NURSING STUDENT LOANS - Gonzaga University

Repayment of principal, together with accrued interest, is made over a ten year period for Nursing Student Loans. Payments begin immediately after the grace period expires. The grace period follows completion or termination as a full-time or a half-time student. During the grace period, which is nine consecutive months long, repayment of principal is not required and interest does not accrue. In no case can the repayment period exceed 10 years, even if granted a forbearance or renegotiated payment.

The borrower may, without penalty, prepay all or any part of the principal and accrued interest at any time. If an accelerated payment is made, that prepayment must first be applied to any accrued interest and penalties (if any) and then to the principal balance.

You are required to inform the school of any change of name or address after ceasing to be a student at the school.

DEFERMENT

You may request to defer the repayment of your loan and to interrupt the repayment period. If you resume full-time or half-time studies at a nursing school during the grace period, the interrupted grace period is treated as if it did not begin. The borrower is entitled to the full nine-month grace period upon completion or termination of full-time or half-time student status. You must notify Gonzaga of continued student status by completing a deferment form and sending it to our office.

A deferment period on your Nursing Student Loan means interest does not accrue and you do not need to make payment on the loan. In addition to being responsible for requesting deferments and submitting the necessary documentation, the borrower must contact Gonzaga when enrollment is completed or terminated.

How to Apply For a Nursing Student Loan Deferment:

To apply for a deferment you must complete a Certification of Deferment Status Form. Send the form to Gonzaga University for processing. We will process your request promptly and send notification explaining how the application has changed your obligation.

Mail forms to:

Institutional Loan Programs
P O Box 3462
Spokane, WA 99220

DEFERMENT TYPES

Active duty as a member of a uniformed service (Army, Navy, Marine Corps, Air Force, Coast Guard, the National Oceanic and Atmospheric Administration Corps, or the U S Public Health Service Commissioned Corps) are eligible for deferment for up to three years.
Volunteers under the Peace Corps Act are eligible for deferment for up to three years. Service in VISTA does not qualify for deferment.
NSL borrowers who have entered repayment may receive additional deferments for up to ten years for full-time or half-time enrollment in a collegiate nursing school. The program must lead to a baccalaureate or a graduate degree in nursing.
You may be eligible for an additional ten-year deferment if you pursue advanced training in nursing or training to become a nurse anesthetist. Advanced training is training beyond your first diploma or degree in nursing.

FORBEARANCE

Forbearance is available if you are unable to make payments as required. Periods of forbearance must be counted as part of the ten year repayment period.

Due to extraordinary circumstance the borrower may apply for forbearance. This has the effect of temporarily suspending payment of principal; however, interest continues to accrue. Extraordinary circumstances include unemployment, poor health or other personal problems that have a short-term impact on the borrower's ability to make payments.

CANCELLATION

Nursing Student loans may be canceled because of death of the borrower or permanent and total disability.

PAYMENT OPTIONS

Same as Federal Perkins payment options.