The Nevada System of Higher Education does not have a separate state loan program. College grants and scholarships are its preferred financial aid strategy.
This may be because the state of Nevada has a student loan default rate of 7.4% which is significantly higher than the national average of 5.2%.
The two main Nevada financial aid programs are the Millennium Scholarship and the Nevada Student Incentive Grant.
The Nevada System of Higher Education oversees the Millennium Scholarship, an award of up to $960 per semester for a maximum of six years. The award is prorated by credit hour ($40 per credit, lower division at a community college; $60 for upper division and state college students; and $80 for private school students) and can only be received for 12 credits per semester.
Requirements include:
graduation from a Nevada school, with at least a 3.25 GPA, passing the Nevada High School Proficiency Examination, and completing the core curriculum
being a citizen of Nevada for at least 2 years in high school, and enrolled in an eligible Nevada college for a minimum of 6 credits in a degree program
maintaining a 2.6 GPA during your first year in college, and 2.75 after that- if you lose the scholarship, you can get it back, but if you lose it a second time, you cannot get it back again
The Nevada Incentive Grant is need-based aid in amounts ranging from $200 to $4,000.
Nevada schools used both the
Direct Federal Student Loan
program and the Federal Family Education Loan Program (FFELP) for their
federal student loans
, but now that the FFELP has ended, all schools have switched to Direct loans.
Nevada is a member of the Western Interstate Commission for Higher Education (WICHE). In addition to exchange programs with other states, Nevada WICHE offers several programs giving financial aid for college:
The HEALTH CARE ACCESS PROGRAM (HCAP)- which features either:
an annual 'support fee' paid directly to your in or out of state school
or
a loan repayment program paid to your lender when you finish school
Out-of-state degree programs are:
Nursing – Masters Level- $2,900 for 2 years
Nursing- Ph.D. Level- $5,600 for 2 years
Pharmacy- $6,500-$9750 for 4 years
Physician Assistant- $10,900 for 2 years or $14,533 at the University of Washington MedEx
In-state degree programs are:
Undergraduate Nursing- $2,900 for 2 years
Physical Therapy - UNLV only- $7,800 for 1st Year, $6,750 for 2nd Year, $1,100 for 3rd Year
Loan Repayment degree programs are:
Dentistry- $14,900 for 2 years
Mental Health- $2,050 for 2 years
Nursing- $1,450 for 2 years
The requirements for these programs are:
Students must repay 10% of the total within 5-10 years of graduation (except for Loan Repayment Program).
Students must work in Nevada and practice in a medically underserved region (except for nursing).
Graduate-level nurses must teach within the Nevada System for Higher Education.
Students must obtain a guarantee/co-signor signature for the promissory notes (except for Loan Repayment Program).
These college loans for students are state programs, reserved for Nevada residents.
Student Loan Forgiveness Programs?
Nevada WICHE sponsors a student loan forgiveness program:
The Professional Student Exchange Program (PSEP)
Optometry
- $14,600 per year for 4 Years
Pharmacy
- $9,750 for years 1 and 2; $6,500 for years 3 and 4
Veterinary Medicine
- $27,200 per year for 4 years
Students must repay 25% of the support fee within 5-10 years after graduation. They must also return to Nevada and practice their profession for a number of years equal to the number of years loans were received. A guarantee/co-signor signature for the promissory notes must be obtained, also.
In return, 75% of the loans will be forgiven.
The Nevada System of Higher Education gives students a chance to get a quality college education at a lower cost through its participation in WICHE. Students should take advantage of this opportunity and apply.
Nevada System of Higher Education James E. Rogers, Chancellor System Administration North 2601 Enterprise Road Reno, Nevada 89512-1666 Telephone: 775-784-4905 Fax: 775-784-1127