The Nurse Faculty Loan is a Federal Loan administered by your lending institution. This loan is a legal obligation that must be repaid in accordance with the terms of your promissory note. This loan cannot be consolidated with any Federal loans and may be reported on a monthly basis to at least one national credit bureau.
The interest rate on this loan will accrue at the rate of 3% per annum beginning three (3) months after you cease to be a full-time student in the Nurse Education program. Interest will be payable at the end of your nine (9) month grace period. This 3% interest rate is contingent upon your completion of the Nurse Education program and verification of your employment as a Nurse Faculty member once you graduate.
You must submit a properly completed form certifying your employment within one year of your graduation from the program. If you fail to complete the program or fail to serve as a full-time nurse faculty member upon graduation, interest on this loan will accrue on the outstanding balance at the prevailing market rate as determined by the Treasury Department (rate is published quarterly). Current rate information may be found at www.hhs.gov.
This loan is repayable in equal quarterly or monthly installments over a 10 year repayment period that begins 9 months after you cease full-time enrollment in the program. You have the right to pay more than the amount that is due on your loan. You may also prepay any amounts without any penalty (any portion of the principal and/or accrued interest) on the loan at any time.
If you fail to make an installment payment when due or fail to comply with any other terms of your promissory note, your loan will be considered in default. Your default may be reported to a credit bureau. If you have difficulty making your loan payments contact your school or ACS Education Services immediately.