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Institutionally Administered Loan

Clarke University has small institutional loan programs. The funding for these programs is limited to students with substantial need. Below is more information on each loan type:

Federal Nursing Loan

Available to undergraduate nursing majors ONLY. Repayment begins 9 months after the borrower ceases to be at least half-time at Clarke. No interest is charged while at least half-time and during grace period. Once grace period is over the interest rate will be 5%.

Federal Nursing Loan Program Statement of Rights and Responsibilities

  • I understand I must report any of the following changes to Clarke University and the Student Loan Office (x6417):
    • If I withdraw from school
    • If I transfer to another school
    • If I drop below half-time status
    • If my address changes
    • If my name should change
    • If I join the military service or the Peace Corps
  • When I graduate or withdraw from Clarke University I must arrange for an exit interview by calling the Student Loan Office at (563)588-6417.
  • The quarterly repayment period begins nine (9) months after the borrower ceases to be at least a half-time student at Clarke University.
  • No interest will be charged while the borrower is at least a half-time student (six credit hours) at Clarke University or during the nine months grace period. Interest shall accrue from the beginning of the repayment period at the annual percentage rate of five percent (5%) on the unpaid balance.
  • The borrower shall repay the principal and interest on this loan at a minimum rate of $120.00 per quarter (three months).  The size of the payment will depend upon the size of the total loan since the repayment period cannot exceed ten (10) years.
  • I understand that if I enter the military service or Peace Corps, or pursue advanced professional training, I may request that the payments on my loan be deferred.
  • The loan is repaid to Clarke University through the university’s billing service.
  • The borrower may prepay all or any part of the principal plus accrued interest at any time without penalty.
  • I understand that if I fail to repay my loan as agreed, the total loan may become due and payable immediately and legal action could be taken against me. If my loan is sent to a collection agency, I will be responsible for all collection costs.
  • I understand that if I cannot make a payment on time, I must contact the Student Loan Office.
  • I understand that I must promptly answer any communication regarding my loan.
  • I authorize Clarke University to contact any school which I may attend to obtain information concerning my student status, my year of study, my dates of attendance, graduation or withdrawal, my transfer to another school or my current address.
  • I understand my loan status will be reported to a credit bureau immediately after the loan is disbursed, as required by law.