Application Disclosure

Nevada Office of Western Interstate Commission for Higher Education (WICHE) Stipend Conversion to Loan for Non-Fulfillment of Practice Obligation Application Disclosure is an estimate* of the total loan amount, interest, finance charge, schedule of payments if the stipend amount received while in school is converted to a loan if you breach the terms of your stipend contract, for example by not fulfilling your practice obligation.

$108,160

Total loan amount

Estimated total amount of loan (total stipend received to complete educational program) converted to loan if participant breaches stipend contract.

8.0%

interest rate

Your interest rate

$49,313.51

finance charge

The estimated amount the credit will cost you.

$157,473.51

Total payment

The estimated amount you will have paid when you have made all payments.

$0

Amount paid to you

+$108,160

Stipend

Amount paid to your institution on your behalf.

$108,160

Total amount financed

Total amount provided

+$49,313.51

accrued interest

$157,473.51

Total loan amount

ABOUT YOUR INTEREST RATE

Your rate is fixed. This means that your actual rate will NOT vary with the market once you enter repaymentYour rate could be lower or higher than the rate on this form.

FEES

  • Late Charge: $15 on any installment which is late.
  • Returned check charge: $25 charge for any payment returned for non-sufficient funds or stopped payment.
  • One Time Default Fee when you begin repaying the loan: Up to 10% of total loan amount.

* Nevada WICHE participants are not guaranteed a yearly stipend to complete their practice program. Selection of stipend participants is based on eligibility, meeting compliance requirements as well as availability of funding from the Nevada legislature.

$1,312.28

Monthly Payment at 8%

120 Months

Jan. 1, 2034 – Dec. 31, 2044

$1,312.28

Monthly Payment at 8%

1 Month

Jan. 1, 2028

Federal Loan Alternatives

Interest Rates for Direct Loans First Disbursed on or After July 1, 2024, and Before July 1, 2025. The rates for Direct Loans after July 1, 2025, and before July 1, 2026, have not been posted yet.

You may qualify for Federal education loans.

For additional information, contact your school’s financial aid office or the Department of Education at Federal Finacial Aid.

Direct Subsidized and Direct Unsubsidized Loan Information at Federal Finaacial Aid subsidized-unsubsidized.

6.53% fixed

Direct Subsidized Loans and Direct Unsubsidized Loans

Undergraduate Students

8.08% fixed

Direct Unsubsidized Loans

Graduate or Professional

9.08% fixed

Direct PLUS Loans

Parents and Graduate or Professional Students

Find Out About Other Loan Options. 

Contact your school’s financial aid office for more information. 

To apply for the Nevada WICHE/USU College of Veterinary Medicine HPEP Stipend, visit the  NVWICHE Application webpage, and for more information regarding this stipend, visit the NVWICH HPEP-USU webpage.

Reference Notes

Practice Obligation Grace Period per Nevada Revised Statute 397.0645 (1) (c)  

  • (1) Your practice obligation commences within 1 year after completion or termination of education, internship or residency for which you received the stipend. 
  • (2) You must complete your practice obligation within 5 years after the completion or termination of education, internship or residency for which you received the stipend. 

Non-fulfillment of Practice Obligation/Conversion of Stipend to Loan per Nevada Revised Statute 397.0645 2  

  • (a) If you do not fulfill your practice obligation, Nevada Office of WICHE shall convert the stipend into a loan to be repaid in accordance with Nevada Revised Statute 397.0645 from the first day of the term for which you received the stipend. 
  • (b) Nevada Office of WICHE shall assess a default charge if you received the stipend to participate in a program administered by the Nevada Office.  

Petition Option for Nevada WICHE Participants for Hardship 

  • Participants may petition the Nevada WICHE Commissioners for reduction or extension of practice obligation. 
  • Participants may petition the Nevada WICHE Commissioners for reduction of principal balance, extension of repayment or credit on stipend loan conversion for professional services provided without compensation to the State or its political subdivisions. 

Terms of Repayment for Stipend Converted to Loan 

  • Per Nevada Administrative Code 397 the Director of the Nevada Office may negotiate the terms for repayment of a stipend converted to a loan pursuant to Nevada Revised Statute 397.9645, including and without limitation, how and when a recipient of such a loan who is in default will be required to make payments. 

Forbearance/Deferment 

  • Contact Nevada Office of WICHE for deferment requests in the event of financial hardship or internships/residencies.