How does a student apply for the Nursing Student Loan?
To apply for this loan, students must complete and file a FAFSA. They should then notify the financial aid office that they are interested in receiving a loan under the program.
How much may a student receive through this program?
There is a minimum loan of $250 and a maximum of $3,000 per school year. There is a cumulative total of $15,000.
Can this loan be forgiven?
This loan is forgiven at the rate of 25% in each of the first two years of full-time work as a nurse in Wisconsin, for a maximum of 50%.
When must a student repay this loan?
Borrowers go into repayment on the remaining 50% of the loan when the forgiveness period is completed. If the borrower does not practice as a nurse in Wisconsin upon graduation, the borrower will have a six month grace period and then repayment will begin on the outstanding balance.