Financial Aid

Welcome! An investment in your health professions education will pay you back many times over the course of 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 $7.5 million in scholarships and $45 million in loans annually.

Contact Financial Aid at FinancialAid@mghihp.edu, or via our Live Chat.
Phone: (617) 726-2788
Fax: (617) 726-8010

Mailing Address
MGH Institute of Health Professions
Financial Aid
36 1st Avenue
Boston, MA 02129-4557

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Financial Aid Office

COVID-19 Guidance

The CARES Act, CRRSAA, ARP, and Student Emergency Grants

The Financial Aid office is committed to assisting students who may be experiencing financial difficulties as a result of the COVID-19 crisis. We have applied and received funding through the Federal CARES Act Higher Education Emergency Grant Fund, he CRSAA Higher Education Emergency Grant Fund and the American Rescue Plan. These Federal funds are designed to help students cover expenses that were directly related due to disruptions in due to COVID-19. In addition to these federally funded programs, we have secured Philanthropy and Institutional Resources to assist students who meet all other eligibility criteria but are otherwise not eligible for federal funds. To apply for all types of emergency funding please use the Special Circumstances Form [1]. This application will be sent electronically to the financial aid office for review. Students will be reviewed and notified on a case-by-case basis.

Learn more at our FAQ [2]
CARES, CRRSAA and ARP – Reporting [3]

Free student aid-related guidance for students, families, and student loan borrowers

StudentAidPandemic.org [4] provides free interactive training modules as well as resources and answers to frequently asked questions regarding both college education interrupted by the virus and the relief available to student loan borrowers.

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.

Cost of Attendance vs Your Bill

View the tuition and fees information for all of our academic programs [5]. Students are billed for direct costs only, such as tuition and fees, but are able to receive financial aid up to their Cost of Attendance.

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 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.

Two-Semester Living Expense Estimate

Graduate Programs
(for two semesters)

Loan Fees - $1,528

Room & Board Personal - $18,500

Books & Supplies - $1,500

Health Insurance - $5,480

Transportation - $2,400

Personal - $1,200

Total living expense allowance - $30,608

Accelerated BSN Program
(for two semesters)

Loan Fees - $132

Room & Board Personal - $18,500

Books & Supplies - $1,500

Health Insurance - $5,480

Transportation - $2,400

Personal - $1,200

Total living expense allowance - $29,212

Your Budget

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 [5] 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.

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 - 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.

There are government loan origination fees subtracted prior to the funds being disbursed. Any scholarships or grants you may receive will be subtracted from the maximum allowed. The total amount of aid a student receives may not exceed their 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 [6]. 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.

You can view the Tuition and Fee information [5] for all of our programs on the Bursar’s Page.

MGH Institute Scholarships

Admissions and Financial Aid staff consult the faculty in each program to identify scholarship recipients.

Programs

In the prior academic year, the MGH Institute of Health Professions provided $6.2 million in scholarships and grants. Approximately 25% of incoming students in the six entry-level programs receive scholarship. You do not apply for these scholarships. They will be offered based on the strength of your application. The scholarships cover varying amounts of the total cost of tuition and fees for the program, ranging from 25% to 100%:

School of Nursing:

Accelerated Bachelor of Science in Nursing [7]
Direct-Entry Master of Science in Nursing [8]

School of Health and Rehabilitation Sciences:

Entry-level Doctor of Occupational Therapy [9]
Entry-level Doctor of Physical Therapy [10]
Master of Physician Assistant Studies [11]
Master of Science in Speech-Language Pathology [12]
Master of Science in Genetic Counseling [13]

Endowed Scholarships

In addition, the Institute has received endowed gifts from donors to support ongoing student scholarships including:

The John Hilton Knowles Fellowship has been established to promote the Institute’s goal of increasing the diversity of students in our clinical programs in order to better serve an increasingly multicultural, multilingual population. The Knowles Fellowship is a merit-based academic award that gives preference to students from backgrounds currently underrepresented in the health professions relative to their numbers in the general public.

