An investment in your health professions education will pay you back many times over your career.

The Financial Aid office at MGH Institute of Health Professions can help you create a comprehensive financing solution for your education. Below, find information about financial aid before, during, and after your education at the IHP; from applying for aid through loan repayment. Our office administers approximately $8 million in scholarships and $50 million in loans annually.

Contact us at financialaid [at] (financialaid[at]mghihp[dot]edu) and 617-724-6332.

How to Apply for Aid

The MGH IHP school code is G22316

Accelerated Bachelor of Science in Nursing (BSN) Students

Indicate the following when completing the FAFSA:

  • You are a 5th Year Undergraduate Student
  • Completing your 2nd Bachelor’s Degree
  • You will NOT be in a Masters Level Program

FAFSA Completion for Graduate Students (all programs other than BSN)

Indicate the following when completing the FAFSA:

  • Completing a Graduate or Professional Degree
  • Yes, you will be in a Masters Level Program


The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s).


Allow yourself 30+ minutes to complete the counseling. Completing entrance counseling is a requirement for all new borrowers at the IHP. This information will help you be prepared for borrowing and managing student loans. The Financial Aid Office is required to hold student loans until we receive notification that students have completed entrance counseling.

Entrance Counseling

IOnline is our student portal, where you will be able to view your financial aid and bill. Students gain access after they have been accepted and deposited.

To view your financial aid, log into IOnline: Click “Financial Aid” and then click on “Financial Aid” again so it shows you a dropdown list and choose “My Awards.”


  • Enrollment in a college's or university's eligible academic program at least half-time
  • US citizenship or eligible residency
  • Satisfactory academic progress
  • No unresolved defaults on federal education loans or unresolved overpayments on federal grants
  • For complete eligibility requirements, see Guide to Federal Financial Aid or LendEdu.
  • Federal financial aid awards offered through MGH Institute are Federal Direct Subsidized and Unsubsidized Loans. These are awarded up to either the annual loan limit, the aggregate loan limit, or the student's remaining eligibility. Need-based eligibility (for ABSN students only) is determined by using the student's Family Contribution (FC) and the student's total Cost of Attendance (COA). 
  • The federal FC is derived from information reported on your Free Application for Federal Student Aid (FAFSA). 
  • The student's COA is determined annually and may be found on the main financial aid Web page for your program. Only the subsidized portion of a Federal Direct Loan is based on a student's family contribution.
  • See Federal Guide for Federal Direct Loan information.
  • A student’s financial need is determined as follows:
    1. Cost of Attendance
    2. Less Family Contribution (FC)
    3. Equals Student's Financial Need
  • Your need may be met in full or in part with a combination of scholarships and loans, depending on available funding levels. Please note that graduate students are not eligible for need-based, subsidized loans.
  • Occasionally students applying for financial aid are randomly selected by the federal government to provide documentation to substantiate the information that they provided on the FAFSA. Requested documentation may be for income, to verify high-school completion, to verify identity, or to verify other information reported on the FAFSA.
  • Should a student be selected during the academic year, the Financial Aid Office will contact him/her and request the necessary information.
  • If you are selected for verification, please respond promptly. Financial Aid for students selected for verification cannot be finalized until the verification process has been completed.

International Student Loans and Scholarships

The US Department of Education provides information specifically geared to international students on its Federal Student Aid website. The International Scholarship Search has more information regarding international student scholarships. You may also find information on IEFA - a database of scholarships for international students.

U.S. Military Scholarship and Student Loan Repayment Programs

Several scholarship and student loan repayment programs are offered through the five branches of the United States armed forces. Military scholarship and student loan repayment programs vary substantially. Students interested in pursuing these programs should be in contact with the armed forces branches directly.

U.S. Air Force

U.S. Army

U.S. Coastguard

U.S. Navy

U.S. Marine Corps

For information about the Yellow Ribbon Program and other Veterans Benefits for Education, please visit our Veterans Benefits Information page.

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. Contact the Financial Aid Office with questions.

Two-Semester Living Expenses Estimate:

Graduate Programs (for two semesters) Accelerated BSN Program (for two semesters)
Housing - $15,200
Food - $3,432
Books, course materials, supplies, and equipment- $2,500
Transportation - $3,200
Loan Fees - $1,490
Miscellaneous/Personal - $4,200
Total living expense allowance - $30,022
Housing - $15,200
Food - $3,432
Books, course materials, supplies, and equipment- $2,500
Transportation - $3,200
Loan Fees - $90
Miscellaneous/Personal - $4,200
Total living expense allowance - $28,622


Since the COA represents the maximum amount of funding you may receive (including 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 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.

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.

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.

Financial Aid FAQs

All students who are accepted into one of the IHPs direct entry degree programs are considered for an Institute scholarship. There is no separate application and students are notified in their acceptance letter if they are a scholarship recipient.

In order to be eligible to borrow Federal loans students need to be enrolled at least halftime. For graduate students this is 5 credits in the fall and spring and 3 credits in the summer. For BSN students halftime enrollment is 6 credits every semester. If a student drops below halftime they would not be eligible to borrow Federal loans that semester.

After you graduate, leave school, or drop below half-time enrollment, you have one six-month period before you must begin repaying your loans. This is called the “grace period.” Your repayment period begins the day after your grace period ends. Your loan servicer will notify you of the date your payment is due and send a billing notice to the address on file. However, you must make payments even if you do not receive a bill or repayment notice.

If you think you might have a problem making a scheduled repayment, contact your loan servicer immediately. They’ll work with you to help you avoid the costs and consequences of delinquency or default. There are several options available to help you avoid default, including changing repayment plans, deferment, or forbearance. You may be eligible for a deferment if you are:

  • Pursuing at least half-time study at an eligible school
  • In a graduate fellowship program approved by the U.S. Department of Education
  • In a rehabilitation training program for individuals with disabilities, approved by the U.S. Department of Education
  • Conscientiously seeking but unable to find full-time employment (for up to three years)
  • Experiencing economic hardship (for up to three years)
  • Get more information on deferment and forbearance from your loan servicer

Yes, help is available from a variety of sources. Although you alone are responsible for making sure your loans are repaid, you may qualify for repayment assistance from other federal agencies, a state or local agency, your employer, private organizations, or the military. Many state and local education agencies provide assistance if you are employed in certain fields within their jurisdiction—teaching, medicine, and social services, for example.

See our loan repayment assistance programs.

The first disbursement for the semester begins around the first week of classes.

When a student has more financial aid on their account than their bill, the remainder is processed as a refund to the student. Refunds can be used for living expenses and we encourage students to only borrow what they need to reduce their overall borrowing.

Refunds are processed after the disbursement and are generally received within a week of disbursement. Students expecting to receive a refund should enter their bank account information in IONLINE so this can be processed as soon as possible.

Students taking prerequisites are considered non-degree and are not eligible to borrow Federal loans. Students taking prerequisites can apply for an alternative loan with a private lender but will need to register for the courses upfront.

Matriculated students in Certificate of Advanced Study programs can apply for Federal loans to finance their program. Students need to be enrolled at least halftime (5 credits in the fall and spring and 3 credits in the summer) in order to be eligible for Federal loans. Students completing a Certificate of Completion are not eligible for Federal loans.

Financial Aid Office

MGH Institute Logo on stone

We help students create comprehensive financing solutions for their education.

Deborah Altsher

Director of Financial Aid Office of Enrollment Services

Alexis Guay

Associate Director of Financial Aid Office of Enrollment Services

Kelsey Norris

Assistant Director of Financial Aid Office of Enrollment Services