How do I apply for this loan, and am I eligible?

• Must meet federal eligibility requirements for federal student aid
• Annual limit is up to $20,500 each year
• Aggregate limit is $138,500*
  • *Health Professions can borrow up to $224,000
• Login to www.studentaid.gov using your FSA ID
• Under "Loans and Grants," click on "Master Promissory Note (MPN)" and complete the MPN for Graduate/Professional students.
• Under "Loans and Grants," click on "Loan Entrance Counseling" and complete for Graduate or Professional students.
• Completion of MPN and Entrance is only required once
• Loan is accepted and will be processed when all loan documents are received.
• Email to reduce or cancel your loan.

 

What is the interest rate, and what fees are charged for these loans?

• Effective July 1, 2024 – June 30, 2025, the interest rate = 8.083%
• Origination fee = 1.057%, deducted at each disbursement

When do I begin repaying the loan?

• Repayment begins six months (grace period) after you drop below half-time enrollment status.
• Visit www.studentaid.gov for loan repayment information and their Loan Simulator. 

How do I apply for this loan and am I eligible?

We ask that you first read all of the following information about the Federal Nursing Loan. NOTE: Only those students who demonstrate an exceptional level of federal eligibility are eligible to receive this loan. Funding is limited and all students who are eligible may not receive the loan.  View the Graduate/Professional instructions should you have questions regarding the application process for financial assistance. If you are awarded this loan, you will need to complete a promissory note.  You will be emailed an alert when you can complete the promissory note at www.ecsi.net/prom50.  You will need your FSA ID to log in.

How much can I borrow?

You can borrow up to $3,000 for each year of graduate/professional study. The actual amount you may receive depends on your level of exceptional federal eligibility and the level/availability of the Federal Nursing Loan funds.

What is the interest rate and what fees are charged for this loan?

The interest rate is fixed at 5% for this loan. There are no other fees for this loan, and interest on the loan does not begin to accrue until the loan enters repayment.

When do I begin repaying the loan?

Repayment begins nine months (called the grace period) after you drop below half-time enrollment status (normally, this occurs when you graduate or if you leave school for some other reason). You will receive information from Vanderbilt University Office of Student Loans regarding your repayment schedule.

How do I apply for this loan?

• Students must meet federal eligibility requirements for federal student aid.
• Students must pass the credit check.
• Initiate the process at www.studentaid.gov using your FSA ID to log in
• Under "Loan and Grants," click on "Mastery Promissory Note (MPN)" and complete for Graduate/Professional student. 
  • Completion of MPN is only required once
• Under "Loan and Grants," click on "Plus Loans: Grad Plus and Parent Plus," then select Graduate or Professional student. 
  • Grad PLUS Loan application is required each aid year
  • The Grad PLUS will be updated to accepted status after we receive approved credit check.
• If the student does not pass the credit check, two options are available
  • Endorse a PLUS Loan
  • Appeal a Credit Decision
  • If either option is used, then PLUS Credit Counseling is required
• Email to reduce or cancel your loan.

What are the interest rate and fees for this loan?

• Effective July 1, 2024– June 30, 2025, the interest rate = 9.083%
• Origination fee = 4.228%, deducted at each disbursement

When do I begin repaying the loan?

• Repayment begins six months (grace period) after you drop below half-time enrollment status.
• Visit www.studentaid.gov for loan repayment information and their Loan Simulator.