Loan Programs


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  • Federal Campus-Based Loan Programs

    Federal Perkins Student Loan 
    Federal Nursing Student Loan 
    Health Professions Student Loan -Dental Students Only
    Federal Loan for Disadvantaged Students (LDS)-Medical and Dental Only
    Nurse Faculty Loan Program (NFLP)

        

    Federal Perkins Student Loan

    • Borrower makes no payments during in-school and grace periods.
    • Borrower is not responsible for interest accrued during in-school and grace periods.
    • There is no origination fee or default fee.
    • A grace period of 9 months follows graduation or less than half-time enrollment.
    • The interest rate is fixed at 5.0% beginning at repayment.
    • Repayment begins after grace period with minimum monthly payments of $40 and a maximum repayment period of 10 years.
    • There is no penalty for prepayment.
    • Cancellation provisions for certain types of full-time employment are available.
    • Perkins is a campus-based loan program; and therefore, the funds are limited. The funds are awarded on a first-come-first-served basis; and therefore once the funds have been exhausted, all eligible students may not be awarded Perkins funds.
    • The amount of the loan does not exceed $5,500 per academic year for undergraduate students with a $27,500 cumulative maximum or
    • The amount of the loan does not exceed $8,000 per academic year for graduate students with a $60,000 aggregate maximum including undergraduate loans. 


          

    Federal Nursing Student Loan

    • Borrower makes no payments during in-school and grace periods.
    • Borrower is not responsible for interest accrued during in-school and grace periods.
    • There is no origination fee or default fee.
    • A grace period of 9 months follows graduation or less than half-time enrollment;
    • The interest rate is fixed at 5.0% beginning at repayment.
    • Repayment begins after grace period with minimum monthly payments of $40 and a maximum repayment period of 10 years.
    • There is no penalty for prepayment.
    • NSL is a campus-based loan program; and therefore, the funds are limited. The funds are awarded on a first-come-first-served basis; and therefore once the funds have been exhausted, all eligible students may not be awarded NSL funds.
    • The amount of the loan does not exceed $5,200 award per academic year
    • The aggregate maximum of the loan is $13,000 over 4 years. 


          

    Health Professions Student Loan -Dental Students Only


    Dental Students Only

    • Borrower makes no payments during in-school and grace periods.
    • Borrower is not responsible for interest accrued during in-school and grace periods.
    • There is no origination fee or default fee.
    • A grace period of 12 months follows graduation or less than half-time enrollment.
    • The interest rate is fixed at 5.0% beginning at repayment.
    • Repayment begins after grace period with minimum monthly payments of $40 and a maximum repayment period of 10 years.
    • There is no penalty for prepayment.
    • HPSL is a campus-based loan program; and therefore, the funds are limited. The funds are awarded on a first-come-first-served basis; and therefore once the funds have been exhausted, all eligible students may not be awarded HPSL funds.
    • Eligibility for the Loan
    • Has demonstrated financial need as determined by the Office of Student Financial aid. Financial need includes parental data
    • The amount of loan does exceed Cost of Attendance minus EFC and other financial aid. 

       

    Federal Loan for Disadvantaged Students (LDS)


    Medical and Dental Only

    • Borrower makes no payments during in-school and grace periods.
    • Borrower is not responsible for interest accrued during in-school and grace periods.
    • There is no origination fee or default fee.
    • A grace period of 12 months follows graduation or less than halftime enrollment.
    • The interest rate is fixed at 5.0% beginning at repayment.
    • Repayment begins after grace period with minimum monthly payments of $40 and a maximum repayment period of 10 years.
    • There is no penalty for prepayment.
    • LDS is a campus-based loan program; and therefore, the funds are limited. The funds are awarded on a first-come-first-served basis; and therefore once the funds have been exhausted, all eligible students may not be awarded LDS funds.
    • The amount of the loan does exceed Cost of Attendance minus EFC and other financial aid.  

        

    Nurse Faculty Loan Program (NFLP)

    • The School of Nursing in collaboration with the Financial Aid Office jointly administers the NFLP at UMMC. Students who are borrowing the NFLP Loan for the first time must complete the NFLP Promissory Note, NFLP Loan Application, Rights and Responsibilities Statement, and the NFLP Entrance Interview. The forms must be completed each year that the student borrows this loan.
    • Please contact Jean T. Walker, PhD, RN, School of Nursing for additional questions.


    *All information is subject to change.