Nursing Student Loan Repayment Information
Nursing Student Loan Repayment Information
After a student graduates, leaves school, or drops below half-time enrollment, the student will have a nine-month grace period before repayment begins. Students are required to complete Exit Counseling upon leaving Linfield University. Students will receive a customized email a month prior to graduation with detailed instructions regarding Exit Counseling.
To calculate estimated payments use www.finaid.org loan calculator.
Calculator results: Using the repayment calculator, with an interest rate of 5% and total Stafford debt of $7,000 an example repayment schedule would b
| Interest Rate | 5% |
| Loan Amount | $7,000 |
| Repayment Plan | Terms (in months) | Initial Monthly Payment |
| Standard | 120 | $74.25 |
Terms and Conditions:
Student’s terms and conditions of the loan are located with the Master Promissory Note, which students are encouraged to sign online. Students that are awarded the Nursing Student Loan will receive an email with instructions on completing the Master Promissory Note.
Defaulted Nursing Loan:
Default (failing to repay a loan) is defined in detail in the Terms and Conditions section of the MPN. Serious consequences occur with default:
- The United States Department of Education (ED) will require immediate repayment of the entire unpaid amount of the loan
- ED will require the payment of reasonable collection fees and costs, plus court costs and attorney fees
- ED will report the default to national consumer reporting agencies
- The borrower may be denied a professional license
- The borrower will lose eligibility for other federal student aid and assistance under most federal benefit programs
- The borrower will lose eligibility for loan deferments