The promissory note issued at the time of disbursement delineates available conditions of deferment. The rules guiding deferment of Nursing Student Loans and Health Professions Loans are similar to those guiding Stafford Student Loans. Forbearance may be granted in the form of a temporary cessation of payments, an extension of the repayment period, or the making of smaller payments than previously scheduled. Interest will usually accrue during the period in which forbearance is granted. Under special circumstances, forbearance may be granted when the borrower does not fully qualify for deferment.
Students apply for forbearance in writing to the organization or school holding their loans.
For rules guiding forbearance and cancellation of Nursing Student Loans and Health Professions Loans , check with the organization which holds your loan. Applicants must have at least a 2.0 GPA and a good credit rating. The principal is due approximately 30 days from the date the loan was issued. Late repayment may result in an impaired credit rating, denial of future loans, and registration holds. For further information, please refer to the description of Federal Work-Study below.