Nursing Loan - Terms & Repayment
Interest shall accrue at the expiration of your initial nine (9) month grace period at the annual percentage rate of 5% on the unpaid balance, except during deferment periods specified in your promissory note. All payments made during the grace period are interest free.
The first monthly payment will be due ten (10) months from the time you cease to be at least a half-time student and all payments are due in the office by the first of the month.
The borrower may prepay any portion of the principal plus any accrued interest at any time. If you remit more than the amount due for an installment, the excess will be applied to principal unless you designate it as an advance payment on the next regular installment. Note, if paying in advance, you must remit the total installment amount.
Deferments/Cancellations (Perkins, Nursing and Schell Loans)
The borrower should refer to their promissory notes for the specific deferments and cancellations available to them. All deferment and cancellation privileges are discussed during the exit interview, as well as provided with the loan exit materials. A deferment/cancellation can be processed only after timely remittance of a properly certified deferment/cancellation form and all required supporting documentation. The borrower may lose deferment/cancellation benefits if they fail to file the request on time.