Detailed information on all financial aid programs is available from the office of Financial Aid after the applicant has been accepted. All students interested in applying for financial aid or scholarships at the Cochran School of Nursing are expected to fill out and submit the Free Application for Federal Student Aid, (FAFSA).
The student and or the student’s family is primarily responsible for meeting total educational costs. Estimating a reasonable family contribution is accomplished by analyzing the strength of the family’s financial situation using FAFSA.
Need is determined by a federal formula incorporating information you provide on the Free Application for Federal Student Aid (FAFSA) including: Your family’s income (taxable and untaxable) Assets and benefits (for example, unemployment or Social Security). Students who anticipate difficulties paying their tuition and/or financing other educational needs will be encouraged to meet with the Financial Aid Officer prior to the beginning of the semester.
Financial Aid Programs
The School of Nursing administers several financial aid programs, including loans and grants, in accordance with the standards of the Federal and State governments. The Office of Financial Aid is available to help eligible students receive financial aid. The office will provide personal and confidential financial counseling.
Help you with college expenses. Grants are “free” money and do not have to be repaid. Your family’s financial circumstances determine your eligibility and amount you can receive.
Loans help you pay for tuition and other expenses, but must be re-paid. Loans are backed by the Department of Education.
Many nonprofit and private organizations offer scholarships to help students pay for college or career school. This type of free money, which is sometimes based on academic merit, talent, or a particular area of study, can make a real difference in helping you manage your education expenses. You can learn about scholarships in several ways, including checking information in a public library or online. But be careful. Make sure scholarship information and offers you receive are legitimate; and remember that you don’t have to pay to find scholarships or other financial aid. Check out this link for some private scholarship finder https://www.careeronestop.org/toolkit/training/find-scholarships.aspx
Private Student Loans are credit-based private education loans available through various lenders. These loans are designed to assist students and their families who need additional educational financing but are either not eligible for federal grants and loan funds or who have remaining balances after other aid has been applied. Loan approval is generally based on credit worthiness and ability to pay. Rates vary by lender and by credit rating. Most students will be required to have a co-signer for these loans.
The rate on most alternative loans is variable and interest accrues while the student is in school. However, interest may be deferred until after graduation or until the student ceases to be enrolled at least half time (6 credits).
Private loans usually carry a higher interest rate and offer fewer benefits than federal loans. Students are strongly advised to consider them only after all other traditional sources of financial aid have been secured, including Parent Loans (PLUS).
If you choose to borrow a Private Loan, it is recommended you apply for the whole year (Fall/Spring). The application process is done directly through your lender, often through the lender’s website. You must complete the application, promissory note, self-certification form, required lender disclosures and have your credit approved before the Financial Aid Office can certify the loan. The Financial Aid office will certify your loan up to your cost of attendance minus any other financial aid. If you wish to make changes to your loan application, please contact your lender.
For additional information on private loans and a partial list of participating lenders you can visit https://choice.fastproducts.org/FastChoice/home/644300
*Cochran School of Nursing does not endorse any particular lender. Be sure to read all financial terms before signing for a private loan.
Mandatory Repayment of Loans:
If you receive a federal student loan, you will be required to repay that loan with interest. Once you graduate, drop below half-time enrollment, or leave school your federal student loan goes into repayment. However, you have a six-month grace period before you are required to start making regular payments.