Federal Stafford Loan Program

Guaranteed student loans are available to students through the Federal Family Education Loan Program to help pay for college expenses. These are low interest rate loans that must be repaid. Repayment begins six months after the student graduates or drops below half-time attendance (six credit hours per term). All Stafford Loans are subject to an origination fee assessed by the lender.

There are two types of Stafford Loans:

Subsidized Stafford Loan

The federal government pays the interest on the loan while the student continues to be enrolled at least half-time.

Unsubsidized Stafford Loan

The student is responsible for the interest on the loan. The student may let the interest capitalize, but Chamberlain College of Nursing suggests that
the student pay the interest quarterly. The loan limits for dependent undergraduates per academic year are as follows:

Freshman students may borrow a maximum of $3,500.
Sophomore students may borrow a maximum of $4,500.
Junior and Senior students may borrow a maximum of $5,500.

The aggregate loan limit for a dependent undergraduate is $23,000. The aggregate loan limit for an independent undergraduate is $46,000.