Loans

An education loan is a form of financial assistance that allows you to spread the cost of your education over time. A loan must be repaid with interest. Eligibility may be based on your Cost of Attendance and financial need for the loan. You are not required to accept the loan portion of your financial aid package.

Each loan type has different eligibility requirements and terms that must be met. Federal loans require acceptance into a degree seeking program or certificate program. Federal loans require a FAFSA (Free Application for Federal Student Aid) to be filed. Please be aware there are student loan limits to the amount of Direct Loans that can be borrowed while seeking your degree, determined by the student's grade level and financial need. Federal law sets the maximum interest rates and fees that may be charged for federal loans. The interest rate is set on July 1st each year. For more information about the Direct Loan Program, please visit the the Direct Loans page on our website or studentloans.gov from the US Department of Education.

We urge all first-time borrowers to spend some extra time learning about the loan process so that they can make informed choices throughout their education.

Loan Resources

HPSL Student Loan

• Sign Your HPSL Promissory Note
• Complete HPSL Exit Counseling

Direct Loans

• Sign your Direct Loan Master Promissory Note
• Complete Direct Loan Entrance Counseling
• Complete Direct Loan Exit Counseling

Nurse Faculty Loan (NFLP)

• Sign Your NFLP Promissory Note
• NFLP Exit Counseling

Other Loan Resources

• Direct Loan Entrance Counseling and Master Promissory Note
• Federal Student Aid Ombudsman
• National Student Loan Data Systems (NSLDS) - The National Student Loan Data System (NSLDS) is the U.S. Department of Education's central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.
• National Student Loan Clearinghouse
• Direct Loan Program Maximums
• Steps To Completing Your Direct Student Loans (PDF 445KB)
• Missouri Health Professional Nursing Student Loan - Professional and Practical Nursing Student Loans provide financial aid to students pursuing careers as licensed practical nurses or professional nurses in underserved areas of Missouri.
  To be eligible, the applicant must be a Missouri resident attending a Missouri institution seeking education leading to licensure as a practical or professional nurse. Missouri residents are those who lived in this state for more than one year for any purpose other than to attend an educational institution. Must be enrolled or accepted full-time (with the exception of Doctoral students seeking Ph.D., D.N.P. or Ed.D.) and the nursing program must have an 80% pass rate. Pass rates can be obtained from the State Board of Nursing website. If selected to participate, students must maintain a minimum of a 2.5 grade point average.

  Maximum loan amounts

  • $2,500 for LPN students
  • $5,000 for professional nursing students (Diploma, ADN, BSN, MSN, APN, DNP)

Loan Repayment

It's important for students to understand the loan repayment process prior to taking on loans. Learn about payment plans, loan consolidation, getting out of default and more at the Federal Student Aid website.

Loan Data 

In 2021-22, the percent of students with debt is 40% for federal loans and 42% with federal, state, and or private loans. Our 2019 cohort default rate (CDR) for federal student loans is 1.3%, below the national average CDR rate of 2.3%. This is updated soon after 1 October of each year.

*Data provided by the National Center for Education Statistics