Description

The nursing student loan program provides long-term, low-interest loans to full-time and half-time financially needy students pursuing a course of study leading to an associate or bachelor’s degree in nursing. Please Note: Clinical Performance in Nursing Examination (CPNE®) eligible students will be given preference for the nursing student loan.

Eligibility

You are eligible to apply for this loan if you are:

• Enrolled in an associate or bachelor’s degree program in nursing at Excelsior College
• A United States citizen, national, or a lawful permanent resident of: 
    o United States or the District of Columbia
    o Commonwealths of Puerto Rico or the Marianas Islands
    o Virgin Islands
    o Guam
    o American Samoa
    o Trust Territory of the Pacific Islands
    o Republic of Palau
    o Republic of the Marshall Islands
    o Federated State of Micronesia

Limits

The interest rate for the Nursing Student Loan is currently fixed at 5%. You will have a 9 month grace period from the time you fall below half time status, before you need to begin repayment of your Nursing Student Loan.

Annual loan limits apply by degree program as follows:
• Associate - $2,500
• Bachelor’s - $4,000
 

How to Apply

To apply for a Nursing Student Loan at Excelsior College you must first complete a Free Application for Federal Student Aid form (FAFSA) to determine financial need for this loan. The Excelsior College Federal Code for this application is 014251.

Please note that upon verification of your FAFSA application, should your financial need change, you may no longer qualify for this loan.

Visit ECSI to manage your account.

See how the Loan Calculator can assist you in estimating your monthly payments for Federal education loans.

After you withdraw, graduate, or drop below half-time attendance (regardless if you plan to transfer to another school), regulations require that you complete an exit counseling session to help guide you in managing your student loans after college.

Questions? Call the financial aid office at 855-323-9235, or emailvafa@excelsior.edu 

Description

The Nurse Faculty Loan Program (NFLP) provides funds to eligible schools of nursing that offer advanced education nursing programs to prepare graduates to serve as faculty in a school of nursing.

Limits

Excelsior College will offer full support or the amount requested by the student to cover the full or partial tuition/fees for the academic year.

• NFLP loans will be made on a first-come-first-serve basis for an academic year until funds are expended.
• Full support includes the cost of tuition, fees, books, and other reasonable education expenses.
• The borrower must complete the nursing education specialization component(s) for the Master of Science in nursing degree program.
• The period of support cannot exceed five years.

Eligibility

To apply for this loan you must:

• Be a U.S. citizen or national of the U.S, or a lawful permanent resident of the U.S. and its territories
• Be enrolled in the nursing education specialization of our Master of Science in nursing degree program at the time the NFLP loan is established
• Maintain good academic standing while enrolled in the advanced nurse education program
• Have no judgment liens entered against you based on the default on a Federal debt, 28 U.S.C. 3201(e)

How to apply

You must complete the following each year a loan is requested:

• Free Application for Federal Student Aid (FAFSA) form to calculate your eligibility.
• The NFLP Application

Acceptance Procedures

If you qualify for an NFLP loan we will notify you and provide instructions for accepting the loan. You must complete the following every academic year during which you receive an NFLP loan:

• An online entrance interview about the loan through us.
• A statement of your Rights and Responsibilities, including the service obligation and cancellation policies. You must sign this statement to indicate receipt and understanding of this information, and will receive a copy.
• A Promissory Note for each academic year’s NFLP loan. You will receive a copy.
• A Loan Notification Letter in which you will accept or reject the loan offer in writing. You will receive a copy.
• Personal information to assist in loan cancellation and collection, if needed.
• Excelsior College will provide the borrower with a repayment schedule.

Repayment

The NFLP loan is repayable over a 10-year period beginning 9 months after you complete the advanced nurse education program, cease to be enrolled as a student in the advanced nurse education program, or cease to be employed as full-time nurse faculty.

Cancellation

The school will cancel an amount up to 85% of the principal and interest of an NFLP loan over a consecutive 4-year period as follows:

• Upon your completion of each of the first, second and third year of full-time employment as a faculty member in a school of nursing, we will cancel 20% of the principal of and interest on the NFLP loan, as determined on the first day of employment; and
• Upon your completion of the fourth year of full-time employment as a faculty member in a school of nursing, we will cancel 25% of the principal of and interest on the NFLP loan, as determined on the first day of employment.

Interest

The NFLP loan will bear interest on the unpaid balance of the loan at the:

• Rate of 3 percent per annum beginning 3 months after the Borrower graduates from the advanced nurse education program; or
• Prevailing market rate if the Borrower fails to complete the advanced nurse education program or fails to serve as full-time nursing faculty for the consecutive 4-year period.

Default by the Borrower

If you default on the loan, we must immediately stop the disbursement of the NFLP loan and begin collection on the loan. Default means:

• Failure to complete the advanced nurse education program.

• Loss of the status as a student in good academic standing.

• Failure to become employed and maintain employmdent as a full-time faculty member at a school of nursing. “Full-time” has the meaning used by the employing school of nursing for its faculty. Failure to provide certification of employment will evidence default.

• Failure to make payments as required by the NFLP borrower’s Promissory Note and repayment agreement.