Federal Loans and Grants
Federal loans are available to students who are citizens or permanent residents and who demonstrate need. The program is administered by BIMC and the U.S. Public Health Service.
Contact the School of Nursing Financial Aid office at 518-243-4471 for more details.
Federal Pell Grants
Any student who is a U.S. citizen or permanent resident enrolled in a degree program may qualify for a Pell award. If the student has already received a bachelor's degree, that student is not eligible for a Pell award. Part-time and full-time students are eligible.
The student completes the Free Application for Federal Aid (FAFSA). An Expected Family Contribution (EFC) is established and eligibility for a Pell award is based on the EFC. Awards range from $976.00 to $5,550.00 per academic year, depending on the cost of attendance for that year. FAFSA forms may be obtained from the high school guidance office, ESON financial aid office, or on-line. Students must file the FAFSA annually.
Federal Student Loans
Federal Subsidized Student
A loan recipient must demonstrate financial need for the loan. Interest is paid for the student while he/she is a qualified full time or part time student. An undergraduate is limited to $3,500 for the first year and $4500 for the second year, or the established need, whichever is lower. The cumulative total cannot exceed $31,000.
Federal Unsubsidized Student Loans
Eligibility is based on the cost of attendance minus other financial aid received. The student is responsible for payment of the interest from the time the loan is received. Interest is usually billed by the lender monthly or quarterly or the student may request that the lender capitalize the interest while in school. Independent students may borrow up to $6,000 per year with a cumulative total of $57,000 which includes all subsidized loans as well. Dependent students may borrow up to a total of $5,500 for the first year and $6,500 for the second year. The total also includes any subsidized loans received.
Repayment terms vary depending on the individual circumstances of each student. The various repayment plans can be explained by each lender prior to entering repayment.
To learn more about the Ellis School of Nursing, please call 518.243.4471.