Federal Nursing Loan
- is offered to students who demonstrate the highest financial need
- has a fixed 5% interest rate
- has no origination fee
- differs from the Direct Loan program in that its funding is based on the annual allocation the University of Rochester receives from the federal government
Because funding levels vary from year to year...
- we are not able to award this loan to all students
- the amount offered to students can vary each year, depending on class level and the extent of financial need
- students are strongly encouraged to apply for aid on time, as funding for late filers is less likely to occur
Repayment begins 9 months after the student completes or withdraws from an educational program or ceases to be enrolled at least half time. The loan has a 10-year repayment term, and the minimum monthly payments are $40 per month.
If you wish to decline or reduce your Federal Nursing Loan, you must do so in writing. Please note that we may not be able to reissue the loan back to you.
Students who are offered this loan need to complete a master promissory note and entrance counseling before funds can be disbursed and will be notified by email when it is time for these requirements to be completed. These loan requirements only need to be completed once. Additional details about this loan program are included in the promissory note and entrance counseling.
There are additional documents that will require completion each academic year in which you are offered this loan. The Truth in Lending Act requires the University to provide you four documents of information regarding your loan:
- Solicitation and Application Document
- First Disclosure Approval Document
- Self-Certification Form
- Final Disclosure Approval
You must confirm receipt of these documents each year in order to receive your loan.