The Charles and Ann Sanders Interprofessional Scholarship provides partial tuition to two students annually to promote participation in regional, national, and international interprofessional learning experiences.. The students will demonstrate an interest in pursuing interprofessional education and will participate in learning experiences outside the Institute. In 1977, Dr. Charles Sanders used his influence and prestige as general director of Massachusetts General Hospital to help create the MGH Institute. Along with his wife, Ann, and their daughter, Trustee Elizabeth “Trish” Joyce, the connection between the Institute and the Sanders family remains strong to this day.

NOTE: Because students enrolling have already achieved a baccalaureate degree, our students are not eligible for certain grant programs, including

Federal Pell Grant
Federal Supplemental Educational Opportunity Grant
Massachusetts (and most other state) grant and scholarship programs

Institute Scholarship Requirements

A minimum cumulative GPA of 3.0 is required for renewal. Recipients will become ineligible for funding for as long as their GPA is below a 3.0 but can regain the scholarship for future semesters once their GPA is a 3.0 or higher.

Scholarships are awarded as funding for program tuition only. They are not granted toward fees or living expenses.

Scholarship recipients must make satisfactory academic progress toward his/her degree as is appropriate in his/her specific program of study. Scholarship recipients will be reviewed on a semester basis.

• Outside Scholarship Options [14] • Graduate Assistantships [15] •

Loans

Keep in mind that you might not need to borrow the entire amount of loans offered to you. Borrow only what you absolutely need and give the rest back. Whether borrowing federal or private student loans, be aware of the details of your loans.

Ask yourself:

Is it necessary to accept the full amount that is offered?
When does the repayment period begin?
Can I come up with some of the money another way?
What is my interest rate going to be? What is a good interest rate for this loan?
How long will it take to repay this loan?

Repayment

After your graduate, leave school, or drop below half-time enrollment, your federal student loans will enter a 6-month grace period. During this time, no payment is due on your loans, this gives you time to find a job or relocate. Once the grace period is over, you are required to start making payments towards your federal student loans. You have the option of choosing between non income-driven and income-driven repayment plans.

Federal Loans

File a Free Application for Federal Student Aid at FAFSA.gov. [16]

To view your total loan borrowing and learn who your federal student loan servicer [17] is, visit studentaid.gov [18] and log in with your FSA ID.

Next to “Loan Type” you will see a column named “Make a Payment”. Your federal student loan servicer will be listed, and if you click the link, you will be directed to their website.

Your federal student loan servicer is the organization that will collect your payments. In the meantime, visit their website to create an online account and update your contact information with them. It would be beneficial to call and speak to one of their loan representatives to learn about what repayment plans you may qualify for and also how repayment will work.

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 studentaid.gov [19].

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 Student Loans for Accelerated Bachelor of Science in Nursing 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 [20]. 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.

Aid Options for International Students

International Student Loans and Scholarships
The US Department of Education provides information specifically geared to international students on its Federal Student Aid website [21]. Visit the International Scholarship Search website [22] for more information regarding international student scholarships. For more information regarding international student loans visit the International Student Loan website [23].

Alternative Education Loans

Students who need financing beyond the federal loan limits may wish to consider an alternative loan. This type of loan is made through a private lender, rather than the federal government. Interest rates typically vary based on the borrower’s credit. For each two-semester period, students are able to borrow the full cost of attendance minus any other aid. Although not always required, students should consider adding a co-signer with a strong credit history. Adding a credit-worthy co-applicant typically results in a lower interest rate and increased chance of approval.

Read the fine print carefully: some loans require payments while the student is enrolled and may not be deferred if the student enrolls in another educational program. The MGH Institute of Health Professions has created a list of recommended lenders [24].

This list, while comprehensive, is by no means exhaustive. Students are able to borrow through any lender offering alternative loans. Regardless of where students borrow, the Financial Aid Office staff recommends borrowing the minimum amount needed to avoid excessive debt. NOTE: Alternative loans do not qualify for Public Service Loan Forgiveness.

