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
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:
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.
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.

Financial Aid Policies
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]