Student Loans
There are several types of student loans available to individuals who attend the School of Nursing. For most students, the majority of funds in the financial aid package are from student loans.
Federal Stafford Loan Program
The Federal Stafford Loan Program is the main source of funds borrowed from a lending institution. The Federal Subsidized Stafford Loan is need based and has a 6-month grace period prior to repayment. The maximum available is $8,500 per two semesters. With a subsidized loan the Department of Education pays the interest on the loan while the student is enrolled in school, during the grace period and any period of deferment.
The Federal Unsubsidized Stafford Loan is non-need based and also has a 6-month grace period prior to repayment. The maximum available is $10,000 per two semesters. If a student does not qualify for a subsidized loan it is possible to receive the entire $18,500 in an unsubsidized loan. With an unsubsidized loan the student is responsible for payment of the accruing interest and may request that payment be deferred until the grace period expires. At which time, the interest is capitalized.
All Federal Stafford Loans must be repaid within 120 months and the variable interest rate on a Federal Stafford loan is based on the 91-day T-Bill, and cannot exceed 8.25%.
Private Alternative Loans
When an individual is granted Federal Stafford Loans the Financial Aid Office at Vanderbilt is notified regarding the amount of the award. Based on this information, the student Financial Aid Office will determine an individual's eligibility for a Private Alternative Loan (based on credit history). This type of loan is from a private bank or lender and should cover cost of living expenses.
Notification of Financial Aid Award
Financial Aid awards are made after an individual has been accepted to the School of Nursing and has paid their matriculation fee (deposit). The Financial Aid Office extends financial aid awards beginning in late April/early May for individuals who plan to begin school in the fall semester.