2022-2023 Loan Information Chart
| Federal Nursing Loan |
Direct Loan |
Direct PLUS Loan/Grad PLUS Loan | Private/ Alternative Loan | |
| Borrower | Student | Student | Parent/ Graduate Student | Student |
| Cosigner | None | None | Only if poor credit | Probable |
|
Credit Check |
No | No | Yes | Yes |
| Interest Rate (effective July 1, 2022- June 30, 2023) |
5% Fixed |
4.99% Subsidized/Unsubsidized [Undergraduate Programs] 6.54% Unsubsidized [Graduate Programs] |
7.54% | Varies by Lender/Program |
| Fees (deducted from loan proceeds prior to disbursement) (effective Oct. 1, 2021- Sept. 30, 2022) |
None | 1.05% Origination Fee | 4.228% Origination Fee | Vary by loan program and credit rating |
| Loan Limits |
Determined by school based on need and available funds Annual amounts $500 – $8,237 depending on grade level, loan program limits, and funding Undergraduate Limit= $25,825 |
Freshman = $5,500 (up to $3,500 Sub.) Sophomore = $6,500 (up to $4,500 Sub.) Junior/Senior = $7,500 (up to $5,500 Sub.) Graduate = $20,500 (all Unsubsidized) Dependent/Undergrad. Limit = $31,000 (up to $23,000 can be Subsidized) Independent/Undergrad. Limit = $57,500 (up to $23,000 can be Subsidized) Graduate/Professional Limit = $138,500* [*includes undergraduate borrowing] |
Cost of Attendance minus other financial aid | Cost of Attendance minus other financial aid |
| Repayment |
9 months after leaving school or dropping below half-time status |
6 months after leaving school or dropping below half-time status | 60 days after fully disbursed (Upon request, payments may be deferred until after student graduates.) |
Check with Lender |
