Loan Consolidation

The Higher Education Act (HEA) provides for a loan consolidation program under both the Federal Family Education Loan (FFEL) Programs and the Direct Loan Program. These programs simplify loan repayment by combining several types of federal education loans into one new loan. Benefits may include lower interest rates and an extended repayment time.

Federal Nursing Student Loan

Who qualifies?

  • Undergraduate
  • Graduate

Need-based loan

Qualifications

  • Must be enrolled at least half-time in an undergraduate or graduate program in the Sinclair School of Nursing
  • Low interest loan based upon financial need which is determined by results of FAFSA
  • Submit a copy of federal tax return(s) if requested by the Financial Aid Office

Promissory note

  • Requires a separate master promissory note (MPN)
  • The MPN cannot be completed until the loan has been certified by MU
  • Students who have granted eConsent are notified by e-mail when the MPN is available for electronic signature

Additional information

The Nursing Student Loan is a federal loan available to undergraduate and graduate nursing students demonstrating financial need. Nursing students who want to be considered for the loan must meet the February 1 priority deadline for filing the Free Application for Federal Student Aid (FAFSA).

  • Fixed interest rate of 5 percent
  • No interest accrues while you are in school at least half-time
  • Repayment begins nine months after graduation or withdrawal from college
  • Deferment during periods of at least half-time enrollment while pursuing an undergraduate degree or advanced professional (graduate) training in nursing