The purpose of the Nursing Student Loan Program (NSL) is to increase the number of qualified nurses within the healthcare profession to address the nursing workforce shortage.
Regis makes loans from the funds made possible through collaboration with HRSA / federal government. The program offers low interest rate loans (5%) to borrowers who are seeking to further their education within graduate nursing studies. The loan limits are preset by HRSA and can be noted below.
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|Academic Year(s)||Limit for First Two Years||Limit for Final Two Years||Aggregate Loan Limit|
Students of the Regis Graduate Nursing Programs who are currently in good standing with the university may be eligible to apply for this program. Applicants must:
The NSL Applications are due before the start of the student’s first semester and then every fall thereafter in which funds are sought. You will need to be accepted to your academic program before applying for NSL funding.
Once all application materials have been submitted, you will be contacted via email regarding the outcome of your application. If approved, and award letter will be provided to you, and you will meet with financial aid to continue with the process for loan disbursement(s).
Approvals are subject to the availability of funds. Once approved, additional documents and a virtual Entrance Counseling session are required.
Note: The student has an obligation to report changes in financial circumstances, including receipt of additional funds. Based upon information received by the institution, the student's award should be adjusted to reflect the change as follows:
The grace period immediately follows completion or termination as a full-time student or a half-time student for loans received. During the grace period, which is nine consecutive months long, repayment of principal is not required, and interest does not accrue. If the borrower resumes full-time or half-time studies at the same or another nursing school during the grace period, the interrupted grace period is treated as if it did not begin. In this case, the borrower is required to notify the lending school of his or her continued student status by completing a deferment form and submitting it to the loan collections office.
Installment payments are to be made during the 10-year period immediately following the expiration of the grace period and excluding any allowable periods of deferment.
A uniform interest rate of five percent per year applies to all loans. Interest is computed on the unpaid principal balance and begins to accrue upon expiration of the grace period unless a borrower is eligible for deferment status.
The borrower may, at his or her option and without penalty, prepay all or any part of the principal and accrued interest at any time.
If the Borrower fails to make a scheduled repayment or fails to comply with any other term of the Promissory Note, the entire unpaid balance of the loan, including interest due and accrued and any applicable penalty charges, will, at the option of the school, become immediately due and payable.
A deferment period on an NSL means that interest does not accrue, and the borrower does not have to make payments on the loan. The following three statements describe the general mechanics of NSL deferments:
Those who are eligible are:
Note: Borrower who is employed by one of the uniformed services in a civilian capacity or is part of VISTA are not eligible for deferment
During periods of deferment, interest on the loan continues to accrue but is not required to be paid during this period. During the period of deferment, the borrower may repay the interest if they wish but is not required to do so.
NSLs may be canceled because of the death of the borrower, or because the borrower has become permanently and totally disabled.
Regis may, in its discretion, place the Borrower’s NSL loan in forbearance whenever extraordinary circumstances such as poor health or hardship temporarily affect the Borrower’s ability to make scheduled loan repayments.
During periods of forbearance, interest continues to accrue on the unpaid principal balance of the loan. Further, a minimum payment must be made on all accrued interest during the period in which the borrower is in forbearance (e.g., six months, one year). Even though a borrower obtains forbearance, the maximum NSL repayment period remains 10 years, including the time during which payments on the NSL are in forbearance.
Note that penalties are not charged to borrowers with loans in forbearance-provided that the borrower is complying with the terms of forbearance agreed upon by the borrower and the school-since a loan in forbearance is not considered to be past due.
Failure of the borrower to make payments as required by the NSL borrower’s Promissory Note and repayment agreement.
If the Borrower fails to comply with any other term of the Promissory Note.