Nursing Student Loan
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
- Complete your FAFSA at studentaid.gov, be sure to include Linfield's federal school code of 003198 to have your FAFSA sent to Linfield.
- The Office of Financial Aid will determine eligibility and make an offer. Priority will be given to students with the most financial need as determined by the FAFSA.
- If offered a Nursing Loan complete a Master Promissory Note and Entrance Counseling: www.ecsi.net/promL3/ (Loan recipients will receive an email from ECSI containing further instructions).
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:
Interest Rate: 5%
Loan Amount: $7000
|Repayment Plan||Terms (in months)||Initial Monthly Payment|
Terms and Conditions
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:
- The United States Department of Education (ED) will require immediate repayment of the entire unpaid amount of the loan
- ED may sue, take all or part of the borrowers federal and state tax refunds and other federal or state payments, and/or garnish the borrowers wages so that the employer is required to send ED part of the borrowers salary to pay off the loan
- ED will require the payment of reasonable collection fees and costs, plus court costs and attorney fees
- ED will report the default to national consumer reporting agencies
- The borrower may be denied a professional license
- The borrower will lose eligibility for other federal student aid and assistance under most federal benefit programs
- The borrower will lose eligibility for loan deferments