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Loan Options
Financial Aid

Federal Loans

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Herzing is approved to award eligible students with the following loans:

Direct PLUS/Grad PLUS

Federal PLUS loans are not awarded based on student’s financial need.  PLUS loans are borrowed by parents of dependent undergraduate students and students obtaining their graduate or professional degrees.  Borrowers will need to have a credit check completed in order to qualify for a PLUS loan.  Graduate students must complete their own FAFSA and the dependent students of the parents borrowing the PLUS loan must also complete the FAFSA.  For more information regarding student eligibility, interest rates, origination fees, repayment, loan limits, and other requirements for borrowing PLUS loans please visit the following:    http://studentaid.ed.gov/types/loans/plus

Direct Subsidized Loans

Subsidized loans are awarded based on student’s financial need.  Interest does not accrue on these loans when students are enrolled in classes at half-time or greater status and during their grace periods.  Students must fill out a FAFSA in order to qualify.  For more information regarding student eligibility, interest rates, origination fees, repayment, loan limits, and other requirements for borrowing subsidized loans please visit the following:  http://studentaid.ed.gov/types/loans/subsidized- unsubsidized

Direct Unsubsidized Loans

Unsubsidized loans are not awarded based on student’s financial need.  Interest accrues immediately following disbursement regardless of a student’s enrollment status or grace periods.  Students must fill out a FAFSA in order to qualify.  For more information regarding student eligibility, interest rates, origination fees, repayment, loan limits, and other requirements for borrowing unsubsidized loans please visit the following:  http://studentaid.ed.gov/types/loans/subsidized- unsubsidized

Applying for Federal Financial Aid

All students who apply for federal financial aid are required to fill out the Free Application for Federal Student Aid (FAFSA).  Students are encouraged to visit the following website to fill out their FAFSAhttp://www.fafsa.ed.gov/

Student Eligibility

In general, students may be eligible for Title IV aid if the following provisions apply:

  • The student is enrolled as a regular student in a Title IV-eligible program.
  • The student is a U.S. citizen or eligible non- citizen.
  • The student meets the need requirements specified.
  • The student makes satisfactory academic progress toward completing their program. Please visit the following URL to find information regarding Herzing University’s satisfactory academic progress (SAP) policy: http://www.herzing.edu/university-policy-statements
  • The student is not in default on a Title IV loan received at any institution.
  • The student has not met or exceeded aggregate loan limits.
  • The student is not concurrently receiving Title IV financial aid from another institution of higher education.
  • The student has not met or exceeded Pell lifetime eligibility limits.
  • The student does not owe a refund or repayment on a Federal Pell Grant, ACG, National SMART Grant, or Federal SEOG. For additional eligibility requirements please see: http://studentaid.ed.gov/eligibility/basic-criteria

Information Regarding Disbursements

All Federal loan disbursements will begin in Week 3 of each student’s start. Funds are applied to students’ ledger accounts and excess funds will be disbursed within 14 days of the disbursement date.

Exit Counseling Information

Direct Loan Exit Counseling

Direct Loan exit counseling is required for all students who leave Herzing University and have borrowed federal direct loans.  For more information regarding exit counseling please see the following:  https://studentloans.gov/myDirectLoan/exitCounseling.action?execution=e1s1

Please complete your exit counseling for direct loans at the following site:  https://studentloans.gov/myDirectLoan/index.action

Perkins Loan Exit Counseling

Perkins loan exit counseling is required for all students who leave Herzing University and have borrowed Perkins loans.  Herzing University is partnered with University Accounting Service (UAS).  Students can complete exit counseling online at UAS to fulfill their exit counseling requirements, learn more about loan repayment, and familiarize themselves with UAS.  Please complete exit counseling at the following site: https://www.uaservice.com/Borrower-Student/Complete_Exit_Interview.html

Repayment Information

Students are required to pay back their student loans.  When repaying federal loans, students need to identify how much they have borrowed and who currently services their federal loans.  Students can access the National Student Loan Database System to find out this information here: https://nslds.ed.gov/nslds/nslds_SA/

Repayment calculators are available if students know their amount borrowed and interest rates on their loans:  http://studentaid.ed.gov/repay-loans/understand/plans/standard/comparison-calculator

Herzing University is dedicated to helping students understand the importance of loan repayment and the options they have available to make repayment more affordable through the help of the Alumni Support Center.  Please see the following link for information on the Alumni Support Center:  http://www.herzing.edu/alumni/alumni-support-center

Federal Health Resources and Services Administration (HRSA) Nursing Student Loan

Herzing University is approved to offer students pursuing an Associate, Bachelor, or Master’s degree in Nursing the Federal HRSA Nursing Student Loan. Herzing University will notify all students eligible to apply via their Herzing University student email.

The following eligibility requirements must be met for a student to apply for Federal HRSA Nursing Student Loan funding.

