This federal loan program is administered through the University and provides nursing students who have completed their first year in the program with a 5% interest rate loan. Repayment begins nine months after the student graduates, leaves school, drops below half-time status or withdraws from the nursing program. The student is allowed up to 10 years to repay the loan. Funding is limited and the amount of the loan is determined by a student's unmet financial need. If you are awarded this loan, you are required to complete a promissory note in the Business Office.