The Federal Nursing Loan Program provides low-interest, fixed-rate, need-based federal loans to qualifying students. Funding for this program is limited, eligible students must be enrolled in a minimum of six credits, demonstrate financial need, and maintain Satisfactory Academic Progress. Award amounts are determined based on the availability of funds.
A loan is borrowed money and must be repaid with interest, be sure to explore and understand all options and responsibilities.
Process for applying:
The federal government subsidizes the interest on Nursing Student Loans while students are enrolled at least half time in an eligible program at an eligible school. The interest subsidy will continue through the nine-month grace period.
|Rate Formula||Fees||Repayment Interest Rate|
|After Grace Period||0%||5% (fixed rate)|
After the student graduates, leaves school, or drops below half-time enrollment, the student will have a nine-month grace period before repayment begins. Students are required to complete Exit Counseling at borrower.esci.net upon leaving Linfield. Students will receive a customized email a month prior to graduation with detailed instructions regarding Exit Counseling.
To calculate estimated payments use www.finaid.org loan calculator.
Calculator results: Using the repayment calculator, with an interest rate of 5% and total Stafford debt of $7,000 an example repayment schedule would be:
|Repayment Plan||Terms (in months)||Initial Monthly Payment|
Student’s terms and conditions of the loan are located with the Master Promissory Note, which students are encouraged to sign online at www.esci.net/promL3/. Students that are awarded the Nursing Student Loan will receive an email with instructions on completing the Master Promissory Note.
Default (failing to repay a loan) is defined in detail in the Terms and Conditions section of the MPN. Serious consequences occur with default: