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FAQ for Accelerated Nursing Students

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Eligibility/Applying for Aid

 

Am I eligible for financial aid?

You will be enrolled as a degree-seeking student, therefore federal aid is available. In order to be awarded financial aid, you need to complete the Free Application for Federal Student Aid (FAFSA).

 

Since the Accelerated Nursing Program is a one-year program, do I need to file the FAFSA just once?

No. If you start in May, or if you start in October, you will need to complete TWO FAFSAs. The procedure for doing so will be different for May or October.

PROGRAM TIMELINE

May Cohort

Your program takes place over two “aid years.” The four modules generally correspond to the academic calendar as follows:

Module 1

Module 2

Module 3

Module 4

Spring, aid year 1

Summer, aid year 2

Fall, aid year 2

Spring, aid year 2

If you are applying for admission to the May cohort, file the FAFSA for year 1 and year 2 right away. Keep in mind that you’ll need tax information for 2 different calendar years.

October Cohort

Your program takes place over two “aid years.” The four modules generally correspond to the academic calendar as follows:

Module 1

Module 2

Module 3

Module 4

Fall, aid year 1

Spring, aid year 1

Summer, aid year 2

Fall, aid year 2

If you are applying for admission to the October cohort, file the FAFSA for year 1 right away. You will not be able to file for year 2 until after January 1. File your federal taxes as soon as possible, and then complete next year’s FAFSA. We will send you reminders via e-mail when it is time to get started on the FAFSA.

Because of the break between FAFSA filing, you will be awarded twice — at the start of the program and near the end of Module 2 (around April 15).

 

What kind of aid am I eligible to receive?


Students seeking a second bachelor's degree are only eligible for Federal Stafford Loans. The amount you are awarded is based on your need and loan history. As the costs of the program exceed the amount of Federal Stafford Loan eligibility, many students also apply for alternative education loans. These loans are obtained through a private lender. Please keep in mind that these loans require a credit check, and sometimes a cosigner. Your maximum amount of eligibility for an alternative loan for each module will be listed on your Award Notice. 

 

When will I know for sure what kind of aid I will be awarded?

You will receive an Award Notice, via email, containing information regarding what you have been awarded. This email can be expected prior to the on-campus orientation date before the start of your program. Other than the deposit, you will not have a payment due until about a month into the program, so there is plenty of time to complete any necessary processing.

 

Am I eligible for grants, such as the Pell Grant?


No. Once you have earned a bachelor’s degree, you are no longer eligible for the Pell Grant.

 

Can I receive scholarships?


Yes. We encourage students to pursue scholarship opportunities in their communities, and to inquire through the College of Nursing.

 

Can I receive aid for the prerequisite courses that I'm taking the semester (or year, etc.) before classes begin?

Generally not. In order to receive federal loans, you must be enrolled at least half-time in a degree-seeking program. You are not officially enrolled at UW Oshkosh until the program begins. You may be able to secure a private (alternative) loan to cover the cost of this coursework.

 

Can I receive aid for expenses beyond tuition?


Yes. Just like a traditional bachelor’s degree program, we create an estimated budget that includes tuition, room and board, transportation, books and supplies, and miscellaneous personal expenses. We also budget for special equipment, uniforms and other costs specific to this program. If funds are needed to cover costs beyond what you are awarded in Federal Stafford Loans, you must secure a private education loan. Please do not secure this until your financial aid award notice is received.

 

I have a bachelor's and have been living on my own. The FAFSA states that I'm a dependent student and need to provide parent information. Do I really need to do this?

Yes. A student is considered independent only if he/she:

  • Will turn 24 by January 1 of the aid year

  • Is working on a degree beyond a bachelor’s

  • Is married

  • Has children or other dependents whom he or she supports more than 50%

  • Is/was a ward/dependent of the court or both parents are deceased

  • Is a veteran of the US Armed Forces or is serving on active duty in the Armed Forces

 

Receiving Aid

 

I'm looking at my award letter. Do I really need all of these loans?

All of the financial aid for the Accelerated Nursing program comes in the form of loans, which must be repaid. You are eligible for it, but the amount that you actually take is completely up to you. Please note all the costs that the budget entails and plan accordingly. We would advise you to borrow as little as possible to meet your needs, but be liberal with your estimates. In most cases, it is easier to send back unneeded loan funds than it is to apply for more later on.

 

I completed a promissory note for Stafford Loans for my first bachelor's. Do I need to complete another one?


Yes. Unless you attended UW Oshkosh and borrowed a Stafford Loan during the semester before you began the program, you will need to fill out a new master promissory note (MPN).

 

Is the promissory note the same for the Stafford Loan and alternative loans?

 

No. There are separate MPNs for each loan program. Each alternative lender will have its own process and promissory note as well.

 

When will I receive the financial aid?


Just like any other program, funds will be disbursed once classes have begun. There will be a total of four disbursements, each corresponding with the payment due dates (and roughly with a traditional academic term at UW Oshkosh). Because of regulatory constraints on how and when aid can be disbursed, funds are generally released in about the fourth or fifth week of each module.

 

Does the financial aid come directly to me or to the school?


Loan funds are almost always disbursed electronically to the school. We apply those funds to your bill (i.e., ‘student account’), and once you are paid in full, the remaining balance will be released to you. You can sign up for direct deposit on TitanWeb.

 

Repaying your loans

 

When will I have to start paying my loans back?

You are not required to make payments on Stafford Loans while you are in school. Stafford repayment begins 6 months after graduation.

Payments on alternative loans are usually deferred until after graduation as well. The specific timetable will vary from lender to lender.

 

I heard that nurses may not have to pay back student loans. Is this true?

Some students may be eligible for loan repayment through the US Department of Health and Human Services’ Nursing Education Loan Repayment Program.

 

Additional questions on Financial Aid for the Accelerated Nursing Program can be directed to Alison Casady  at casadya@uwosh.edu.