What is the NSL Program?
The Nursing Student Loan (NSL) is a federal program funded by the Health Resources and Services Administration (HRSA). This program aims to increase the number of nursing students who become full-time faculty in nursing schools. Herzing University is approved to offer students pursuing an Associate, Bachelor, or Master’s degree in Nursing the Federal HRSA Nursing Student Loan.
How to apply: Herzing University will notify all students eligible to apply via their Herzing University student email.
Is NSL different from other student loans?
Yes, and here’s how you could combine it with your other federal student loans. Consolidating the NSL with your other federal direct loans could possibly provide you with benefits by providing one monthly bill, an overall lower monthly payment, and access to loan forgiveness options such as income driven repayments or public service loan forgiveness. If you consolidate this loan with other federal loans that were not used to go to Nursing school, you could possibly lose certain loan cancellation benefits like Nurse Corps Loan Repayment. Here are the instructions for how to include your NSL in a federal loan consolidation. Reach out to Alumni Support to discuss your options.
Eligibility
- At least half-time enrollment in each eligible semester NSL is awarded*
- Meet all SAP requirements and not have more than 1 failure of a nursing course
- Funding gap not covered by Federal or State loans, grants, institutional aid, or external gift aid (grants and scholarships)
- U.S. Citizenship or eligible non-citizen*
- Clean ISIR on file for the applicable award year*
- Not in default on any other educational debts (shown through NSLDS and FA Transcript)
- Has not already received annual NSL limit*
- Has not exceeded NSL aggregate limit*
*HRSA NSL requirement
Covered Expenses
Expenses covered by the NSL include reasonable educational expenses such as tuition and fees. Awards may be renewable contingent upon ongoing federal funding.
Candidates
Master’s Degree Programs
Students in good academic standing and enrolled in a Master's degree program (including direct entry MSN) are eligible to apply.
Bachelor’s Degree Programs
Students enrolled in a Bachelor of Nursing program are eligible to apply after successful completion of 60 credits toward their program.
Associate Degree Programs
Students enrolled in an Associate degree Nursing program can apply starting in their 2nd academic year (typically the third semester) at Herzing University.
Application Process
- To apply for the Nursing Student Loan Program, a student must first be meeting the following eligibility requirements:
- Enrolled and/or an active student in a Herzing University Master of Science in Nursing (including direct entry MSN), Bachelor of Nursing, or Associate of Nursing program.
- Submit a FAFSA
- Be in good standing with all other loans
- Have a gap in funding that is not covered by Federal or State Loans, grants, institutional aid, or external gift aid (grants and scholarships)
- Must meet citizenship eligibility requirements
- Has not already receive the annual NSL limit
- Have not exceeded lifetime NSL limit
- Meet with your Financial Aid Advisor to discuss your interest in the Nursing Student Loan and complete all required paperwork.
- Complete Entrance Counseling
- Sign Master Promissory Note
- Maintain a satisfactory grade point average and graduate the nursing program
- Complete Exit Counseling
- Complete documentation for deferment or forbearance if applicable or contact Alumni Support-Financial Services to begin the forbearance process (see FAQ for more information)
- Continue repayment of any remaining balance until the loan have been paid off completely
Entrance Interview Information
Before receiving a Nursing Student Loan (NSL), completion of entrance counseling is required. After eligibility is confirmed by the Financial Aid department, students are enrolled in the entrance counseling course through Canvas. The entrance counseling course provides information on the NSL program requirements, borrower’s rights and responsibilities, and disbursements and repayment options.
Exit Interview Information
Completion of exit counseling is required before graduating or dropping below half-time attendance. Herzing University’s third-party billing servicer, University Accounting Service, LLC (UAS LLC), will contact borrowers to complete exit counseling.
Frequently Asked Questions
Exit Counseling
Yes! It is a requirement that students who have used funding from our Nursing Student Loan Program complete the exit counseling once they have separated from Herzing.
Once you have separated from Herzing, you will receive an email from UAS, Herzing’s loan servicer, prompting you to complete the required exit counseling. If you did not receive this email or are having any difficulties completing the exit counseling, please reach out to our Alumni Support Team at alumnisupport@jmswierski.com, 1-866-508-0748, Option 7 so that we can assist you. Important links are also available in the checklist below.
Repayment
A deferment form must be submitted to our Alumni Support –Financial Services team at least 30 days before an eligible activity. Activities eligible for a deferment include active duty in the military, volunteering in the Peace Corps, full-time or half-time enrollment in a nursing program leading to a bachelor's or graduate nursing degree, or pursuit of advanced professional training in nursing to become a nurse anesthetist. For more information, please contact our Alumni Support Team at alumnisupport@jmswierski.com, 1-866-508-0748, Option 7, so that we can assist you.
The Nursing Student Loan has a 5% interest rate. Interest accrues on the unpaid balance once the grace period (9 consecutive months) ends unless you are eligible for deferment.
The Nursing Student Loan is on a 10-year repayment term. Payments are to be made immediately after the grace period's expiration and exclude any periods of deferment.
Repayment (on the principal balance and interest of the loan) begins immediately after the grace period expires, excluding any eligible periods of deferment. Herzing University must provide each borrower with an individual repayment schedule when you leave school. This will come from our partner, UAS.
If the NSL is past due more than 60 days beyond the repayment terms, a penalty charge of 5% will be assessed, the past due payment will be reported to the credit bureau, and tax offsets to collect the payments could occur. If you are experiencing financial hardship such as unemployment, health issues, or other personal circumstances, a forbearance is available to you. For more information, please contact our Alumni Support Team at alumnisupport@jmswierski.com, 1-866-508-0748, Option 7, so that we can assist you.
If you are experiencing financial hardship such as unemployment, health issues, or other personal circumstances, a forbearance is available to you. 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 months, one year).
Yes! The Nursing Student Loan is eligible for consolidation with other Federal Student loans.
Consolidating the NSL with your other federal direct loans could possibly provide you with benefits by providing one monthly bill, an overall lower monthly payment, and access to loan forgiveness options such as income driven repayments or public service loan forgiveness. If you consolidate this loan with other federal loans that were not used to go to Nursing school, you could possibly lose certain loan cancellation benefits like Nurse Corps Loan Repayment. Here are the instructions for how to include your NSL in a federal loan consolidation. Reach out to Alumni Support to discuss your options.
The Nursing Student Loan may be canceled due to death or permanent disability.
University Accounting Services (UAS) is the servicer for your Nursing Faculty Loan. UAS will email you notifications throughout your enrollment, grace period, and repayment.
Student Commitment After the NSL
An interest rate of 5% per year applies to all Nursing Student Loans. Interest is calculated on the unpaid principal balance and begins to accrue at the end of the grace period. The grace period starts immediately after a borrower is no longer enrolled in school or drops below half-time enrollment status. During the grace period, which is nine months long, repayment of principal is not required, and interest does not accrue.
Nursing Student Loans have options available to borrowers who need to postpone their payments and meet certain criteria. Contact Herzing University Financial Aid or Alumni Support Financial Services Department for more information.
This project is supported by the Health Resources and Services Administration (HRSA) of the U.S. Department of Health and Human Services (HHS). The contents are those of the author(s) and do not necessarily represent the official views of, nor an endorsement, by HRSA, HHS, or the U.S. Government. For more information, please visit HRSA.gov.