The Federal Nursing Loan Program provides full time nursing
degree students that have financial need with low interest loans
to supplement additional aid.
Truth in lending requirements
Who is eligible?
- Nursing students in their last two years of
their program may borrow up to $4,000 for the academic year, or
a maximum of $2,000 per semester, with an aggregate limit of $13,000.
- Students must be enrolled, or accepted for
enrollment, as a full time student in the NAU Nursing Program.
- Students must be in good standing as per the
Office of Student Financial Aid Satisfactory. Academic Progress (SAP) policy
for academics and maximum cumulative hours.
- Preference is given to previous borrowers.
- Priority consideration is given to students with
the highest need, based on the FAFSA.
If I am awarded, how do I receive my loan?
- You will receive a revised award letter.
The Student & Departmental Account Service's office will send loan
documents to you for completion and return as soon as possible. Once the Student
and Departmental Account Services office has received the documents, your loan
will be disbursed (funds released).
The Higher Education Opportunity Act of 2008 (HEAO) [PL 110]35} added section 128(e) to the Truth in Lending Act (TILA) which requires that before a private educational lender can consummate a private education loan for a student in attendance at an institution of higher education, the private lender must obtain the completed and signed, U.S. Department of Education Self-Certification Form from the applicant. The U.S. Department of Education considers the Nursing loan a private loan; therefore the rules of TILA govern the application process for this loan. If you accept a Nursing Loan, you will be required to review three separate disclosures; one at the time of application, one at the time of acceptance and one before the loan is disbursed. You will be required to complete the Private Education Loan Applicant Self]Certification as well as a promissory note and entrance interview counseling. Regulations require NAU to wait 3 days before disbursing or posting the loan funds to the student’s account. Federal regulations prohibit waiving this waiting period.
For more information contact:
Senior Program Coordinator
Office of Student Financial Aid
Flagstaff Campus Phone: Dial 9-7910