UDM Logo

Nursing Student Loan (NSL)

Students must be enrolled at least half-time in the nursing program in order to borrow a Nursing Student Loan (NSL).  This loan is a need-based loan and it has a 10-year repayment period. This loan remains in deferment while the student is enrolled at least half-time.  Once the student drops below half-time enrollment, stops attending for any reason, or graduates, there is a nine-month grace period before the first payment is due.  No interest accrues while the student is enrolled at least half-time or during the nine-month grace period.  The interest rate on this loan is fixed at 5%.

With the exception of nursing students in their last two years of a program, the annual maximum loan is $2,500.  The annual maximum NSL is $4,000 for students who are in their last two years of study.  The aggregate maximum NSL that any nursing student may obtain is $13,000.

The NSL funds are limited and availability of funds varies from year-to-year.  Students who are borrowing the Nursing Student Loan for the first time must complete the NSL Promissory Note, Rights and Responsibilities Statement, Truth in Lending Statement, and the NSL Entrance Interview.