Financial Aid Programs
Federal Pell Grants
These are federal entitlement grants and amounts can change yearly. For 2017-2018 award year (July 1, 2017 to June 30, 2018), the maximum award is $5,920. Eligibility is determined by the Department of Education calculation, using a national formula determined by completing the Free Application for Federal Student Aid (FAFSA). The amount you qualify for will depend on:
- Your financial aid
- Your cost of attendance
- Your status as a full-time or part-time student, and
- Your plans to attend school for a full academic year or less.
You may not receive Federal Pell Grant funds from more than one school at a time.
For further information on the Federal Pell Grant program, please visit:
Federal Direct Loans
Eligibility for subsidized Federal Direct Loans is based upon financial need as determined by the Financial Aid, using information from the FAFSA.
- The US Department of Education pays the interest on a Direct Subsidized Loan
- While you are in school at least half-time,
- For the first six months after you leave school (referred to as a grace period*), and
- During a period of deferment (a postponement of loan payments).
*Note: If you received a Direct Subsidized Loan that was first disbursed between July 1, 12012, and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period. If you choose not to pay the interest that accrues during your grace period, the interest will be added to your principal balance.
Unsubsidized Federal Direct Loans, which do not require financial need, have an interest charge during both the in-school and grace periods
Annual loan limits are as follows:
- $5,500 for freshman, but only $3,500 can be subsidized
- $6,500 for juniors, but only $4,500 can be subsidized
- $7,500 for seniors, but only $5,500 can be subsidized
Financially independent undergraduate students may apply for an additional unsubsidized loan of up to $4,000 in the freshman and junior years and $5,000 in the junior and senior years.
Aggregate Loan Limits:
- $31,000 for undergraduate dependent students, but no more than $23,000 can be subsidized.
- $57,500 for undergraduate independent students, but no more than $23,000 can be subsidized.
Federal DIRECT Parental Loans for Undergraduate Students (PLUS)
Federal Direct PLUS Loans allow parents of dependent undergraduate students to borrow up to the full cost of attendance less other student aid. There is no need requirement for the PLUS loan, but parents must pass a credit review in order to qualify for the loan. Repayment may be deferred for up to six months after the student is no longer enrolled at least half-time. However, interest does accrue on the loan and is capitalized into the loan principle before repayment begins.
Private Agencies and Organizations
Additional sources of financial aid include employers, unions, and community organizations. Information on private scholarship programs may be obtained from high school guidance counselors and through reference publications in many local libraries. Scholarship search database programs are also available for free use on the internet. A good web site to start with is www.finaid.org.
The school encourages students to take the initiative in applying for outside financial assistance. Whenever possible, outside assistance will be used first to reduce the loan components of the School financial aid package if adjustment is necessary.
Applicants needing additional information about the financial aid process should contact the Financial Aid Staff at the School of Nursing.