Federal Nursing Student Loans

Loan basics

APR: 5%

Initial grace period: 9 months

Post-deferment grace period: None

Repayment period: 120 months

Deferment types for this loan:

Full-time student: No limit

Half-time student: No limit

Armed forces/public health service: 3-yr max

Peace Corps: 3-yr max

Deferment

Deferment allows you to suspend payment of your loan for a specific period of time without the accrual of interest.

In order to be granted a deferment of repayment, the borrower must submit the proper deferment request form, along with other documentation required by Yale University, immediately upon the onset of any condition that qualifies the loan for a deferment. A borrower may lose deferment benefits if the Student Loan Billing and Payment Office does not receive the proper forms on a timely basis.

Deferment request form

If you do not qualify for any of these deferment types, you may qualify for forbearance.

Forbearance

If you are experiencing recent unemployment or other temporary financial hardship, forbearance allows you to suspend payment of your loan principal for up to 12 months. Interest will continue to accrue throughout the deferment period, and interest-only payments may still be required. Forbearance periods for a loan cannot collectively exceed 3 years.

In order to be granted forbearance for the repayment of a loan, the borrower must submit the proper forms along with other documentation required by Yale University’s Student Loan Billing and Payment Office immediately upon the onset of any condition that qualifies the loan for forbearance. A borrower may lose this benefit if the Student Loan Billing and Payment Office does not receive the proper forms on a timely basis.

Forbearance request form

Cancellation types for this loan:

Permanent total disability

Death