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How To Pay For Nursing School In A Tough Economy
By Nancy Lydia Kimmel R.N., Ph.D., C.H.M.M.
Going to nursing school costs money. In today's economy money is scarce; and the lack thereof has put limitations on those who would like to go to college. This doesn't have to be the case. There are many financial programs that can assist with the needs of the financially challenged. A financial officer would be most helpful to you once you have found a program that best suits you. However there are many financial aid programs that you can write to for more information.
This chapter on Financial Aid includes several excerpts from the "Financial Aid for Students Workbook," 1994-95 School Year, Published as a part of the California Student Aid Commission's Office of Communications and Outreach Programs. P.O. Box 510845, Sacramento, CA 94245-0845; I-2 (10/93) 525K
Federal Aid Programs
Some aid programs, such as Federal Pell Grants, are offered directly to students by the federal government. Others are administered by the schools and colleges. The federal student loan programs are administered by guarantee agencies such as the California Student Aid Commission.
To receive federal financial aid, students must be U.S. citizens or eligible non-citizens enrolled in an eligible program at a participating institution and making satisfactory academic progress.
Students must possess a valid Social Security number, have completed U.S. Selective Service requirements, not owe a refund on any state or federal educational grant and not be in default on a student loan. Every program has it's own requirements. When you have chosen a program at a specific institution, check with their financial aid department for the exact requirements.
Federal Pell Grants
The Federal Pell Grant Program is a large student grant program and provides a foundation of financial aid to which other aid may be added.
Applicants who meet all requirements will receive a Federal Pell Grant. Applicants must qualify financially, be in a an eligible school or college, and must not have already obtained a bachelor's degree. Pell Grant eligibility is determined by a federal methodology. A need analysis service determines an applicant's eligibility according to that formula. The smaller the family's contribution, the larger the grant. For the 1993-94 award year, Federal Pell Grant awards for full-time students range from $400 to $2,300.
Those who qualify for a Pell Grant are usually eligible for other financial aid and should apply for it. Those not eligible for Pell Grant still may be eligible for a Pell Grant Still may be eligible for other aid.
Federal Supplemental Educational Opportunity Grants (FSEOG)
Students who qualify for additional assistance may get a Supplemental Education Opportunity Grant (FSEOG) to go with other sources of financial aid. These federal grants range from $100 to $4,000 per award year. Colleges may award FSEOG to students who are enrolled less then half-time.
Many colleges will offer students a Work-Study job as part of a Work-Study job as part of a financial aid package. This helps needy students earn their way through college while gaining valuable skills and work experience. When taking correspondence courses toward a degree, this particular program may not apply, since many correspondence courses are out state.
Federal Perkins Loans
Perkins Loans are very low-interest federal loan (5 percent) available for students who have financial need and are enrolled in a participating school.
The annual loan limit is 3,000 for undergraduate students and $5,000 for undergraduate study leading to a bachelor's degree, and up to $30,000 for graduate or professional study. Higher annual and aggregate loan limits are available at schools participating in the new Expanded Lending Option. No schools participating in the new Expanded Lending Option. No interest is paid while enrolled in school at least half-time and repayment begins nine months after graduation, leaving schools or dropping below half-time enrollment. Depending on this sized of the loan, borrowers have up to 10 year to repay.
State Aid Programs
State Aid program vary from state to state. Whether or not would be eligible to receive state aid from your state while corresponding with an institution you are enrolled in another state, is unclear. Check with your current state as well as the state that you are taking classes from, by calling the college or university you are enrolled in and any local institution own vicinity. Each state has wide variety of program to assist you in obtaining you degree.
Federal Stafford Student Loans
Federal Stafford student loans are undergraduate, graduate, vocational or professional students who demonstrate financial need. The interest rate on Stafford loans is variable, not to exceed 9 percents.
Federal Unsubsidized Stafford Student Loan
Middle and higher income students may borrow for education costs in the federal unsubsidized Stafford Loan program. Students may borrow within the same loan limits and interest rate as the regular Stafford loan program.
