Federal Stafford Loan for Nursing Students

Our Nursing Student Loan Advisers can help answer any questions you may have and help you through the application process.

Quick Jump

Benefits of a Stafford loan
How does a Nursing student become Eligible of a Stafford Loan?
What loan amounts are available?
Stafford Loan Interest rates
Grace Period and Repayment Terms
Disbursements and Additional Savings

Loan Program Benefits*

No credit check
Low variable interest rates
Deferred interest on Unsubsidized Stafford Loans during at least
Half-time enrollment
Make no payments until six months after you graduate or drop below half-time
Borrower benefits and repayment incentives are easy to receive
Automated, on-line processing options, including e-signature

Eligibility

When applying for a Stafford Loan, students must complete the Free Application for Federal Student Aid (FAFSA), be enrolled at least half-time, be a U.S. citizen or permanent resident and may not be in default on Federal education loan.

Loan Amounts

Additional unsubsidized funds that independent undergraduate students and graduate students may opt for include:

Years 1 and 2	$7,500 (year 1) $8,500 (year 2)
Years 3 and 4	$10,500 (per year)
Graduate Years	$20,500 (per year)

*Some Nursing Students may be eligible for as much as $40,500 per year during graduate school.

Interest Rates

6.80% Fixed for loans originated on 07/01/06 and beyond.
6.62% In school, during grace period and deferment for loans originated between 7/1/1998 - 6/30/2006 that have not yet been consolidated.
7.22% During Repayment or forbearance for loans originated between 7/1/1998 - 6/30/2006 that have not yet been consolidated.

Grace Period

Stafford loans allow you to receive a six-month grace period from the date you graduate or drop below half-time. During these six months you may begin repayment but are not required to do so.

Repayment

Standard Payment Plan

You pay the same amount each month for up to 10 years towards the principal and interest of the loan. The minimum payment amount is at least $50 per month.

Graduated Payment Plan

You begin repaying your loan with a lower payment and increase that amount after two to four years. The minimum payment amount is at least $50 per month.

Income-Sensitive Payment Plan

You may repay your loan based on your gross monthly income. You must show income documentation annually and additional documentation may be required.

Extended Payment Plan

You may take up to 25 years to repay your loan if you received your first loan after 10/8/1998 and your combined loans totals $30,000 or more.

Disbursements and Additional Savings

Once you have completed your application, your financial aid office You must fill out the FAFSA (Free Application for Federal Student Aid)
The interest rate is fixed
The federal government charges a loan origination fee, which is normally deducted from the original loan amount you borrow each year. One of the benefits of borrowing through Student Aid Centers lending body will pay the origination fee on your behalf! A savings up to $125 for every $5,000 borrowed!
You can save up to 4.68% of your original loan amount with our rewards program
Payments only have to made after six months after graduation or if you drop below half-time
You can choose from a variety of repayment plans and request to change your repayment plan once every 12 months as long as you remain in good standing
If you experience economic hardship during your repayment period or decide to re-enroll in school, you can apply for a defermentdis

Our Nursing Student Loan Advisers can help answer any questions you may have and help you through the application process.

Benefits & Rewards may change without notice. Within 60 days after graduation, students must notify Student Aid Centers Stafford lending body in order to receive the reward.