Masters Entry into Nursing
Masters Entry into Nursing
Financial Aid Eligibility
Once the information from student’s FAFSA has been received by the Office of Student Financial Aid Services, a Cost of Attendance (COA) is calculated for each student applying for financial aid. The Cost of Attendance includes not only the program fee which appears on the bill but also an allotment for living expenses, books, transportation and other expenses for the semester. The following is an example of a Spring 2012 Cost of Attendance budget:
| MEIN Student | Living Off-Campus | Living With Parents |
|---|---|---|
| Program Fee | $ 7,945 | $ 7,945 |
| Room & Board | $ 5,714 | $ 900 |
| Misc. Expenses | $ 2,047 | $ 2,022 |
| Total COA | $ 15,706 | $ 10,867 |
Eligibilty for financial aid is determined by the formula COA - EFC = Need
Financial Aid Award Package
The financial aid package calculated for a student will contain a maximum of:
| Type of Loan | Maximum Amount Per Semester | Eligible Students |
|---|---|---|
| Federal Direct Stafford Loan (Subsidized of Unsubsidized) | $ 2,750 | Dependent and Independent Students |
| Unsubsidized Federal Direct Stafford Loan | $ 1,000 | Dependent and Independent Students |
| Additional Unsubsidized Federal Direct Stafford Loan | $ 2,500 | Independent Students Only |
In addition to Federal Direct Stafford Loans, students may wish to consider a Federal Direct PLUS Loan (dependent students only) or a private student loan (alternative loan) as a means to meet their educational expenses. Please refer to the Borrowing for Your Education page for additional information regarding financing options. The student (or parent if borrowing a Federal Direct PLUS Loan) may borrow up to the student’s COA minus the amount awarded in Federal Direct Stafford Loans. Below is an example for an Independent/Off-Campus student:
Cost of Attendance $ 15,706Federal Stafford Loans $ 6,250
Maximum Eligibility for
Federal PLUS Loan or
Private Student Loan $ 9,456
Note: Students must apply for a Federal Direct PLUS Loan or Private Student Loan on a per semester basis.
Students must also take into consideration that the federal government limits the total amount of Federal Stafford Loans that can be borrowed at the undergraduate level. These limits include Federal Stafford Loans borrowed at all institutions, from all programs. No further Federal Stafford Loans will be awarded once a student reaches these limits.
| Dependent Students | Independent Students |
|---|---|
| $ 31,000 (max. $ 23,000 subsidized) | $ 57,500 (max. $ 23,000 subsidized) |
Frequently Asked Questions
1. How do I apply for financial aid for Spring and Summer 2012?
In order to be considered for federal loans a student must complete the 2011-2012 Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov
as soon as possible, prior to the start of the first semester.
2. How do I apply for financial aid for the Fall 2012 semester?
In order to be considered for federal loans a student must complete the 2012-2013 Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov anytime after January 1, 2012.
3. When completing the 2011-2012 federal FAFSA form, be sure to fill out:
- Grade level as - 5th Year Undergraduate
- Degree or Certificate working on as - 2nd Undergraduate Bachelor's Degree
- University of Connecticut school code as – 001417
4. When will I be notified of my Financial Aid Package?
Providing an official FAFSA has been filed with the federal processor, email notification will be sent for the student to check the Student Administration System to verify their package.
- For Spring 2012, notification will be by the end of October.
- For Summer and Fall 2012, notification will be around the end of March or early April.
Students must be registered by the Nursing School for Summer classes to receive a Summer Financial Aid Package.
5. If I receive an email indicating I have been selected for verification, what forms are required?
For Dependent Students:
- Signed copies of Parent and Student 2010 federal tax return
- Parent W2 2010 forms or schedule C if self-employed
- The Dependent Verification worksheet
For Independent Students:
- Signed copies of Student and spouse 2010 federal tax return
- Student and spouse 2010 W2 forms or schedule C if self-employed
- Independent Verification worksheet
For more information about Verification, visit the Student Financial Aid Services Verification Website.
6. How will the financial aid office communicate with me?
All communication will be made through your UConn email account.
7. If I want to meet with a Financial Aid Counselor do I need to make an appointment?
No, the Office of Student Financial Aid Services is open 12 months a year, Monday through Friday 8am – 5pm. No appointments are necessary. When contacting financial aid, be sure to indicate that you are in the MEIN Program.
8. If this is the first time I am taking out a Federal Stafford Loan will I be required to take additional steps?
Yes, federal regulations require our office to administer loan Entrance Counseling to all first time student loan borrowers at the University of Connecticut before they receive their Federal Stafford Loan funds. You will also need to complete a Master Promissory Note (MPN) with Direct Loans. You will be sent an email notification if these processes are required.
9. Am I guaranteed my Federal Stafford Loan eligibility?
No, please take into consideration that the federal government limits the total amount of Stafford loans that can be borrowed at the undergraduate level. For independent students this amount is $57,500 of which no more than $23,000 can be subsidized (interest free while in school). For dependent students the aggregate amount is $31,000 of which no more than $23,000 can be subsidized.
10. Can I take out private alternative loans to cover this program and any living expenses I may have?
Yes, student and co-borrower (if applicable) initiate the loan process directly with the lender. Private loan products vary and terms frequently depend on the credit worthiness of the borrower. In general, borrowers must be U.S. citizens and enrolled at least half-time. Interest rates and repayment terms are unique to the loan product selected. Students may borrow cost of attendance minus any financial aid received. Student and co-signer (if applicable) must complete an alternative loan Master Promissory Note (MPN) directly with the lender.
11. Are there any scholarships I can apply for?
Yes. All scholarships are administered through the School of Nursing. Please check this website for further information.
