The Nursing Student Loan is a long-term loan with a fixed interest rate of 5% available to eligible undergraduate students who have been accepted into the nursing program. Eligibility is based on the information you provide on the Free Application for Federal Student Aid (FAFSA). NDSU is the lender and the borrower makes payments to the Student Loan Service Center. This loan does not accrue interest as long as you are enrolled at least half time. There is no origination fee assessed.
Who is eligible?
Nursing Student Loans are available for undergraduate students who have been accepted into the nursing program, are enrolled at least half-time in degree seeking coursework, demonstrate financial need, and maintain Satisfactory Academic Progress (SAP). Six credits are considered half-time for undergraduate students.
If you are interested in receiving the Nursing Student Loan or for more information, please contact Julie Flakker at 701-231-7538 to discuss your eligibility.
Will I have to pay it back?
Yes. Repayment of both principal and interest will begin nine months after graduation or if the student drops below half-time. Understanding the repayment process for your federal student loans can go a long way toward building a solid financial foundation. Remember, federal student loans are real loans, just like car loans or mortgages. You must repay a student loan even if your financial circumstances become difficult. Your student loan repayment cannot be canceled because you didn’t get the education or job you expected, or because you didn’t complete your education.
More detailed information on federal student loan repayment.
If I am eligible, what is my next step?
You will need to accept, decline or change your Nursing Student Loan award on Campus Connection.
Nursing Student Loan borrowers are required to complete a Master Promissory Note and other Truth in Lending documents including Application and Approval Disclosures, Self-Certification and Entrance Counseling. These are required each year a student borrows a Nursing Student Loan. Once a borrower has accepted a Nursing Student Loan, they will receive an email from Educational Computer Systems (ECSI) with instructions on how to e-sign their Master Promissory Note and other required documents. ECSI contracts with the Student Loan Service Center to provide services for the Nursing Student Loan borrowers in the North Dakota University System such as billing, payments, and deferments.
Regulation Z (Truth in Lending) requires a three-day waiting period after the required documents are signed before the loan can be disbursed.
Note: Due to limited funds, some eligible students may not be awarded this loan.