Health Profession Loans for Nursing Students (NURB and NURG)
A Department of Health and Human Services Nursing Loan is a low-interest loan that can be given to students showing exceptional financial need. The student must be enrolled at least one half of full time and must be pursuing a course of study leading to a baccalaureate or graduate degree in nursing. To find out if you might qualify for a Nursing Loan please contact the MU Student Financial Aid Office.Repayment Information
Once you graduate, or if you cease to be enrolled on at least a half time basis pursuing a baccalaureate or graduate degree in nursing, your Nursing Loan will go into a 9 month grace period. For example, if you graduate in May 2006, your grace period would start May 2006 and end in Februry 2007 (interest would begin accruing in February 2007). Your first payment would be due 3/1/2007. Your minimum monthly payment is $40 or the amount that will payoff your loan in 10 years. Nursing loans have an annual interest rate of 5% and interest is computed daily on the outstanding principal balance.
The status of each Nursing loan is reported monthly to a national credit bureau. If you are current on your loan payments you will establish a good credit history. If you become past due on your loan payments, the delinquency will be reported, which will damage your credit history.
Deferments
To qualify for a deferment you must be performing an activity that qualifies for deferment and your loan must be in current status (meaning no payments are past due). Please see our deferment webpage to find out how to apply for deferments.
Deferments available:
Full or half time course of study at a collegiate school of nursing leading to a baccalaureate degree in nursing or equivalent, or a graduate degree in nursing, or otherwise pursues advanced professional training in nursing or training to be a nurse anesthetist - 10 year limit.
Active duty in uniformed service of the United States - 3 year limit.
Peace Corps - 3 year limit.
Cancellations
Nursing Loan Repayment Assistance Program - You may qualify to have part of your loan cancelled by the Department of Health and Human Services if you are employed at a critical shortage facility.
If the borrower dies, 100% of the borrower's loan will be cancelled - a certified copy of the death certificate is required.