Federal Nursing Loan

Students admitted to the Decker School of Nursing and are registered for at least 6 credits may be considered for a low interest, federally-funded Nursing Loan. Application for this type of financial aid is done by filling out and submitting the Free Application for Federal Student Aid (FAFSA), and basic eligibility requirements must be met, as determined by the federal government. The amount of this loan is based on financial need.

Accepting your loan

Once you have received and reviewed your award offer, accept or decline your loan via BU BRAIN Self Service. Click on the Financial Aid tab. Select Award and appropriate aid year. Go to Award Overview to VIEW and/or PRINT your award offer.

Student Accounts will send an email notification of your Promissory Note requirement after you accept the loan.

*The loan limits for the 2020-21 academic year are:

Freshman: $4,816
Sophomore: $4,816
Junior: $7,576
Senior: $7,576
Graduate: $5,200
BAT: $6,000

Total aggregate loan limits: $24,768

*Amount of nursing loan offered is based on student eligibility and funding available.

There is a fixed interest rate of 5%. The federal government pays the interest that accrues on the loan while you are enrolled in at least 6 credits and you won't be charged any interest during your nine-month grace period.

Repayment begins nine months after the student leaves school. The repayment period may vary up to 10 years depending on the amount borrowed.

Students can check amounts borrowed to date and repayment status.