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Nursing Student Loans
Our private nursing student loans are designed to take the difficulty out of the borrowing process by providing a quick and easy application process with funding delivered straight to you. Take a look at the benefits of our Act Education Loans and see how they differ from traditional nursing student loan programs.
[a] Undergraduate and graduate borrowers may borrow annually up to the lesser of the cost of attendance or $30,000 ($40,000 for certain schools where it has been determined that the annual cost of attendance exceeds $30,000). Borrowers in Continuing Education and K-12 loan programs may borrow annually up to $30,000. Private Loans are subject to credit approval.
[b] Undergraduates may defer repayment until six months after graduation or ceasing to be enrolled at least half-time. Immediate and interest only repayment options are also available. Graduate repayment is automatically deferred. Continuing education borrowers begin repayment the earlier of a) six months after the student graduates or earns a certificate; b) six months after the student ceases to be enrolled or c) two years after the date of the loan disbursement. K-12 loans are immediate repay loans.
[c] A 0.25% interest rate reduction is available for borrowers to elect to have monthly principal and interest payments (or monthly interest payments, depending on loan servicer) transferred electronically from a savings or checking account. This interest rate reduction will begin when automatic payments start, and will remain in effect as long as automatic payments continue without interruption. This reduced interest rate will return to the contract rate if automatic payments are cancelled, rejected or returned for any reason.
Upon request, borrowers are also entitled to an additional .25% interest rate reduction if (1) the first 36 payments of principal and interest are paid on time, and (2) at any time prior to the 36th on time payment, the borrower who receives a monthly bill elects to have monthly principal and interest payments transferred electronically from a savings or checking account, and continues to make such automatic payments through the 36th payment. This reduced interest rate will not be returned to contracts rate if, after receiving this benefit, the borrower discontinues automatic electronic payment.
[d] Co-signers will be eligible for co-signer release upon request if (1) the first 48 payments of principal and interest are paid on time, (2) at any time prior to the 48th on time payment, the borrower who receives the monthly bill elects to have monthly principal and interest payments transferred electronically from a savings or checking account, and continues to make such automatic payments through the 48th payment, and (3) the borrower meets credit-worthiness criteria at the time of the release of the co-signer. The co-signer release is only available for undergraduate, graduate, and continuing education loans.
[b] Undergraduates may defer repayment until six months after graduation or ceasing to be enrolled at least half-time. Immediate and interest only repayment options are also available. Graduate repayment is automatically deferred. Continuing education borrowers begin repayment the earlier of a) six months after the student graduates or earns a certificate; b) six months after the student ceases to be enrolled or c) two years after the date of the loan disbursement. K-12 loans are immediate repay loans.
[c] A 0.25% interest rate reduction is available for borrowers to elect to have monthly principal and interest payments (or monthly interest payments, depending on loan servicer) transferred electronically from a savings or checking account. This interest rate reduction will begin when automatic payments start, and will remain in effect as long as automatic payments continue without interruption. This reduced interest rate will return to the contract rate if automatic payments are cancelled, rejected or returned for any reason.
Upon request, borrowers are also entitled to an additional .25% interest rate reduction if (1) the first 36 payments of principal and interest are paid on time, and (2) at any time prior to the 36th on time payment, the borrower who receives a monthly bill elects to have monthly principal and interest payments transferred electronically from a savings or checking account, and continues to make such automatic payments through the 36th payment. This reduced interest rate will not be returned to contracts rate if, after receiving this benefit, the borrower discontinues automatic electronic payment.
[d] Co-signers will be eligible for co-signer release upon request if (1) the first 48 payments of principal and interest are paid on time, (2) at any time prior to the 48th on time payment, the borrower who receives the monthly bill elects to have monthly principal and interest payments transferred electronically from a savings or checking account, and continues to make such automatic payments through the 48th payment, and (3) the borrower meets credit-worthiness criteria at the time of the release of the co-signer. The co-signer release is only available for undergraduate, graduate, and continuing education loans.
