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About The Nursing Student Loan

The Nursing Student Loan (NSL) is a 5% interest loan with no fees provided through the Department of Health and Human Services.

  • The Nursing Student Loan is a need-based loan awarded through the Financial Aid Office.
  • The loan is awarded to undergraduate students accepted into the USD Nursing Program with exceptional financial need.
  • The amount awarded is determined by the student's need and the availability of funds.
  • The federal government subsidizes or pays the interest on the loan while you are enrolled at least half-time in a nursing program, in your grace period or in an eligible deferment.

How to Apply

  • To apply for the Nursing Loan, complete the Free Application for Federal Student Aid (FAFSA) by the University of South Dakota's priority deadline of April 1.
  • This loan is awarded on a priority basis based on the FAFSA receipt date.
  • A separate Promissory Note is needed for this loan.
  • The Nursing Student Loan is a loan and will need to be repaid.


  • Payments begin nine month after you graduate or cease half-time enrollment in a nursing program.
  • The minimum monthly payment is $40 with a maximum repayment term of 10 years.
  • The Nursing Loan has a fixed interest rate of 5% for the life of the loan.
  • The Nursing Student Loan offers deferment provisions outlined in the promissory note. You will receive more information on this subject in the Nursing Loan exit interview. For more information visit the Business Office, Loan Department in Slagle Hall.