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Nursing Student Loans

The Nursing Student Loan Program is funded by the Department of Health and Human Services and administered by The University of Iowa. The Financial Aid Office is responsible for awarding of these need-based loans and the Student Loan Accounting Office is responsible for the collection of the loans. All borrowers should be aware of the Statement of Rights and Responsibilities that must be signed when the loan is taken out. Repayment of the loan is made monthly over a ten year repayment period beginning nine months after the student terminates at least half-time enrollment status at The University of Iowa. The minimum monthly payment is $40, but could be more to keep within the ten year maximum repayment period. The interest rate during repayment is 5% (6% for loans issued prior to 11/4/88). All payments received shall be applied first to the accumulated finance charge and the remainder to the unpaid balance of the amount financed.

Applicable Deferments (principal need not be paid and interest does not accrue):

  • Enrollment as at least a half-time student in a collegiate school of nursing pursuing a baccalaureate or graduate degree in nursing (ten year max on loans issued after 11/4/88; five year max. on loans issued before 11/4/88)
  • Pursuing advanced professional training in nursing (ten year max. on loans issued after 11/4/88; five year max. on loans issued before 11/4/88)
  • Training to be a nurse anesthetist (ten year max on loans issued after 11/4/88; five year max. on loans issued before 11/4/88.)
  • Full-time active duty as a member of a uniformed service (three year max.)
  • Full-time volunteer under the Peace Corps Act (three year max.)