Students with questions should email the Financial Aid Office [25].

U.S. Military Service Financial Aid Options

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 [26]
U.S. Army [27]
U.S. Coastguard [28]
U.S. Navy [29]
U.S. Marine Corps [30]

For information about the Yellow Ribbon Program and other Veterans Benefits for Education, please visit our Veterans Benefits Information page [31].

Student Debt at 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 2021 graduates was $65,103 for the ABSN program, $131,021 for our master’s degree programs, and $158,411 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.

Application and Eligibility

1. Compete the FAFSA [16]
The MGHIHP school code is G22316

FAFSA Completion for Accelerated Bachelor of Science in Nursing (BSN) Students
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

FAFSA Completion for Graduate Students (all programs other than BSN)
Please be sure to indicate the following when completing the FAFSA:

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

2. Sign the Master Promissory Note [20]

3. Complete Entrance Counseling [20]

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.

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Financial Aid Policies

Overview

The MGH Institute abides by the federal financial aid policies and regulations as required by the US Department of Education. For more information you may access the Department of Education's Guide to Federal Financial Aid [32] online.

Your Financial Aid Award Letter may contain any combination of scholarships and/or Federal Direct Loans. Eligible students must independently apply for Federal Grad PLUS Loans and private alternative loans. All MGH Institute financial aid decisions are made on an academic year basis and are reviewed annually.

Students must reapply each year and meet established deadlines in order to receive aid in subsequent years. Renewal of financial aid is dependent upon students meeting satisfactory academic progress requirements and all other eligibility criteria.

The type and amount of future aid will depend on calculated financial need and available funding levels. Financial aid may be higher or lower in future years if family circumstances or the MGH Institute’s ability to provide assistance changes.

A student's financial aid file will be reviewed once it is complete and the student has been accepted into his or her degree or certificate program.

The Office of Financial Aid maintains five business days to process student requests.

Available via the Web site are links to possible federal, state, local, private and institutional financial need-based and non-need based assistance programs, and as available, for each program a description of:

Application form and procedures
Student eligibility requirements
Selection criteria
Criteria for determining amount of student's award
Rights and responsibilities of students receiving Title IV and other financial aid, including criteria for continued eligibility
Satisfactory academic progress standards and criteria to reestablish eligibility if student fails to maintain satisfactory academic progress
Method and frequency of financial aid disbursements
Terms of any loans received, sample loan repayment schedules, and the necessity for repaying loans
Exit counseling information required to be provided to federal student loan borrowers of Federal Direct Loans. This information is mailed from the MGH Institute on a student borrower's separation or change to less than half-time status.

Financial Aid Office Communication with Students

Students enrolled at MGH Institute are required to check their mghihp.edu address to ensure they receive current information pertaining to financial aid. Prospective students and currently enrolled students are welcome to contact the Financial Aid Office at financialaid@mghihp.edu [33] regarding any questions, concerns, or to schedule an appointment.

The Office of Financial Aid uses electronic means only to provide required notifications to students to stay green and also to be as efficient as possible. You may opt out of electronic notifications and request paper copies by notifying us in writing at financialaid@mghihp.edu [33]

Annual FAFSA Application

The FAFSA must be filed every year in order to determine federal loan eligibility. The FAFSA application [34] is available online. The latest FAFSA is made available every October 1. The MGH Institute of Health Professions Federal School Code for FAFSA application is G22316.

Eligibility for Federal Financial Aid

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 [35]

How Financial Aid Awards are Determined

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 [32] for Federal Direct Loan information.

A student’s financial need is determined as follows:

Cost of Attendance
Less Family Contribution (FC)
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.

Eligibility Verification

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.

Over Award

An over award occurs when your aid exceeds your need or cost of attendance. Federal regulation requires the office of Financial Aid to reduce your award package when an over award exists.

Most often, over awards occur when the Office of Financial Aid learns of outside resources available to you after your aid has been awarded.

You are responsible for paying back any monies refunded to you if an over award occurs after you have received your refund. An over award may also occur if you make changes to your FAFSA.

