Update: On 8/24, the White House announced up to $10,000 in forgiveness on qualified federal student loans for qualified borrowers and up to $20,000 qualifying for Pell Grant recipients and suspended federal student loan payments with 0% interest until 12/31/22. Before refinancing federal student loans, keep in mind that doing so will cause you to lose access to future benefits applied to federally-held loans. Learn More
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Undergraduate & Graduate Loans for Nursing and Teaching

We offer fixed-rate, 10-year terms from $1,000-$15,000.

Loan Amounts From

Undergraduate

$1,000 – $10,000

Graduate

$1,000 – $15,000

Fixed Rates at

Undergraduate

3.00% APR*

Graduate

4.00% APR*

Loan Terms

10 Years

Eligibility Requirements

If you meet Education Loan Finance’s underwriting criteria and eligibility requirements, you may be qualified for a student loan through our Tennessee Lending Program for Teachers and Nurses. Read on to see if you may qualify.

1

Eligibility

Verify you meet eligibility requirements listed below.

2

Participating Schools

Are you planning to attend one of the institutions below?

3

Documents Needed

Do you have all the documents required to obtain a loan?

Requirements Checklist

  1. The borrower must be a U.S. citizen or permanent resident alien without conditions and with proper evidence of eligibility.

  2. The borrower must be at the age of majority or older at the time of loan application.

  3. The student must be enrolled in their Junior or Senior year of an undergraduate program or enrolled in a graduate program at one of the eligible institutions below.

  1. Must have a minimum loan amount of $1,000.

  2. The student must be enrolled at least half-time in school.

  3. Depending on the institution, there may be a maximum income threshold that the borrower must fall under in order to qualify.

Eligible Schools

In order to qualify for a student loan through this program, the student must be enrolled at one of the following institutions:

Lee University – Cleveland, TN
Tennessee Technological University – Cookeville, TN
University of Tennessee – Chattanooga, TN
Tennessee State University – Nashville, TN
University of Tennessee – Knoxville, TN
Bryan College – Dayton, TN
Johnson University – Knoxville, TN

 

Frequently Asked Questions

What is the Tennessee Lending Program for Teachers and Nurses?

The Tennessee Lending Program for Teachers and Nurses offers specialty loan products to prospective teaching and nursing students at eligible institutions.

What degrees qualify for this program?

In order to qualify for an undergraduate or graduate student loan through this program, you must be enrolled at least half-time in a teaching or nursing program. Half-time enrollment is an enrollment status applied to students who are only enrolled in half of the expected full-time course load. Each school may have different specifications for what qualifies as half-time enrollment.

How do I qualify?

The Tennessee Lending Program is designed for teaching and nursing students who are U.S. citizens or permanent residents. In order to qualify you must submit an application and be enrolled in your Junior or Senior year of an undergraduate program or enrolled in a graduate program at one of the following institutions:

  • Lee University – Cleveland, TN
  • University of Tennessee Chattanooga – Chattanooga, TN
  • Tennessee Technological University – Cookeville, TN
  • Tennessee State University – Nashville, TN

For certain institutions (see “Is there an income limit to qualify?” FAQ below), your income must also be less than 80% of the Federal Financial Institutions Examination Council’s non-Metropolitan Statistical Area/Metropolitan Division Median Family Income for the county in which you attend school as well as meet other credit eligibility requirements.

How does interest accrue?

Undergraduate student loans offered through this program accrue interest at a rate of 3.00% APR* while in school and following graduation.

Graduate student loans offered through this program do not accrue interest while in school. Following graduation or leaving the university, graduate loans will accrue interest at a rate of 4.00% APR* following a 6-month grace period.

Is there an income limit to qualify?

For the following institutions, to qualify for this program, you must have an income less than 80% of the Federal Financial Institutions Examination Council’s non-Metropolitan Statistical Area/Metropolitan Division Median Family Income for the county in which you attend school:

  • Lee University – Cleveland, TN (Bradley County)
  • University of Tennessee – Chattanooga, TN (Hamilton County)
  • Tennessee Technological University – Cookeville, TN (Putnam County)

For the following institution(s), there is no maximum income threshold:

  • Tennessee State University – Nashville, TN (Davidson County)
What are the minimum and maximum loan amounts?

You may borrow between $1,000 and $10,000 for the undergraduate loan program and between $1,000 and $15,000 for the graduate loan program.

Are these fixed or variable interest rates?

All student loans offered through this program have fixed interest rates.

What are the loan term options?

This program offers only ten-year loan terms.

Can I add a cosigner? Do I need one?

Undergraduate and graduate student loans offered through this program do not allow cosigners.

Is there a grace period after I graduate?

Yes, loans offered through this program will have a 6-month grace period immediately after graduation or leaving the university. For TNLP undergraduate loans, your interest will continue to accrue during the grace period.

For TNLP graduate loans, your interest will not accrue during the 6-month grace period following graduation or leaving the institution.

Who will service my loans?

American Education Services (AES) is the third party loan service provider that Education Loan Finance currently partners with to service your student loans. Once you accept your loan, AES will reach out to you to set up an account that you will use to make monthly payments.

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