With the exception of demonstrating financial need, borrowers must meet all eligibility criteria of the regular Stafford program. Borrowers pay combined origination and insurance premium fee. Interest payment begin immediately after the loan is fully disbursed or may be added to the principal balance. Regular repayment begins six months after the borrower ceases to carry at least one-half of the normal full-time school workload.
Eligible students may borrow both a regular Stafford loan and a Stafford Unsubsidized Student Load, but the combined borrowing may not exceed the regular undergraduate borrowers are prorated according to program length as follows: $2,625 (one academic year); $1,750 (2/3 of academic year); $875 (1/3 of academic year).
Second-year limits are prorated as following: $3,500 (full academic year); $2,325 (2/3 academic year); $1,175 (1/3 academic year).
The Federal Supplemental Loans for Students (SLS)
The Federal Supplemental Loans for Students (SLS) program is available to graduate, professional and independent undergraduate students (also dependent undergraduate students under exceptional circumstances as determined by a financial aid officer). The annual maximum graduate student loan limit is undergraduates and $73,000 for graduate students.
The Financial Officer's Responsibility to YOU!
1. Inform you about all student aid programs and application requirements;
2. Determine the best type of financial aid program(s) to satisfy your need;
3. Explain how much aid you are eligible to receive;
4. Give advice on financial planning and debt management
5. Counsel on how to balance an academic workload and a part-time job;
6. Refer you to books on sources of student funds;
7. Give advice about applying for a student loan, interest rates and payment schedules.
When speaking with a financial officer make sure to ask about the following programs:
Educational Opportunity Programs and Extended Opportunity Programs and Services (EOP & EOPS):
Provide grants, counseling/tutorial services to low-income disadvantaged students.
Cooperative Agencies Resources for Education (CARE):
A special support program of EOPS students who are welfare residents, single parents, and have pre-school aged children. Eligible CARE participants are offered counseling, transportation, grants and services for child care and textbook supplies.
Benefits for Special Groups:
VEAP is the Post-Vietnam Era Veterans Educational Assistance Program, authorized by Congress. This voluntary program is for those who entered the service after December 31, 1976 and contributed to the VEAP fund while on active duty or had contributions made from them by the military. Monthly benefit payments for full-time training will match the number of months of contributions.
Service-disabled veterans may be eligible for vocational rehabilitation services and benefits from the U.S. Veterans Administration. These may include education or training to qualify fir employment, counseling, tutorial assistance, and medical services. Payment will vary depending on the number of dependents.
The Montgomery G.I. Bill and the Montgomery G.I. Bill-Selected Reserve provide education benefits for individuals entering military service or the reserves after June 30, 1985. Completer information is available from the U.S. Department of Veterans Affairs offices in San Francisco, Los Angeles, or San Diego.
Federal education benefits are also available to veterans' dependents if the veteran (a spouse or parent) died in service, was totally disabled, or is still listed as missing in action.
(For more information, contact the local office of the U.S. Veterans Administration or call toll-free 1-800-827-1000)
Check in Your State for Special State Veterans Programs:
The stat Veterans Programs assist the children of veterans who have a current service-connected disability or who died of a service-related death, spouses of totally service-connected disabled veterans, and widows of decease veterans may be eligible to receive benefits. The benefit available is a waiver of registration and tuition fees, at any state community college or university.
For more information on the College Fee Waiver Program contact the College Office of Veterans Affairs, your local county Veterans Service office listed under "County Government," or the California Department of Veterans Affairs, P.O. Box 94295, Sacramento, CA 94295-0001 or call (916) 653-2573.
The nursing entrance test study guide provides nurses the assistance they need with the nursing entrance test. The nursing study guide helps nurses. Pass the Nursing Entrance Test the first time with our guide at http://www.nurseslearningcenter.com or you can purchase the books thru the Pass the NET Education Store at MyNursingEdu.com All materials written by Nancy Lydia Kimmel R.N., Ph.D., C.H.M.M. a Professor of Education for nurses, the guide has over 600 pages with details answers to every question.