Nursing Student Loan Program (NSL) - Undergraduate Studies

Students of the Regis undergraduate nursing programs (leading to the Bachelor of Science in Nursing [BSN] degree) who are currently in good standing - may be eligible to apply to this program

Citizenship Status

• A student applicant must be a citizen or national of the United States, or a lawful permanent resident of the United States, the Commonwealth of Puerto Rico, the Northern Mariana Islands, the Virgin Islands, Guam, American Samoa or the Trust Territory of the Pacific. A student who remains in this country on a student or visitor visa is ineligible.

Academic Status

• The student must be enrolled or accepted for enrollment as a full-time or half-time student in a nursing school participating in the NSL program.
• The student must be in good standing, as defined by the school, and capable in the opinion of the school of maintaining good standing in the course of study. Schools may choose to apply the satisfactory academic progress guidelines for programs under Title IV of the Higher Education Act, as amended, although statute and regulations specific to the NSL program do not require it.
• Should an NSL recipient cease to be a student in good standing because of academic failure, then the school is obligated to discontinue disbursement of NSL funds.
• Students must make satisfactory academic progress and remain in their program to maintain loan eligibility.

Enrollment Status

• Students must be enrolled full-time or half-time in programs leading to the following undergraduate degree: Bachelor of Science in Nursing (BSN).

Financial Need

• The NSL is a need-based loan, and that need will be determined by Financial Aid upon completion of your FAFSA. Additional documentation may be requested by Financial Aid to assist in making this determination.

Federal Loans

• Prior student loans must not be in default and the student must remain in good standing.

NSL applications are due before the start of the student’s first semester and then every fall thereafter in which funds are sought. The student must be accepted to the academic program before applying for NSL funding.

To apply, please submit a completed Confirmation of Commitment to nslundergrad@regiscollege.edu

Once all application materials have been submitted, the student will be contacted by email regarding the application outcome. If approved, then an award letter will be issued, and the student will meet with Financial Aid to continue with the loan disbursement process.

Approvals are subject to funding availability. Once approved, additional documents and a virtual entrance counseling session are required.

Note: The student has an obligation to report changes in financial circumstances, including receipt of additional funds. Based upon information received by the institution, the student's award should be adjusted to reflect changes as follows:

• Increases in awards will be limited to the amount of NSL funding available to the institution and the statutory maximum for individual awards; and
• If the change in the student's situation results in resources exceeding expenses, then the institution must adjust the budget or the financial aid package to assure that there is no over award.

The grace period immediately follows completion or termination as a full-time student or half-time student for loans received. During the grace period, which is nine consecutive months in length, repayment of principal is not required, and interest does not accrue. If the borrower resumes full-time or half-time studies at the same or another nursing school during the grace period, however, then the interrupted grace period is treated as if it did not start. In this case, the borrower is required to notify the lending school of his/her/their continued student status by completing a deferment form and submitting it to the loan collections office.

Installment payments are to be made during the 10-year period immediately following the expiration of the grace period and excluding any allowable periods of deferment.

A uniform interest rate of five percent (5%) per year applies to all loans. Interest is computed on the unpaid principal balance and begins to accrue upon expiration of the grace period unless a borrower is eligible for deferment status.

The borrower may, at his/her/their option and without penalty, prepay all or any part of the principal and accrued interest at any time.

If the borrower fails to make a scheduled repayment or fails to comply with any other term of the promissory note, then the entire unpaid balance of the loan, including interest due and accrued, and any applicable penalty charges, will, at the option of the school, become immediately due and payable.

A deferment period means that interest does not accrue - and that 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 statute and regulations.
• Deferment periods do not count against the borrower's right to repay the loan within 10 years. For example, a borrower who has used three (3) years of deferments still has a total of 10 years, not seven (7) years, to repay the loan.
• Borrowers are allowed to move in and out of deferment and repayment. For example, a borrower may be in repayment, then participate in an activity for which deferments are available, go back into repayment, and then begin another deferrable activity.

Those who are eligible are:

• Borrowers who perform active duty as a member of a uniformed service (Army, Navy, Marine Corps, Air Force, Coast Guard, the National Oceanic and Atmospheric Administration Corps, or the U.S. Public Health Service Commissioned Corps) and/or those who volunteer under the Peace Corps Act are eligible for deferment for up to three (3) years.
• NSL borrowers who have entered repayment may receive additional deferments for up to 10 years for full-time or half-time enrollment in a collegiate nursing school.

Note: A borrower who is employed by one of the uniformed services in a civilian capacity or is part of VISTA is not eligible for deferment

During periods of deferment, interest on the loan continues to accrue but is not required to be paid unless the borrower wishes to do so.

NSL may be canceled because of the death of the borrower, or because the borrower has become permanently and totally disabled.

Regis may, in its discretion, place the borrower’s loan in forbearance whenever extraordinary circumstances such as poor health or hardship temporarily affect his/her/their ability to make scheduled loan repayments.

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 (e.g., six (6) months, one year). Even though a borrower obtains forbearance, the maximum NSL repayment period remains 10 years, including the time during which payments on the loan are in forbearance.

Note that penalties are not charged to borrowers with loans in forbearance provided that the borrower is complying with the terms of forbearance agreed upon by the borrower and the school since a loan in forbearance is not considered to be past due.

Default terms are defined as the following:

Failure of the borrower to make payments as required by the - promissory note and repayment agreement.

Failure of the borrower to comply with any other term(s) of the promissory note.