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Cost of Attendance

The Cost of Attendance (COA) is determined by MGH Institute in accordance with federal regulation. The COA is the maximum amount of financial aid funds you may receive every two semesters.   

The COA consists of the Tuition and Fees for the two-semester loan period plus a basic Living Expense Allowance to cover the eight (8) months encompassed by the two semesters. 

COA increase requests due to extenuating circumstances will be reviewed on a case-by-case basis by the Financial Aid Office. Any adjustments to Cost of Attendance requires documentation as requested.

Smart Borrowing

Since the COA represents the maximum amount of funding you may receive to include living expenses, not all students will need to borrow up to this amount. Living like the student that you are now – and not the professional you are about to the become – could make a huge difference later.

Budgeting and living within your means while you are a student could save save you thousands of dollars in the end. Consider a roommate or two to keep living expenses low. Careful budgeting on everyday items can also minimize loan borrowing. Check on your budget and spending before you decide what you'll need to borrow for living expenses. Remember, you are paying back everything you borrow with interest, so borrowing only what you need will save you money later.    

The current maximum Living Expense allowance (not including tuition and fees) for the eight-month, two-semester loan period is reflected below.  

Living Expense Estimate for Graduate Programs (all programs other than Accelerated BSN)
(e.g. for Fall/Spring or for Summer/Fall)

Loan Fees

$  1,489

Room & Board

$ 18,500

Books & Supplies

$  1,500

Health Insurance

$  4,246

Transportation

$  2,400

Personal 

$  1,200

Total two-semester living expense allowance

$ 29,335

Living Expense Estimate for the Accelerated BSN Program 
(e.g. for Fall/Spring or for Summer/Fall)

Loan Fees

$       134

Room & Board

$ 18,500

Books & Supplies

$   1,500

Health Insurance

$   4,246

Transportation

$   2,400

Personal

$  1,200

Total two-semester living expense allowance

$  27,980

To calculate the average COA to estimate your borrowing needs, add the Tuition and Fees for your program for each two-semester increment of the loan period for your cohort to the Living Expense Allowance.

Your Budget

To arrive at your individual COA, you should estimate your anticipated living and needs expenses, plus an amount for fees, books and supplies, and add the total amount to the Tuition and Fees for the two-semester increments for which you will be borrowing.

You should only borrow what you need and you may only borrow up to the COA maximum amount as outlined above. In order to help you do this, complete a printable Budget Worksheet.  

Your Loans

Provided you are eligible, you may borrow the funds in Federal Direct and/or Alternative (Private) Lender loans to cover your costs up to the allowable maximum COA.   Remember this is a maximum - and every dollar you borrow must be repaid with interest -  so be sure to borrow wisely.

To receive Federal Funds, you must be at least a half-time student: Graduate Students must take at least 3 credits in Summer and at least 5 in Fall and Spring.  Accelerated BSN Students must take at least 6 credits per semester.  

Please note that there are government loan origination fees subtracted prior to the funds being disbursed. Any scholarships or grants that you may receive will be subtracted from the maximum allowed. The total amount of aid a student receives may not exceed his or her total COA.

All financial aid is divided equally between two semesters and will be disbursed through MGH Institute at the beginning of each semester. Any loan overage above tuition and fees for each semester will be reimbursed to the student’s personal account.

Award letters are sent every two semesters and may be viewed in your IOnline Account. Loans may require re-application either to the government via the FAFSA and/or GradPLUS Application or to an Alternative (Private) Lender over the course of your program. Please see the link for Student Loans under Financial Aid Options.

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Student Debt @ the Institute

The majority of IHP students take out loans to finance their program of study. The financial aid office provides a full array of services to assist students with their financial planning, including debt management counseling. The average debt of our 2018 graduates was $60,461 for the ABSN program, $122,319 for our master’s degree programs, and $145,692 for professional degree programs. The latest report from the Department of Higher Education lists our default rate at  0.2% - one of the lowest in the Commonwealth and significantly below the national average. This low default is related to our graduates’ high pass rate on board exams and a high placement rate after graduation.