Federal Refund Policy

If a student withdraws on or before the 60% point in time of the period of enrollment, which is calculated using calendar days, a portion of the total Title IV funds awarded the student (e.g. Federal Direct Loan) must be returned, according to the provisions of the Higher Education Act (HEA) of 1988.

The calculation of the return of these funds may result in the student owing a balance to the MGH Institute and/or the Federal Government. The balance must be paid in full before the student will be allowed to re-enroll and/or receive additional funds.

Enrollment Status and Deferment

Financial Aid awards are based on enrollment. Students must report changes in enrollment status to the Office of Financial Aid. Changes in enrollment status may affect your financial aid award. Students need to be enrolled at least half-time (5 hours for graduates, 6 hours for undergraduates) during the semester to retain federal student loans.

Student loan funds are returned to the lender if the student's enrollment status does not fulfill federal policy requirements.

Federal and Private Loan Program Deferments

The MGH Institute of Health Professions uses the Student Loan Clearinghouse to report the enrollment of ALL students on a monthly basis. Normally, lenders receive this information automatically and put any eligible loans into deferment for you. Please allow at least 30 days from the start of classes for your lender to take action.

Terms and conditions of deferment are available through your lender or servicer. If your lender has not responded after 30 days, please contact your servicer for deferment conditions and procedures. Students may need to submit paper enrollment certification forms. The registrar's office will assist you with completing your forms.

Unanticipated Financial Difficulties

Students who are experiencing unforeseen and unanticipated financial difficulties should complete the Emergency Grant Application [36] to see if there is additional assistance available. Such difficulties could be caused by:

•   Major illness, either temporary or permanent in nature
•   Family emergencies
•   Divorce or separation
•   Disruption and/or displacement in living situation (fire, flooding, unsafe living environment)
•   Accidents
•   Any other disruptive life event

Please note that the inability to secure loans due to low credit scores is not considered an unforeseen hardship.)

The Financial Aid Office sets aside a limited amount of funding each year for these circumstances. Students will be asked to provide documentation of the hardship (letters, copies of bills, etc). The Financial Aid office will then determine what support is available to the student. Support may consist of a short-term (90-day) loan as an advance against future aid, an increase in borrowing eligibility, or institute scholarship funds.

Satisfactory Academic Progress Policy for Federal Financial Aid Recipients

The U.S. Department of Education requires students to maintain certain academic standards to obtain or retain eligibility for federally sponsored student aid programs.

As an institution of higher learning, the MGH Institute is required to define and monitor standards of satisfactory academic progress for students receiving federal financial aid. This policy explains the process for such monitoring.

All students are evaluated for satisfactory academic progress (SAP) at the end of each semester (i.e., loan payment period).

Satisfactory academic progress is measured quantitatively, by review of the cumulative Grade Point Average; qualitatively, by review of the rate of progress (pace) the percentage of credits earned vs. attempted; and overall against a maximum timeframe of 150% of the program length, measured in attempted credits.
The academic credit for semesters is earned with a B grade or better. Satisfactory progress is defined as a minimum of a 3.00 cumulative GPA and a rate of progress of at least 67%.
To successfully complete a program the student must achieve 100% of the program credits within 150% of the program length, as defined by attempted credits.

SAP Status Review

At the SAP checkpoint, a student who is not meeting the SAP requirements for the first time will be placed on a Financial Aid Warning. Students on “Financial Aid Warning” who do not meet SAP requirements for the subsequent semester will lose financial aid eligibility.

To regain aid eligibility after this point, the student must appeal in accordance with the policy described below. Students whose appeals are granted will be placed on Financial Aid Probation for the next semester. If students do not meet SAP after the Financial Aid Probation period, all federal financial aid eligibility will be lost.

Appeal Process

A student who loses aid eligibility due to failure to maintain satisfactory academic progress may appeal this status. To do so, the student must submit a written appeal to the Financial Aid SAP Appeals Committee in the Financial Aid office.

