Need-based Federal Nursing Student Loans are awarded to undergraduate nursing students who have completed two years of study. Eligibility for these loans is based on the information students provide on the FAFSA and the availability of funding.
These loans have a fixed interest rate of 5% and interest does not accrue until repayment begins nine months after the student leaves school or drops below half-time enrollment. Since Seattle University is the lender, no separate application is required.
Each year, before these funds are disbursed to student borrowers' student accounts, the Student Financial Services Office sends a letter with instructions about how to complete the required entrance counseling session, loan questionnaire and promissory note.
The following loan costs are based on a typical Nursing loan award of $4,000.00 a year:
Total Loan Amount: $4,000.00Interest Rate*: 5.0% FixedRepayment Period: 120 months/10 yearsMonthly Payment Amount: $42.34Estimated Finance Charge: $1,080.80
*Interest does not accrue and payments are not due while the student is enrolled at least half-time in a Nursing degree program and during the 9-month grace period.
Students who file for bankruptcy may still be required to pay back this loan.
If the borrower fails to make an installment payment when due or fails to comply with the terms of the promissory note, the loan will be considered in default.
For more information about loan repayment terms and deferment options, borrowers should refer to their promissory notes.