Introduction to the Student Loan Process

A loan for educational expenses is an option if you are eligible or if your parents qualify. All types of loans must be repaid, but repayment begins after you graduate or fall below half-time enrollment. In order to establish your loan eligibility you need to fill out your Free Application for Federal Student Aid (FAFSA) for most loans. We offer the following types of loans at Research College of Nursing:

Federal Subsidized Stafford and Unsubsidized Stafford Loans:
The subsidized loan is based on demonstrated need. The unsubsidized loan is a non-need based program. A completed FAFSA is required.

With the Subsidized loans the interest is deferred while you are in school and repayment begins six months after you graduate or fall below half-time enrollment. The Unsubsidized loans have the same repayment time frames, but the interest starts to accrue at the time of disbursement. Students may choose to pay the interest as they go or have it deferred and rolled into their principal.

Federal Parent Loans (PLUS): amounts vary
Based on credit-worthiness, the Federal Parent loan is a non-need based program. Families can apply for the PLUS with or without a FAFSA on file. If you're an undergraduate student and dependent on your parents, your parents may qualify for a Federal PLUS Loan. The PLUS loan is available without regard to financial need. Your parents are responsible for repaying the loan; repayment begins 60 days after the loan is fully disbursed.

Alternative loans: amounts vary
A variety of privately funded loans are offered by lenders.

Stafford Loan Limits
The chart below shows the annual and aggregate loan limits.

Loan Limits
Class Level Dependent Limit Independent Limit
Juniors (60-89hrs) $5,500*$2,000 additional unsub $12,500*
Seniors(90+hrs) $5,500*+$2,000 additional unsub $12,500*
Accelerated Option, fall, spring terms $5,500*$2,000 additional unsub $12,500*
Accelerated Option, summer term $2,979* +$1,083 additional unsub $6,770*


Lifetime Loan Limits
Dependent undergraduates $31,000
Independent undergraduates $57,500
Graduate and professional students $138,500

*Students can only borrow up to the cost of attendance for their program of study. Check with the Financial Aid Office to see the cost of attendance for your program. You can only borrow one loan per academic level.