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Federal Student Loan Options

Federal Student Loans for Accelerated Bachelor of Science in Nursing (BSN) Students

Federal Direct Subsidized/Unsubsidized Loans

Federal loans are not based on credit and are awarded in compliance with federal regulation. Accelerated BSN students are considered to be 5th year undergraduates who may borrow up to $12,500 for every two semester loan period, given that federal criteria are met (independent students may borrow up to $12,500, dependent students may borrow up to $7,500). Additional information regarding eligibility and aggregate limits can be found online.  Because ABSN students have attained a bachelor degree, they are no longer eligible to receive Federal Pell Grant, Federal SEOG, or the Mass Grant. Parents of a dependent BSN can apply borrow the PLUS Loan on behalf of the student. Although independent students are not eligible to borrow the Grad PLUS, they may be able to borrow credit-based private loans to cover the full cost of the program.

Students can apply for financial and federal student loans through the Federal Student Loan Web site

  1.  Access or create your FSA ID at www.studentloans.gov
  2. Complete the FAFSA – Please be sure to 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

      If you have already completed the FAFSA, and answered these questions incorrectly, please log into your FAFSA on the Federal Aid website to make the corrections. Until these questions are answered correctly, no federal financial aid will be awarded to you.

      Once the FAFSA has been processed, students will be sent an award letter indicating the Federal Loans they are eligible to receive. (Award letters will be available to students about a month and a half prior to the start of the semester.)

    • Students may reduce or cancel awards once the award letter has been received by completing a Loan Cancellation/Adjustment Form.
       
  3. Sign the Master Promissory Note (MPN) 
  4. Complete Entrance Counseling 
    • Allow yourself 30+ minutes to complete the counseling.  Completing Entrance Counseling is a requirement for all new borrowers at the Institute. 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.

The average BSN student borrows the Federal Direct Loan and an alternative loan to cover tuition and living expenses. See the Cost of Attendance page for more information.

Refund Requirement: 

Students expecting a refund from their loans must enter in banking information via their I-Online Account. In order to have a timely refund, please complete this prior to the initial disbursement of the loan. 

Federal Student Loans for Graduate Students (all programs other than BSN)

Federal Direct Unsubsidized Loans

Federal loan not based on credit and awarded in compliance with federal regulation. Graduate students may borrow up to $20,500 for every two semester loan period, given that federal criteria are met. Additional information regarding eligibility and aggregate limits can be found at www.studentloans.gov.

GradPLUS Loan

Federal Loan that does have credit requirements. Students apply independently through the Direct Loan Program and may borrow up to their cost of attendance (minus any other financial aid) which will be indicated on a student’s financial aid award letter. Students will need to reapply for this loan every two semesters.

Federal Loan Application Steps

  1. Complete the FAFSA Please be sure to indicate the following when completing the FAFSA
    • You are a Graduate Student 
    • Completing a Graduate or Professional Degree 
    • Yes, you will be in a Masters Level Program

      If you have already completed the FAFSA, and answered these questions incorrectly, please log into your FAFSA on the Federal Aid website to make the corrections. Until these questions are answered correctly, no federal financial aid will be awarded to you.

  2. Once the FAFSA has been processed, students will be sent an award letter indicating the Federal Loan they are eligible for. (Award letters will be available to students about a month and a half prior to the start of the semester.)
  3. Sign the Master Promissory Note (MPN). Graduate students do have to complete a separate MPN for the Federal GradPLUS loan.
  4. Complete Entrance Counseling 
    • Allow yourself 30+ minutes to complete the counseling.  Completing Entrance Counseling is a requirement for all new borrowers at the Institute. 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.

The average graduate student secures the Federal Direct Loan and the GradPLUS or a supplemental Alternative Loan to cover semester tuition and living expense costs.  See the Cost of Attendance page for more information.

Refund Requirement:  Students expecting a reimbursement must sign up for this via their I-Online Account prior to the initial disbursement of their loan.

Experiencing Loan Processing Difficulties?

How can I tell if my loan is ready for disbursement?

1) Go to your I-Online account – your financial aid will be listed. 

‘P’ indicates that your loan is Pending but scheduled for disbursement. Disbursements usually occur every Wednesday. 

‘A’ indicates that it will be disbursed on the next day of disbursement. 

Problems accessing your I-Online account?  Contact the IHP HelpDesk at 617-724-7910.

2) If your loan is not listed:

Have 10 business days transpired? Please allow ten business days for loans to be processed. 

If so, check the steps required to secure the loan – follow through with any that you may have overlooked. If you are unsure as to whether or not you completed the step – do so regardless since completing the process more than once will not affect your financial aid. 

If you have difficulties with the federal application process, please contact 1-800-557-7394. 

If you feel that you have completed the required steps and 10 business days have transpired, please contact financialaid@mghihp.edu with your concern.

When will my loan be disbursed?

If you have…

Completed the loan process  prior to your semester, it will be disbursed the first week of classes. 

Completed the loan process after the beginning of the semester, within ten business days it will be scheduled for disbursement – disbursements usually occur every Wednesday.

How do I receive reimbursement and when?

See #5 of the Financial Aid Process.