Student Accounts: Nursing Loans
Federal Nursing Loans are awarded as part of a package of Federal, State and other financial aid offered to persons who apply for financial assistance to attend the University. Awards are based on an applicant's need and the availability of loan funds. You cannot "apply" specifically for a Federal Nursing Loan. For complete information concerning applications for financial assistance and awarding, you may contact the Office of Financial Aid.
Once you have been awarded a Federal Nursing Loan for a specific academic year you must complete the necessary paperwork in the Office of Financial Aid.
To complete the Nursing Loan application procedure:
Review your Award Letter to make sure you have received a Nursing Loan.
- Accept your loans via Self Serve.
- Complete a 14-15 Nursing Loan Confirmation Form.
- Print, sign, and return the form to the Office of Financial Aid.
- Complete a Federal Nursing Loan Master Promissory Note—ECSI (Educational Computer Systems, Inc.) will contact you with instructions on completing the promissory note.
- Once the MPN is signed, the loan proceeds will be ready for disbursement at the appropriate time.
When and Where to Pay
Educational Computer Systems, Inc (ECSI) is the loan servicer for the University of Portland. You may check your loan status and manage your account information through ECSI on line. Login to “My Account” by using School Code S8. ECSI will send you a monthly invoice statement. You will send your monthly payment directly to ECSI. Your payment is due the 15th of each month. You may also pay your loan each month through automatic withdrawal (ACH) from your bank account. If you fail to make a payment on time, you are considered delinquent and late fees will be assessed. Official academic transcripts will be withheld for default on a Nursing loan. A single unofficial copy of the academic transcript will be provided in cases involving bankruptcy. Unofficial transcripts will be stamped with the words "UNOFFICIAL" and may note unpaid financial obligations to the University.
You’ll receive information about repayment, deferments and cancellations in an email once you fall below half-time enrollment, or one month prior to graduation. ECSI will notify you of the date loan-repayment begins and provide you with contact information. Remember, you are still responsible for repayment, even if you don't hear from ECSI.
You will begin repayment nine months after you graduate, leave school, or drop to less than half-time student status. You may choose to prepay the whole loan or any part of it without penalty.
Nursing Loan Repayments
Federal Nursing Loans are low-interest loans available to undergraduate and graduate students. The total amount of the student's loan for all years may not exceed $13,000. Interest on the Federal Nursing Student Loan does not begin until you cease to be enrolled at least on a half-time basis at a school eligible to participate in the Federal Nursing Student Loan program. Nursing loans bear an interest of 5 percent per year. Repayment may be extended over a 10-year period with a minimum repayment of $40 per month, depending on the size of the loan. The grace period immediately follows completion or termination as a full-time student or a half-time student for loans received after November 17, 1971. During the grace period, which is nine consecutive months long, repayment of the principal is not required and interest does not accrue. The grace period begins on the first day of the month nearest to the date the borrower is no longer a full-time or half-time student. For example, the grace period begins on June 1 for an NSL borrower who receives the nursing degree on June 15. If the borrower resumes full-time or half-time studies at the same or another nursing school during the grace period, the interrupted grace period is treated as if it did not begin. In this case, the student is responsible for notifying the lending school of their continued students' status and to completing a deferment form.
Nursing Loan Deferment/Forbearance & Cancellation
A deferment period on the NSL means that interest does not accrue and the borrower does not have to make payments on the loan. The following three statements describe the general mechanics of NSL deferments:
- Deferments are only available for participation in certain activities prescribed in the stature and regulation
- Deferment periods do not count against the borrower's right to repay the loan within 10 years
- Borrowers are allowed to move in and out of deferment and repayment
- Active duty in the uniformed Services
- Peace Corps Volunteer
- Full-time or half-time enrollment in a collegiate nursing program leading to a baccalaureate degree or graduate degree in nursing or pursuing advanced professional training to become a nurse anesthetist
Due to a borrower's extraordinary circumstances and at the discretion of the institution, the borrower may be placed in forbearance. This has the effect of temporarily suspending payment of principal; however, interest continues to accrue. Extraordinary circumstances include unemployment, poor health or other personal problems that have a short-term impact on the borrower's ability to make payments on the NSL as scheduled.
During periods of forbearance, interest continues to accrue on the unpaid principal balance of the loan. Further, a minimum payment must be made on all accrued interest during the period in which the borrower is in forbearance. Even though a borrower obtains forbearance, the maximum NSL repayment period remains 10 years, including the time during which payments on the NSL are in forbearance.
NSLs may be canceled because of death of the borrower, or because the borrower has become permanently and totally disabled. To claim cancellation for disability, a borrower should submit a formal request to the University of Portland.
Nursing Exit Interview
If you have received a Federal Nursing Loan and are about to graduate, or if you are dropping below half-time status you, must complete Nursing Exit Interview by going to ECSI . ECSI will then send you a letter with complete instructions on how to fulfill your Nursing loan obligation. You may also stop by the Office of Student Accounts and talk to Wendy Delong for instructions. Failure to complete your exit interview will result in a hold being placed on your grades, transcripts, diploma and any further registration.