QandAs: Loans

What is a Federal Nursing Student Loan?

Answer:
A Federal Nursing Student Loan is a low-rate Federal loan available to undergraduate and graduate students.

Students who enroll at least half time are eligible for a Federal Nursing Student Loan, and the money can be used to pay for educational expenses such as tuition, room and board, supplies, and books.

The requirements for Federal Nursing Student Loan are simple. All applicants must have a high school diploma or GED, be a United States citizen, and must apply for the loan with the intentions of working toward a Nursing degree or certificate.

The annual percentage rate on a Federal Nursing Student Loan is currently 5%. What's more, this type of loan is perfect for all undergraduate and graduate nursing students because Federal loans are non-credit based. Therefore, individuals with poor credit and no credit history can easily qualify for a loan. Upon graduation, former student receive an initial nine-month grace period. If unable to make payments once the grace period ends, graduates can request a deferment or forbearance, wherein monthly payments temporary stop. Depending on the graduate's circumstances, the Federal government may pay interest that accrues during a deferment. Furthermore, Federal Nursing Student Loans give graduates the option to modify to their monthly due date and adjust payment amounts.


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