What is a Federal Nursing Student Loan?

The Federal Nursing Student Loan is a low-interest [fixed at five percent (5%)] federal loan that undergraduate and graduate students, enrolled at least half time, who are admitted to the College of Nursing and Health can borrow to pay for their educational expenses. The Federal Nursing Student Loan is offered to eligible students in place of the Federal Perkins Loan. Wright State University is the lender for Federal Nursing Student Loan funds. Federal Nursing Student Loans must be repaid.

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Campus-Based Loan Requirements

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Loan Repayment Chart

What is required to borrow a Federal Nursing Student Loan?

•  The student must meet the general eligibility requirements for federal student aid.

•  The student must have submitted the FAFSA by Wright State University's FAFSA priority deadline date. Due to limited funding, students who submit a FAFSA after WSU's priority deadline date are not considered for a Federal Nursing Loan.

•  The student must have financial need.

•  The student must also be: (1) enrolled at least half-time [enrolled for a minimum of six (6) registered credit hours/quarter for undergraduates; four (4) registered credit hours/quarter for graduates]; and, (2) be admitted into the College of Nursing and Health.

NOTE: There is no review of student's credit history to borrow a Federal Nursing Student Loan.

The amount of Federal Nursing Student Loan funds a student can borrow depends upon the amount of funding Wright State University has available in the program. Undergraduates can borrow no more than $2,500 in one aid year, $4,000 [for three (3) quarters] for undergraduates in their last two (2) years of study. Graduate students can borrow no more than $4,000 [for three (3) quarters] in one aid year.

How do students apply for a Federal Nursing Student Loan at Wright State University?

1. Submit FAFSA.

The student must first file a FAFSA .

2. If you plan to enroll Summer, go to WINGS Express and complete the Summer Aid Request.

Logon to the WINGS portal and click on the WINGS Express icon. Enter your University ID and WINGS Express PIN. Click on "Student and Financial Aid" and then click on "Financial Aid and Scholarships". Click on "Summer Aid Request" and select the appropriate aid year. Indicate your enrollment plans for Summer.

3. Check WINGS Express for Outstanding Requirements and/or Award Notice.

If the student has been admitted to Wright State University and has no additional outstanding requirements on his/her Financial Aid and Scholarship Requirement link on WINGS Express, the Office of Financial Aid will post the student's Award Notice on WINGS Express at the scheduled time. To check WINGS Express for outstanding requirements, logon to the WINGS portal and click on the WINGS Express icon. Enter your University ID and WINGS Express PIN. Click on "Student and Financial Aid" and then click on "Financial Aid and Scholarships". Click on "Financial Aid and Scholarship Requirements" and select the appropriate aid year. NOTE: Click on "Requirement Messages" for additional information/links regarding your outstanding requirements.

4. Go to WINGS Express to View Award Notice.

Logon to the WINGS portal and click on the WINGS Express icon. Enter your University ID and WINGS Express PIN. Click on "Student and Financial Aid" and then click on "Financial Aid and Scholarships". Click on "Award Notice" and select the appropriate aid year.

5. Complete campus-based loan requirements and Federal Nursing Student Loan Master Promissory Note.

Once the student has successfully completed the acceptance of his/her Federal Nursing Student Loan on WINGS Express, additional requirements shall appear on the student's Financial Aid and Scholarship Requirements link on WINGS Express. These additional campus-based loan requirements must be completed.

How are Federal Nursing Student Loan monies applied to the student's fees?

The Office of the Bursar will release Federal Nursing Student Loan funds to the student's account as long as the student: (1) has completed the Federal Nursing Loan MPN and necessary campus-based loan requirements on WINGS Express; and, (2) is eligible for disbursement. The loan funds will be applied first to the student's tuition, fees, room and board, and other institutional charges permitted by the student. Any Federal Nursing Student Loan funds remaining, after being applied to the student's fees, will be mailed to the student by check or can be directly deposited in a checking or savings account of the student's choice.

What is the interest rate on Federal Nursing Student Loan?

The Federal Nursing Student Loan has a fixed interest rate of 5 percent.

Other than interest, are there other fees to get a Federal Nursing Student Loan?

Unlike Federal Stafford Loans, there is no additional fee for a Federal Nursing Student Loan.

When do students begin repaying a Federal Nursing Student Loan?

After students graduate, leave school, or drop below half time enrollment, they have a nine-month grace period before they begin repayment. During the grace period on a Federal Nursing Student Loan, students do not have to pay any principal, and they won't be charged interest. As mentioned, Wright State University is the lender for this federal loan. Students can contact the Office of Student Loan Collections at (937) 775-5666 for information about repayment. Visit our Loan Repayment Chart for an example of typical payments for a Federal Nursing Student Loan repayment plan.

After the students begins repayment, if the student skips a payment, makes a payment late, or makes less than a full payment, the student might have to pay a late charge. If the student continues not making payments as required, the student will have to pay collection costs.

The Nursing Education Loan Repayment Program (NELRP) repays registered nurses' educational loans in exchange for service in critical shortage facilities located in areas experiencing a shortage of nurses. The Health Resources and Services Administration (HRSA) accepts applications annually. For complete eligibility and application information, visit HRSA's web site at http://bhpr.hrsa.gov.

The National Health Service Corps (NHSC) offers loan repayment for primary care nurse practitioners and certified nurse midwives who have qualifying educational loans and serve in a community of greatest need. For complete information visit http://nhsc.bhpr.hrsa.gov/join_us/lrp.cfm.

Is it ever possible to postpone repayment of a Federal Nursing Student Loan?

Under certain circumstances, students can receive a deferment or forbearance on their Federal Nursing Student Loan, as long as the loan is not in default. During an authorized period of deferment, no interest accrues (accumulates) on the loan. During an authorized period of forbearance, interest continues to accrue, however, and the student is responsible for paying it. For more information on Federal Nursing Student Loan deferment and forbearance options, students should contact the Office of Student Loan Collections at (937) 775-5666.

Deferment and forbearance are not automatic. Students must continue making scheduled payments until they're notified that the deferment or forbearance has been granted. Not making payments on the loan will have a negative effect on the student's credit rating, and the loan could go into default.