You can receive a Nursing Loan if you:
- are 18 years old at the time of your application
- are currently enrolled in a nursing program at Truman on at least a half-time basis
- are eligible for Title IV financial aid programs
- demonstrate financial need as shown by the FAFSA
- agree to treat such loans as debts to the University and to accept the sanctions and penalties imposed by Federal and State regulations
Contact the Financial Aid Office if you feel you meet the eligibility requirements for this program.
If you are approved, the loan terms will be available for 30 days. Terms will not change during this period, except as permitted by law.
Terms and Conditions
- Interest: Five percent (5%) fixed per annum on the unpaid principal balance, with interest to accrue beginning nine months after graduation, withdrawal, or reduction in enrollment to less than half-time status
- Service Charge: None
- Repayment: Payments of at least forty dollars ($40) per month shall begin nine months after graduation, withdrawal, or reduction in enrollment to less than half-time status.
- Deferment of Repayment: Available upon request for military service, Peace Corps, to pursue nursing advanced professional training under certain requirements, or schooling under certain requirements.
- Loan Fees: Late payments may be assessed at a rate not to exceed an amount equal to 6% of the amount of such installment on loans more than 60 days past due. Loans in default and sent to an outside collection agency are subject to collection fees of up to 50% of the loan balance.
- Bankruptcy Limitations: If you file for bankruptcy you may still be required to pay back the loan.
More information about loan eligibility and repayment deferral or forbearance options is available on your loan application and loan agreement.
Example Loan Cost
|Loan Amount||Estimated Total Cost|
Federal Loan Alternatives
|Loan Type||Borrower Type||2016-2017 Interest Rate|
|Direct Unsubsidized||Graduate or Professional||5.31%|
|Direct PLUS||Parents and Graduate or Professional Students||6.31%|