What are Federal Nursing Loans?
Students accepted for admission into the PLU School of Nursing and enrolled at least half-time in the nursing program may be considered for a low interest, federally funded Nursing Loan. Federal Nursing Loans have a fixed interest rate of 5% and a repayment grace period of nine months after graduation (or less than half time enrollment, whichever comes first). Nursing Loans at PLU are funded by loans repaid by PLU students. You must repay this loan to PLU.
Who is Eligible?
The Federal Nursing Loan is awarded based upon financial need. The financial need of a student is determined by the FAFSA application.
How Do I Apply?
To apply for a Nursing Loan you must first submit a FAFSA form (remember to include PLU’s school code 003785). Upon receiving your FAFSA information from the federal government, PLU will compile a financial aid award. If you are awarded a Nursing Loan, additional on-line paper work will be required. To receive Federal Nursing Loan funds, borrower must accept the loan and complete an Entrance Interview, which can be completed on-line at http://ipromise.campuspartners.com. Prior to the start of the academic year, borrowers will be notified via email when their on-line processes are ready to be completed.
How Much Can I Borrow?
The amount of this loan is based on financial need. The loan limits per academic year are:
Total Aggregate Loan Limits: (Includes any Perkins Loans also borrowed)
Undergraduate students: $17,000
Graduate students: $30,000