Loan Programs

Nursing Student Loan

The Nursing Student Loan (NSL) is a fixed-rate, low interest, need-based federal loan administered byThe Ohio State University. Undergraduate students enrolled in the College of Nursing (in a Nursing program) are eligible for Nursing Student Loan consideration at OSU. Borrowers must be U.S. citizens or eligible non-citizens enrolled at least half-time in a degree program at Columbus campus, maintain Satisfactory Academic Progress (SAP) for financial aid eligibility, and meet all other requirements listed as Student Responsibilities.

Application Process

To apply for a Nursing Student Loan you must:

  • complete the FAFSA by your priority deadline
  • list The Ohio State University school code (#003090) on the FAFSA.

How Much Will I Receive?

Nursing Student Loans are awarded only to students who demonstrate financial need and meet awarding criteria. The award amount cannot exceed the student’s unmet financial need. The maximum annual limit is $3,300 for the first two years of enrollment and $5,200 for the last two years of enrollment with a lifetime aggregate maximum of $17,000.

Please note: Due to limited funding, Ohio State may not be able to award the maximum NSL allowable by program guidelines.

Repayment Terms

The Nursing Student Loan interest rate is currently 5%. No interest accumulates while you are enrolled at least half-time or during the nine-month grace period. Repayment of principal and interest begins nine months after you graduate, withdraw, or drop below half-time enrollment. Borrowers may be allowed up to ten years for repayment of this loan.

 


What do I need to do to receive this award?

To accept this loan, review the loan terms on the Nursing Student Loan Disclosure and Self-Certification, complete and sign the Self-Certification form, and return it to the Student Financial Aid.

If you accept this loan, you must complete and sign a promissory note. An e-mail notification will inform you when your electronic promissory note is available for your signature at the Office of Financial Services website. Once the note is completed and signed online, the funds will be disbursed into your account.

If you prefer to sign a paper note, the website will give you an option to request a paper copy, which will be mailed to the address you request. Once the note is completed, signed, and returned to Student Loan Services, the funds will be disbursed into your account.

If you wish to decline or reduce the loan, you may complete the Report Your Changes form or contact us via your osu.edu e-mail account at sfa-reportyourchange@osu.edu.

What do I need to do to keep this award?

You may receive NSL assistance as long as you continue to meet all eligibility criteria, including SAP, for receipt of federal aid.

Please note: If your FAFSA information changes as a result of verification, your award may change.

What is an online exit interview?

Once you graduate, withdraw, or drop below half-time enrollment, you are required to complete an exit interview to understand your rights and responsibilities and repayment terms. If you fail to repay your student loan(s) you may default on your loan. Default occurs when you become 270 days delinquent in making payments on your loans. If you default:

  • the entire unpaid amount of your loan becomes due and payable.
  • we will report your default to national credit agencies.
  • we may sue you, take all or part of your federal tax refund or other federal payments, and garnish your wages so that your employer is required to send us part of your salary to pay off your loan.
  • you will have to pay collection fees and costs, plus court costs and attorney fees.
  • you will lose eligibility for other federal student aid and most other federal benefit programs.
  • you will no longer be eligible for loan deferments (such as deferments while you’re in school, unemployed, or experiencing economic hardship).

To complete the Online Exit Interview, go to the Office of Financial Services website and click on "Online Exit Interview" in the Quick Links menu.