| Nursing Student Loan Program | |
|---|---|
| Is there any penalty for prepaying or paying my loan off early? | No |
| How long is the initial grace period? | 9 months |
| Does interest accrue during my grace period? | Yes |
| What is my interest rate? All student loans are simple interest loans; the interest is calculated on the unpaid principal balance at the time of billing. | 3 percent |
| What is my minimum payment amount per month? | $40.00 |
| Am I responsible for all collection agency fees and litigation fees accrued on my loan? | Yes |
| Will my loan be accelerated if my account is turned over to a collection agency | Yes |
| Once my loan is accelerated and the entire principal balance and accrued interest is due immediately, will I lose all deferment and cancellation privileges? | Yes |
| If my loan is accelerated, will I receive a 6 month renewable grace period. | No |
| Will my student loan be reported to a National Credit Bureau? | Yes |
| Is my loan reported to a National Credit Bureau each month I am delinquent? | Yes |
| Will I be assessed late charges if my payment is not submitted on time? | Yes, up to 6% of payment amount |