  • At least half-time enrollment in each eligible semester NSL is awarded*
  • Meet all SAP requirements and not have more than 1 failure of a nursing course
  • Funding gap not covered by Federal or State loans and grants and institutional or external gift aid (grants and scholarships)
  • U.S. Citizen or eligible non-citizen*
  • Clean ISIR on file for applicable award year*
  • Not be in default on any other educational debts (shown through NSLDS and FA Transcript)
  • Has not already received annual NSL limit*
  • Has not exceeded NSL aggregate limits*

*HRSA NSL requirement

Master's Degree Programs (includes direct entry MSN)

  • Students are eligible in their final academic year if they are in good academic standing

Bachelor's Degree Programs

  • Students are eligible in the semester beginning after the successful completion of 60 credits towards their bachelor nursing program

Associate Degree Programs

  • Students are eligible for NSL beginning in their 2nd Herzing University academic year of the current nursing program
  • Typically this equates to eligibility beginning in the 3rd Herzing University ASN semester

Priority is given to students who demonstrate strong academic performance and financial responsibility.

Once selected and notified student will be required to complete an application packet before receiving the HRSA Nursing Student Loan which includes:

  • Completed application
  • Completed computer-based entrance counseling
  • Counseling discussion with Financial Aid Staff
  • Financial Aid history review which may include a Financial Aid Transcript from any prior nursing school attended
  • Completed Master Promissory Note
  • Active attendance in nursing program

Nurse Faculty Loan Program (NFLP)

The Nurse Faculty Loan Program (NFLP) is a federal program funded by the Health Resources and Services Administration (HRSA), which aims to increase the number of qualified nursing students who pursue careers as full-time faculty in schools of nursing.

  • This program is available to students enrolled in Master's of Science in Nursing Education (MSN-NE) and Post-Master's Certificate in Nursing Education (PMC-NE) who are committed to becoming nurse faculty.
  • In exchange for post-graduation employment as nurse faculty meeting specific criteria, the program authorizes the cancelation of up to 85% of any such loan (plus interest thereon).

For questions or more information please visit ONL-NurseEducator@herzing.edu. 1

1 This project is supported by the Health Resources and Services Administration (HRSA) of the U.S. Department of Health and Human Services (HHS) as part of an award totaling $294,980 with10% financed with non-governmental sources. The contents are those of the author(s) and do not necessarily represent the official views of, nor an endorsement, by HRSA, HHS, or the U.S. Government. For more information, please visit HRSA.gov.

Private Loans

Students may need to apply for additional financial assistance beyond Federal Financial Aid to help cover educational expenses. Private loans are one such option and will require credit checks and many loans will require a co-signer. Herzing offers FASTChoice, which is a list intended to assist students in comparing private loan options. Students are not limited to applying for loans from this list of lenders and may find other methods of financing their education. Please keep in mind that private lenders have limited repayment and loan consolidation options. Prospective borrowers may qualify for loans or other Title IV assistance and the terms and conditions may be more favorable than private education loans.  Please contact the Financial Aid Department, review our private student loan info sheet, or visit https://studentaid.gov/understand-aid/types/loans#what-types-of-federal-student-loans-are-available for more information.

State Loans

Herzing University is eligible to award students the following state loan options.  Please contact the Financial Aid Department for more information regarding eligibility and other requirements.

Minnesota Self Loan

The SELF Loan is a long-term, low-interest educational loan primarily for Minnesota students who need assistance paying for education beyond high school. Interest must be paid while the borrower is in school. Eligible students are Minnesota residents attending eligible postsecondary institutions in-state or out-of-state, and nonresidents attending eligible postsecondary institutions within Minnesota (Herzing Minneapolis is an eligible school). Students must be attending at least half-time and a co-signer is required. There is no minimum income threshold or requirement to demonstrate financial need. There are no application, origination, guarantee or other processing fees deducted from the loan. For more information regarding eligibility requirements, criteria for selection, amounts awarded, and procedures on how to apply please visit the following Minnesota Office of Higher Education website: http://www.selfloan.state.mn.us/index.cfm

Nursing Student Loan (Wisconsin Residents Only)

The Nursing Student Loan Program provides loans to Wisconsin resident undergraduates or graduate students who are enrolled at least half-time at an eligible in-state institution that prepares them to be licensed as nurses, either RN or LPN. For each of the first two years the student works as a nurse or nurse educator in Wisconsin and meets the eligibility criteria, 25% of the loan is forgiven. The balance remaining after forgiveness must be repaid at an interest rate of 5%. If the student does not work as a nurse or nurse educator and meet the eligibility criteria, the loan must be repaid at an interest rate of 5%. In order to receive a loan, students must be Wisconsin residents and enrolled at least half-time in a program that prepares them to be licensed as nurses (either RN or LPN) at an eligible Wisconsin college or university. Both undergraduates and graduates are eligible. The student who participates in this program must agree to be employed as a licensed nurse in Wisconsin. Herzing University receives a limited allocation of funds for the Nursing Student Loan program, not all students who meet basic eligibility requirements for the loan will be able to receive loan funds. For additional information regarding eligibility requirements, criteria for selection, amounts awarded, and application procedures please visit the following Wisconsin Higher Educational Aids Board website: http://www.heab.state.wi.us/programs.html#loans

 

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