6 Financial Aid Tips for Direct Entry Nursing Students in Boston

financial aid tips for nursing students in BostonThe admissions team for Northeastern nursing has yet to meet a prospective student who is made of money. So when you’re weighing the pros and cons of going back to school to grow your career as a nurse, tuition and fees will no doubt play a large role in your decision.

We can’t guarantee that paying for nursing school will be easy. What we can commit to is providing all the facts you need to make the best choice for your situation. Here are 6 tips to keep in mind when exploring financial aid for the Northeastern Direct Entry Nursing Program:

1. Verify your eligibility status.

In order to qualify for federal financial aid, you must meet general eligibility criteria. This includes:

  • Acceptance into a degree program
  • Enrolled in at least 6 credits per term*
  • U.S. Citizenship or eligible non-citizen
  • Not in default on a prior federal loan or owe a refund on a federal grant
  • Making satisfactory academic progress
  • Registered with Selective Service if required
  • Not convicted of a drug-related crime in the last year

*Please note: Although some programs may consider students enrolled in 4 credits to have half-time status, students must be enrolled in a minimum of 6 credits to qualify for federal financial aid. The only exceptions to this rule are students enrolled in one of the courses that have been designated by the Registrar’s Office to carry full-time status. A list of these courses can be found at http://www.northeastern.edu/registrar/ref-udc-fulltime.pdf.

2. Complete your FAFSA as soon as possible.

The FAFSA is used to determine eligibility for federal aid programs. File yout FAFSA online at http://www.fafsa.ed.gov. Although Northeastern’s priority filing date was March 1, 2013, we still recommend that you file as soon as possible. Missing the priority deadline may impact your eligibility for certain funds, but it will not impact your eligibility for Federal Stafford Loans.

You will need to provide Northeastern’s school code when filling out the FAFSA. Northeastern’s school code is 002199. Be sure to list your grade level as “Fifth year/other undergraduate” and the degree you will be working on as “2nd Bachelor’s Degree.”

3. Understand award timelines for aid.

New students are awarded on an on-going basis after we have been notified that they have been accepted into their program. Returning students are awarded throughout the summer.

4. Explore your options for federal aid.

Depending on when you filed your FAFSA, here are three federal loan programs you might be eligible for.

Stafford Loans (Undergraduate Portion)

Origination fee:1.051%
Interest rate:3.86% fixed for subsidized and unsubsidized
Grace period:6 months
Dependency status – Independent:Yearly limit is $12,500 up to $5,000 of which may be in Subsidized Stafford Loan
Dependency status – Dependent:Yearly limit is $7,500, up to $5,500 of which may be in Subsidized Stafford Loan
Requirements:FAFSA on file; Subsidized Stafford Loan requires financial need

 

Perkins Loan

Origination fee:Not applicable
Interest rate:5% fixed
Grace period:9 months
Dependency status:Not applicable
Yearly limit:$2,000
Requirements:FAFSA filed by priority deadline; financial need; availability of funds

 

Nursing Student Loan

Origination fee:Not applicable
Interest rate:5% fixed
Grace period:9 months
Dependency status:Not applicable
Yearly limit:$3,300
Requirements:FAFSA filed by priority deadline; financial need; availability of funds

 

* Grace period begins when you graduate, leave school or drop below 6 credits in a semester.

† Interest does not begin to accrue on the Subsidized Stafford loan until you graduate, leave school or drop below 6 credits in a semester. Interest begins to accrue on Unsubsidized Stafford after first disbursement occurs.

5. Consider private loans.

For most students, federal financial aid will not cover tuition and fees associated with the Direct Entry Nursing Program. Private loans can be used to finance any balance not covered by financial aid. For those who qualify, there are state and private educational loan programs that can be used to finance costs that exceed your awarded financial aid. Most private lenders have credit and income requirements that must be met before you can be approved. Applying with a co-borrower often reduces the interest rate and fees on the loan. We’ll share more information about private loans in an upcoming blog post, so stay tuned!

6. Get to know your financial aid counselor.

There’s more to know about financial aid than what we can cover in a single blog post. For more information on how to finance your nursing degree, contact our Student Financial Services Office! We encourage you to give us a call or stop by the office. Here’s how to reach us:

354 Richards Hall
360 Huntington Avenue
Boston, MA  02115
Phone: 617.373.5899
Office Hours: 8:30 am – 4 pm, Monday – Friday
Financial Aid Website: www.northeastern.edu/financialaid

Counselors are assigned alphabetically by your last name.

For more information on how to grow your career with the Northeastern University Direct Entry Nursing Program, call us at 866.892.3819.

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