These loans are offered through the U.S. Department of Health and Human Services.
Subsidized
Yes
Interest rates
5 percent fixed
Loan fees
No
Grace period
Nine months
Cancellation
You may be eligible for Public Service Loan Forgiveness if your Federal Nursing Loans are consolidated. Borrowers will need to work with their servicer to determine eligibility. Additional info regarding Public Service Loan Forgiveness may be found at studentloans.gov
To be offered a nursing student loan, you must be a nursing student. You must also do the following:
Amounts for this loan program are incredibly limited, and we are not able to offer all students one of these loans.
Nursing student loans are subsidized, so the interest accrued is paid by the government as long as you remain enrolled at least half-time, during authorized periods of deferment, and during the nine-month grace period following your graduation/dropping below half-time status.
When interest does start to accrue, it will be at a fixed 5 percent interest rate.
Nursing student loans do have annual and aggregate maximums. Annual maximums vary based on funds availability and your financial aid application materials.
But you may not receive more than $3,300 in a nine-month academic year (loan amounts can be increased proportionally if you will be studying all year). You may borrow up to $17,000 as an aggregate total. Loans at previous institutions do count towards the annual and aggregate maximums.
Please note: Since nursing student loans are not reported to a central database, if you have taken out a nursing student loan at another school you must provide the Office of Student Financial Aid with a Financial Aid Transcript, completed by the other institution. Rush cannot award you a nursing student loan until this requirement is satisfied. The Financial Aid Transcript form can be downloaded online at: https://www.rushu.rush.edu/sites/default/files/Student%20Services/financial-aid-transcript-request.pdf.