that interest does not accrue and the borrower does not have to make payments on the loan. The following three statements describe the general mechanics of HPSL deferments:
- Deferments are only available for participation in certain activities prescribed in statute and regulations.
- Deferment periods do not count against the borrower's right to repay the loan within 10 years. For example, a borrower who has used three years of deferments still has a total of 10 years--not seven years--to repay the
HPSL.
- Borrowers are allowed to move in and out of deferment and repayment. For example, a borrower may be in repayment, then participate in an activity for which deferments are available, go back into repayment, and then begin another deferable activity.
- Although borrowers engaged in specific activities are entitled to deferments on their HPSLs, the deferments are not automatic.
- Borrowers must request deferments at least 30 days before the beginning of:
- an activity that makes the borrower eligible for deferment; or
- the repayment period (i.e., the due date of the first payment) if the borrower is beginning the activity during the grace period.
- Borrowers then must file deferment forms annually for each additional year of deferment.
- Contact University
Receivables/Student Loan Office for more information.
Nursing Education Loan Repayment Program
The Nursing Education Loan Repayment Program (NELRP) offers registered nurses substantial assistance to repay educational loans in exchange for service in critical shortage facilities. Authorized by Section 846 of the Public Health Service Act, as amended, the purpose of the NELRP is to assist in the recruitment and retention of professional nurses dedicated to providing health care to underserved populations.
More information is available on the HRSA
- Bureau of Health Professions web.
|
