Nursing Student LoansYou 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 March 10 Priority Application Receipt deadline.
After receipt of your Financial Aid Notification, a Nursing Student Loan recipient must accept (with an option to decline) the award in One Start® Self-Service. After accepting your Nursing Student Loan, you will be contacted by IU Student Loan Administration at your IU email account and via a To Do item in One Start® to complete entrance counseling and to sign your promissory note.
The Nursing Student Loan Program was established by the U.S. Department of Health and Human Services for nursing students.
- 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.
- Award Amount Range:
- Nursing Student Loan amounts range from $200 to $1,000.
- 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. Detailed information regarding repayment is provided during both entrance and exit counseling. For more information, visit IU Student Loan Administration.
Nursing Student Loans are awarded by the IU Kokomo Office of Scholarships and Financial Aid and the IU Student Loan Administration in Bloomington administers the promissory note and repayment processes.