Federal Nursing Student Loan
Loan Disclosure Information
University of San Francisco
2130 Fulton Street San Francisco, CA 94117
Your Interest Rate during the life of the loan: 5%
Your rate is fixed. This means that your rate will not vary from the rate on this form. Interest begins to accrue when you enter repayment, typically 9 months after you cease to be enrolled at least half-time. Interest does not accrue during deferment or grace periods.
Late Payment Fee: 6% of the past due payment after 60 days.
Returned Check Fee: up to $25
Loan Cost Examples:
The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon two (2) different repayment options available to you while enrolled in school. The Amount Provided figure is used as an example and is not to meant reflect your actual loan amount. An average annual USF Nursing Loan award is $1,800.
(while enrolled in school)
(amount provided directly to you or your school)
(how long you have to pay off the loan)
|Total Paid over 10 Years|
1. DEFER PAYMENTS
Make no payments while enrolled in school. Interest will not accrue during this time.
|$10,000||5%||10 years Starting after the deferment and grace periods||$12,728|
2. MAKE FULL PAYMENTS
Make minimum payments while enrolled in school. Payments made while enrolled will credited entirely to the principal balance
|$10,000||5%||14 years, 9 months Starting from the date of your first payment||$11,950|
About These Examples:
The first repayment example assumes that you remain in school for 4 years and have a 9 month grace period before beginning repayment. It is based on the fixed interest rate and assumes all payments are made on time. Repayment will last for 10 years beginning from the date of your first payment. The second example is based on the same assumptions, with the additional assumption that you will make minimum monthly payments of $50 while enrolled in school. As no interest is accruing while you are enrolled, these payments would go entirely to the principle balance of your loan.
FEDERAL LOAN ALTERNATIVES:
Federal Direct Loans
Undergraduate - 5.05%
Graduate - 6.60%
PLUS Loan - 7.60% (Parents of Dependent Students & Graduate/Professional Students With Approved Credit)
Eligibility Criteria • Borrower Must be enrolled at least half-time in the USF School of Nursing.
Bankruptcy Limitations • If you file for bankruptcy you may still be required to pay back this loan.
You may qualify for Federal education loans.
Please complete a FAFSA via FAFSA.GOV to have your federal student loan eligibility reviewed.
More information about loan eligibility and repayment, deferral, or forbearance options is available in your loan promissory note or upon request by contacting the Financial Aid Office.
Once the Office of Financial Aid awards you a Nursing Student Loan (NSL), signed promissory notes are required for disbursement of your loan onto your student account. Promissory notes must be signed by the University Census date. (See current Academic Calendar for actual dates.)
Promissory notes for the Nursing Student Loan will be made available on-line for e-signature at signmyloan.com. This must be completed each award year. You will be sent an email from signmyloan.com when the site is available. You will need your Student Financial Assistance (SFA) Pin Number, which is assigned by the Department of Education.
Student Accounts facilitates the repayment of the NSL Programs with the assistance of an outside billing agency, University Accounting Service.
NSL awards will be cancelled for students who fail to sign promissory notes by the University Census Date. (See current Academic Calendar for actual dates.)