The Nursing Loan program is a need-based loan for students pursuing a degree in nursing. In order to be considered you must have completed 30 credit hours.
The Nursing Loan has a fixed interest rate of 5%.
Repayment begins nine months after graduation or dropping below halftime. The Nursing Loan is repaid directly to UWO. Please contact Student Loans for information (920-424-1336). To be considered for the Nursing Loan, students must file the FAFSA.
However, if a student has a nursing loan and changes his/her major from nursing, the loan will become due while the student is still in school.
Regulation Z (Truth in Lending)
Information for Nursing Loan Recipients
On July 30, 2009, the Federal Reserve approved final amendments to Regulation Z (Truth in Lending) that revise the disclosure requirements for private education loans. The amendments implement provisions of the Higher Education Opportunity Act (HEOA) enacted in August 2008. Under the amendments, creditors that extend private education loans must provide disclosures about loan terms and features on or with the loan application and must also disclose information about federal student loan programs that may offer less costly alternatives. Additional disclosures must be provided when the loan is approved and when the loan is consummated. The rules became effective on Sept. 14, 2009 and lenders are required to be in compliance for any new loans after Feb. 14, 2010.
What loans do the new regulations affect?
The amendments to Regulation Z (Truth in Lending) apply to all private education loans and certain educational loans offered by the school, including the Nursing Loan. They do not apply to Federal Title IV loans (Federal Direct Student Loan, Perkins Loan and Federal Direct PLUS).
For the Nursing Loan, we are required to present you with the Application/Solicitation Disclosure Statement.
The disclosure is linked below in PDF format. Adobe’s free PDF reader can be downloaded from their website.
The subsequent disclosures, as well as a Self-Certification Form, will be presented to you electronically when you sign the loan promissory note with our Nursing Loan servicer, ECSI.
What is required of me?
- You must review the Application/Solicitation Disclosure Statement. This disclosure will describe the general terms of the loan and the estimated amount that you will repay over the life of the loan. It will also provide you with information regarding the potential availability of lower-cost Federal loan options. You are not required to take any action upon receipt of this disclosure, but you should review it carefully so that you understand the terms of the loan that you are requesting.
- If you wish to receive the Nursing Loan, accept it on TitanWeb.
- After accepting, you will receive instruction by email to continue processing with ECSI. The steps will include receipt of any Approval Disclosure Statement, loan entrance counseling, a promissory note and a self-certification form. After you complete the promissory note, you will receive a Final Disclosure Statement. You have 3 days from receipt of this disclosure to request that the loan be canceled. You are not required to take any action upon receipt of the Final Disclosure Statement unless you wish to cancel the loan.
Nursing Loan Processing
All Nursing Loan borrowers are required to complete Nursing Loan Entrance Counseling and a Master Promissory Note (MPN). The students will be prompted to complete the entrance counseling during the MPN process.
The loan will not be disbursed to the student unless both the Entrance Loan Counseling and the MPN are completed.
You will need to complete a new MPN every year you receive a new Nursing Loan. Before completing the Nursing Loan MPN, review the Application/Solicitation Disclosure Statement.
You must have the following information ready prior to completing the process:
- Social Security Number
- Date of Birth (DOB)
- Phone Number
- Information about three personal references (name, address, email and phone number)
Carefully read these instructions prior to clicking on the ECSI link.
- Click on the www.ecsi.net/promr8 link (will open a new window).
- Read through the information provided and click on “Begin the electronic signature process” link.
- Enter your Social Security Number, last name and date of birth.
- Click on “Authenticate Me” and provide your Last name, First name, Date of Birth and Social Security Number
- Complete the Entrance Loan Counseling when prompted.
- Carefully read your Rights and Responsibilities.
- Supply reference information.
- Review and Sign the Marital Property Act.
- Read the entire Master Promissory Note (MPN).
- Electronically sign your MPN by checking the box and typing your full legal name.
- Retrieve and print your MPN for your records.