If the appeal is granted, a student previously receiving financial aid will regain financial aid eligibility on a Financial Aid Probation status for one semester. The student must regain SAP status by the close of the financial aid probationary semester.

The student’s appeal must address the following:

The basis for the appeal – a description of the special circumstances;
The reason why the student failed to meet the SAP standard(s);
What has changed in the student’s situation so that s/he will now be able to meet SAP standards.

Appeals will be granted on a case-by-case basis. If the appeal is granted, a student previously receiving financial aid will regain financial aid eligibility on a Financial Aid Probation status for one semester. The student must regain SAP status by the close of the financial aid probationary semester.

Financial Aid Forms

2022-2023 Identity and Statement of Educational Purpose Form [37] [38]
2022-2023 Independent Verification Worksheet [39]
2022-2023 Dependent Verification Worksheet [40]

Plan for Success

Goal Setting
Setting financial goals allows you to realistically plan for future purchases without exceeding your budget. Follow some of these tips to reach your short- or long-term financial goals:

Write down the financial goals you want to reach.
Display your goals in an area where you will see them everyday. Writing your goals on a mirror, setting them as your wallpaper on your computer screen, or posting them on your bedroom door are all great ways to ensure that you will see them everyday.
Start with specific short-term goals. This is something you want to do in the near future.
Designate “no spend days”.
Make sure your goals are clear and reachable, each one should be S.M.A.R.T.

Specific
Measurable
Attainable
Relevant
Time based

Short-Term vs. Long-Term Goals
Short-term goals could be figuring out student loan repayment or committing to only purchasing three coffee drinks a week rather than five to save on money.
Long-term goals might consist of saving money for a payment on a new car or a big vacation you are going on in a year or two.

Budgeting
A budget helps you form good financial habits and develop an awareness of your spending. Having a budget can help reduce anxiety related to finances and school, meet short- and long-term financial goals, and develop a sense of control over your money. Make sure your goals are S.M.A.R.T.

Budget Guidelines

First, list your net monthly income sources (work, student aid refund, family support)
Next, calculate and list how much you need to put away for savings.
Next, list your fixed expenses (costs that stay the same every month)
List your variable expenses (costs that change every month)
Lastly, subtract your savings, fixed, and variable expenses from your total net monthly income sources to determine if you need to reduce spending or can increase savings.

Budget Tips
If you receive a student financial aid refund at the beginning of each term, try paying off your rent for that entire term in advance.
Use cash for purchases, try to minimize using your debit card.
Start SAVING! Establish an amount that you want to put away in savings each month, and make a commitment to not transfer this money.
Avoid ATM fees, they add up.

Budgeting Tools
Keeping track of how you spend your money is one of the best ways to get a handle on your cash flow and ensure that you are meeting your money goals. There are a wide variety of mobile apps available today that can allow you to conveniently and easily track your spending habits and keep you from making poor decisions.

While many apps available are free, some charge for premium tools so which one you select will be a personal decision. Most of the apps will track your spending by connecting to an existing bank account or credit account. If you’d rather not allow the app to connect to your personal information you may find ones that let you input the information manually but be diligent in your tracking.

Do your research, shop around and find the mobile spending app that will work best for your personality and financial goals. Whether you are looking for warning notifications if you are spending too much, or want to ensure you have enough money to spend in a certain category beforehand, there’s an app for that.

External Financial Wellness/Aid Resources and Useful Links [41]

FAQs

How do I receive an Institute Scholarship?

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.

What happens if I reduce my enrollment to part time?

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.

When do I have to begin repaying my loans?

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.

What are the different Federal Stafford Loan repayment plans?

View a full list of current government repayment programs. [42]

What if I have problems repaying my federal loans?

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

Can I get help paying back my loans?

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.

For Federal Loan repayment help, please visit studentaid.gov [18].

When does disbursement take place?

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

What is a refund?

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.

When will I get my refund?

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.

Is there financial aid available for prerequisites?

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.

Are students in certificate programs eligible for Financial Aid?

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.