Federal Nursing Loans

These loans are offered through the U.S. Department of Health and Human Services.

Loan basics

• Subsidized
  • Yes
• Interest rates
  • 5 percent fixed
• Loan fees
  • No
• Grace period
  • Nine consecutive months
• Cancellation
  • You may be eligible for Public Service Loan Forgiveness if your Federal Nursing Loans are consolidated. Borrowers will need to work with their servicer to determine eligibility. Additional info regarding Public Service Loan Forgiveness may be found at studentloans.gov.

Loan criteria

To be offered a nursing student loan, you must be a nursing student in a Master's level program. You must also do the following:

• Complete a FAFSA application from studentaid.gov.
• Be a citizen or lawful permanent resident of the United States.
• Be enrolled at least half-time status each term.
• Maintain good academic standing by meeting Satisfactory Academic Progress.
• Demonstrate financial need per the FAFSA application.

Amounts for this loan program are incredibly limited, and we are not able to offer all students one of these loans. Award recipients will be considered on a first come, first serve basis.

Documents Required

To be considered for the federal nursing loan, the completion of the application will be needed along with the following items: 

• Completion of the current years' FAFSA application.
• An official Plan of Study from your academic advisor indicating the credit hours you will be enrolled in for each term. 
• A financial aid transcript showing previous award history at prior institutions. 

Loan interest information

Federal nursing student loans are subsidized, so the interest accrued is paid by the government as long as you remain enrolled at least half-time each term, during authorized periods of deferment, and during the nine-month grace period following your graduation/dropping below half-time status.

When interest does start to accrue, it will be at a fixed 5 percent interest rate.

Amount you can borrow

Nursing student loans do have annual and aggregate maximums. Annual maximums vary based on funds availability and your financial aid application materials.

Please note: Since nursing student loans are not reported to a central database, if you have taken out a nursing student loan at another school you must provide the Office of Student Financial Aid with a Financial Aid Transcript, completed by the other institution. Rush cannot award you a nursing student loan until this requirement is satisfied. The Financial Aid Transcript form can be downloaded online at: TBA

Repaying your loan

• Repayment begins after a nine-month grace period following your graduation/dropping below half-time enrollment.
• During the grace period, you will have no payments due.
• After the grace period expires, you have a 10-year standard repayment term.
• These loans also allow for specific deferments, or time periods when the lender will temporarily suspend all collection activity on the loan.
• If you require a temporary postponement or partial reduction in monthly payment and are not eligible for a deferment, you may request a forbearance with the loan servicer.