Nursing Loan

What is Nursing Student Loan?

The Nursing Student Loan is a low interest loan program developed to assist nursing students. The loan is borrowed money that must be repaid with interest. The loan is deferrable and does not accrue any interest while a student is enrolled at least half-time (6 units). The loan interest rate for the Nursing Student Loan is 5%.

When will I begin to repay the loan?

Repayment of the loan begins 9 month after the grace period.  The grace period ends once you graduate, leave school, or enroll in less than half-time (6 units).  The repayment of the loan will be scheduled over 10 years on a monthly basis and there is no penalty for early repayment.  Nursing Student Loan borrowers have a standard repayment and income based repayment plans available.   Borrowers may qualify for repayment assistance by participating in the Nurse Corps Loan Repayment Program.

Who is eligible?

2020-2021 2021-2022
  • Current undergraduate nursing students enrolled half-time (6 units).
  • Filed a valid 2020-21 Free Application for Federal Student Aid Application by the priority deadline, March 2, 2020.
  • Currently meeting this includes meeting Satisfactory Academic Progress (SAP) standards (SAP policy can be viewed here).
  • Have unmet need according to the established Cost of Attendance for the 2020-2021 Academic Year.
  • Current undergraduate nursing students enrolled half-time (6 units).
  • Filed a valid 2021-22 Free Application for Federal Student Aid Application by the priority deadline, March 2, 2021.
  • Currently meeting this includes meeting Satisfactory Academic Progress (SAP) standards (SAP policy can be viewed here).
  • Have unmet need according to the established Cost of Attendance for the 2021-2022 Academic Year.

How will I know if qualify?

Students will be selected by the Financial Aid Office and notified by email if they meet the Nursing Loan criteria. Receipt of funds in one year does not guarantee receipt of funds in subsequent years.

Requirement to receive Nursing Loan Funds?

Students must accept or decline the loan via their GET account and complete the loan entrance counseling and promissory note with the Student Loan and Collections Office by April 23, 2021 for 2020-2021 Academic Year and by April 22, 2022 for the 2021-2022 Academic Year.  Student may reduce their offered loan amount via their GET account.  However, once the loan is reduced, it cannot be increased. The amount accepted is final.  If the student declines the loan, the loan may not be reinstated. The cancellation is final.  Once the loan is accepted, the student must complete the loan entrance counseling and promissory note with the Student Loan and Collections Office. Additional information about the loan entrance counseling and promissory note requirements will be listed on the To Do list of the students GET account.

Is the loan renewable?

Funding of the Nursing Loan is limited based on yearly allocated funding.

Additional information for health care professionals can be found at the Health Resources & Service Administration.