You apply for a Nursing Student Loan by filing the Free Application for Federal Student Aid (FAFSA) for each aid year. The IU Kokomo school code is 001814. To maximize your consideration for all types of financial aid, you need to file the FAFSA each year by the April 15 Priority Application Receipt deadline.
The Nursing Student Loan Program was established by the U.S. Department of Health and Human Services for nursing students.
Self Certification for loan application
- Interest rates:
- The Nursing Student Loan interest rate is 5% (loans made on or after November 4, 1998) and is subsidized with the U.S. Department of Education paying the interest while the student is enrolled at least half-time.
- A student must be enrolled at least half-time in the Bachelor of Science degree in Nursing with an overall IU grade point average of 2.00 with remaining financial need.
- Since funding is limited for this program, awards are made based on eligibility and early receipt of the student's FAFSA and completion of any subsequent steps to allow processing of awards for the aid year.
- Borrowing limits:
- The amount you can borrow each year is based on your academic standing. The minimum award for each academic standing is $200. Freshmen and sophomores can borrow up to $3,300 each year. Juniors and seniors can borrow up to $4,000 each year. Overall, you have a lifetime undergraduate aggregate borrowing limit of $17,000 for Nursing Loans.
- Annual limits are subject to change due to university annual funding.
- If you are approved:
- The University Collections and Loan Services handles the promissory note, entrance and exit counseling, and the repayment process for NSLs.
- After your NSL is approved, the Student Loan Administration will contact you at your university email address and on your To Do List to notify you to sign your promissory note. Complete the process as soon as you can to avoid a delay in your funding.
- Loan Repayment:
- Loan repayment begins after graduation or if your Fall or Spring enrollment drops below half-time.
- IU Student Loan Administration contacts Nursing Student Loan recipients to complete online exit counseling.
If you have loans sourced through Indiana University, you are welcome to contact the Indiana University Controllers Office below and they can provide information regarding Promissory Note or setting up a payment plan. Are you a student or former student with questions about your campus-based loans or delinquent bursar (ie: Perkins, Health Profession, Nursing, IU Miller, etc)? Contact University Collections & Loan Services.