Office of Financial Aid

Nursing Student Loan (NSL)

The Nursing Student Loan (NSL) is awarded to nursing students with financial need and is funded by repayments from prior NSL recipients. Nursing students must be enrolled for at least 6 credit hours (5 or more for the Graduate College and School of Public Health) to receive the NSL. Unlike Direct Stafford Loans, when you accept a NSL, you are borrowing from UIC. Funding for the NSL program is limited and awarded on a first come, first serve basis. The interest rate for this loan is fixed at 5%. There are no origination fees.

The federal government pays interest on (subsidizes) the loan until you begin repayment and during authorized periods of deferment thereafter. Repayment of principal and interest begins after a grace period of 9 months after you leave school or fall below half time enrollment.

Master Promissory Note (MPN)

Borrowers of NSL must sign a Master Promissory Note (MPN) agreeing to pay back the loan to the federal government, with interest, according to the terms of the program. You must complete the NSL Master Promissory Note online here.

UIC Financial Counselor™ Requirement

Every year that you borrow a loan at UIC, you must complete a UIC Financial Counselor™ session. If you do not complete this online debt management tutorial, your grades, transcripts, and subsequent class registration will be put on hold.