The Nursing Student Loan program provides long-term, low-interest loans to financially needy students. Students must be enrolled full-time or part-time. Student also must be pursuing a bachelors degree or graduate degree in nursing. These loans come from Title VII of the Higher Education Act and are not private loans.

Award Amounts

The maximum award amount is $4,000 per academic year.

Terms

The Nursing Loan is a subsidized loan with a 5 percent interest rate. Meaning that the loans will not accrue interest until after graduation. 

The loan comes with a 12-month grace period. That means it won't start adding interest or need to be paid back until 12 months after the student stops taking at least half of the regular course load, which is below 6 credits. After that, students have 10 years to pay back the loan.

Students who borrow $4,000 would have a monthly payment of $42.43 and total finance charges of $1,901.01 over the 10 years.

Students must be: 

• A citizen, national, or a lawful permanent resident of the United States or the District of Columbia, the commonwealths of Puerto Rico or the Marianas Islands, Virgin Islands, Guam, American Samoa, Trust Territory of the Pacific Islands, Republic of Palau, Republic of the Marshall Islands, and the Federated State of Micronesia.
• A student who filed a valid FAFSA by March 1.
• Falls into the income eligibility criteria as determined by HRSA, BHP.

UMB does not automatically award Parent PLUS Loans. Follow the following steps to apply for the Parent PLUS Loans. 

1. Complete the FAFSA (Federal Title IV Code: 002104).
   The deadline for Nursing Loan consideration is March 1 (form goes live October 1) for prospective (even if not yet accepted) and returning students.
2. Accept the loan on SURFS.
   Students receive an email to their University email account (or email listed on their FAFSA for incoming students) once they are awarded aid instructing them to log on to SURFS to accept their awards.
   Students are required to accept their loans and complete all necessary paperwork within six weeks of the initial offer. After six weeks, the loan will be canceled and offered to other students. Due to the fact that there is limited funding available, it is highly unlikely that we will be able to re-offer a loan that has been canceled.
   
3. Turn in signed copies of student and parent's IRS Tax Return Transcripts.
   1. Dependent undergraduates must turn in a signed copy of their IRS Tax Return Transcript and a signed copy of their parent’s IRS Tax Return Transcript.
   2. Independent students must turn in the a signed copy of their IRS Tax Return Transcript only.
   3. If you or your parents did not file federal income taxes, then you must turn in W2 forms and the Non-Tax Filer Form
4. Complete Master Promissory Note (MPN) and Truth Lending Forms on https://borrower.ecsi.net.
   Students will receive an email from a company called ECSI once the counselor has confirmed their eligibility for the loan. The email will direct students to log in and complete a series of Truth in Lending Forms and also a Master Promissory Note for the Nursing Loan.