Federal Nursing Student Loan (NSL)
The Federal Nursing Student Loan (NSL) is awarded to nursing students with financial need and is funded by repayments from prior Federal NSL recipients. Nursing students must be enrolled for at least 6 credit hours (5 or more for the Graduate College and School of Public Health) to receive the Federal NSL. Unlike Federal Direct Stafford Loans, when you accept a Federal NSL, you are borrowing from UIC. Funding for the Federal NSL program is limited and awarded on a first come, first serve basis. The interest rate for this loan is fixed at 5%. There are no origination fees.
The federal government pays interest on (subsidizes) the loan until you begin repayment and during authorized periods of deferment thereafter. Repayment of principal and interest begins after a grace period of 9 months after you leave school or fall below half time enrollment.
Master Promissory Note (MPN)
Borrowers of Federal NSL must sign a Master Promissory Note (MPN) agreeing to pay back the loan to the federal government, with interest, according to the terms of the program. If required, you will be sent an email notification with instructions within 48 - 72 hours after acceptance of the loan. Once you have received these instructions, you may complete the Federal NSL Master Promissory Note online here.
UIC Financial Counselor
Each year that you borrow a Federal NSL at UIC, you must complete a UIC Financial Counselor session. This counseling session and quiz, helps students understand their loan responsibilities. Financial Counselor must be completed prior to any Federal NSL funds being disbursed to your student account. So please make sure to complete as soon as possible, but no later than two weeks prior to the start of the semester in which you have been offered and accepted a Federal NSL.
Truth in Lending Act Disclosures (TILA)
Students applying for the Federal Nursing Student Loan, please be aware that prior to the loan being processed you will need to provide additional information. You may be prompted to provide this information at the time you complete your MPN or you will be notified via an email request. Likewise, please be aware that the University is required per the Federal Reserve Board to provide various disclosures prior to the loan funds being disbursed to your student account. Your Federal Nursing Student Loan will not disburse until both the MPN and TILA requirements are completed online.
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