Financial information

Financial aid

Who can apply How to apply When to apply College of Nursing Code of Conduct

Required Federal Title IV Loan Counseling Sources of financial aid Institutional scholarship

Medcenter One College of Nursing recognizes that many students and their families do not have the financial resources to meet the total costs of higher education. Therefore, students who are unable to meet these costs are encouraged to apply for financial assistance.

Who can apply?

Students applying for federal financial aid must:

• be a US citizen or an eligible non citizen
• be enrolled or accepted for enrollment into an eligible program at least halftime
• be maintaining satisfactory progress according to the college's Satisfactory Progress Policy
• not be in default or owe a repayment on any Federal Title IV loans or grants (ie: Federal Pell Grants and/or Federal Supplemental Educational Opportunity Grant, Federal Direct Loans, Stafford Loans, Perkins Loans, Nursing Student Loans.)
• be registered with Selective Service (male students)
• demonstrate financial need
• sign a statement of educational purpose (as indicated on the Free Application for Federal Student Aid -FAFSA) for the use of the money

How to apply

To determine eligibility for financial assistance, a student must complete the Free Application for Federal Student Aid (FAFSA) or the renewal FAFSA if the student had applied for financial aid the previous year.

The student must list Medcenter One College of Nursing as a college they plan to attend to be sure the financial aid department will receive the results of the FAFSA.

Before any aid is disbursed, a student must be accepted in the program, pursuing a degree, and attending classes at the college.

Our federal school code is 009354.

When to apply

The Financial Aid Director handles applications in the order received. All students are encouraged to apply by April 15 if they wish to apply for the North Dakota State Grant program and by May 1 if they wish to be considered for the federal Supplemental Educational Grant (SEOG), Federal Perkins Loan, Federal Work Study, and Federal Nursing Loan programs. Applications must be made each academic year, because renewal of financial aid is not automatic. Financial aid forms are available for the forthcoming academic year after January 1. FAFSA can be completed on-line at www.fafsa.ed.gov

All student accounts must be paid in full by the fourteenth day of instruction. If payment is not received or special arrangments made by the fourteenth day, students will be charged a late fee of $5 per day, not exceed $15.

After the twentieth day of instruction, any student with an outstanding balance will be dropped from enrollment and will be required to pay a $25 late registration fee to re-register.

Required Federal Title IV Loan Counseling

All students who will receive a federal Title IV student loan or nursing student loan for the first time at Medcenter One College of Nursing must complete loan counseling before the loan can be requested for the student.

• Direct Loan Program (subsidized and unsubsidized loans)
• Federal Perkins Loan
• Nursing Student Loan

Borrowers are required to complete the loan counseling for Direct Loans before the loans may be originated with the Direct Loan Program. For Direct Loan entrance counseling, the borrower must complete the counseling at StudentLoans.gov.

A borrower who will receive a Federal Perkins Loan or a nursing student loan for the first time at the college must complete loan entrance counseling for the appropriate loan type online at mappingyourfuture.org.

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Sources of financial aid

Medcenter One College of Nursing provides the following types of financial aid:

• Grants—gifts of money that do not need to be repaid
• Loans—must be repaid
• Student employment—allows the student to work and earn money to help with educational expenses
• Scholarships—gifts awarded to students on the basis of academic achievement, special skills, need, or other criteria. Our students have received both institutional scholarships and outside scholarships.
• Medcenter One tuition loan—Available to all students meeting admissions requirements who wish to be considered for employment with Medcenter One. Loan is cancellable by employment.

Federal Pell Grant

This federal program is awarded to each needy undergraduate student who is enrolled and maintaining satisfactory progress at Medcenter One College of Nursing.  The Pell grants do not require repayment.

Award levels within the minimum and maximum award limits are determined by using the Federal Pell Grant Payment and Disbursement Schedules issued by the Department of Education.  The amount of the individual award will be based on the cost of attendance less the student’s family contribution.  Pell grants are now available year round for students who meet enrollment eligibility criteria

Federal Supplemental Educational Opportunity Grant (FSEOG)

Students with exceptional financial need may qualify for this federal grant.  Priority is given to Federal Pell Grant recipients.  The monetary award reflects need and amount of financial aid received from other programs.  This grant does not require repayment.

North Dakota State Student Incentive Grant

This program provides grants to undergraduate students in need of financial assistance.  Eligible students will receive a grant of $1,500.00 for the academic year.  Grants are limited to North Dakota residents who attend North Dakota institutions of post-secondary education and are enrolled as full time students.

To apply for the state grant, applicants must complete the Free Application for Federal Student Aid (FAFSA).  The deadline to apply is April 15.  State grant recipients may apply for renewal of a grant in each of their undergraduate years.  Students may receive a grant annually until he/she has received a grant for eight semesters or until they have earned their first baccalaureate degree, whichever occurs first. To be eligible for renewal of awards, students must maintain satisfactory academic progress as defined by the college they attend.

For more information, contact the North Dakota State Student Incentive Grant Program, North Dakota University System, 10th Floor, State Capitol, 600 East Boulevard, Bismarck, North Dakota 58505-0230; Telephone (701) 328.4114.

Federal Work Study (FWS)

Students have an opportunity to earn part of their college expenses by working in the Federal Work-Study Program.  Payment will be at least the current federal minimum wage.  Federal work-study jobs may include community jobs such as federal, state, or local public agency or for a private nonprofit agency.

Federal Perkins Loan

The Federal Perkins Loan provides eligible students with long-term, low-interest (5%) loans to meet educational expenses.  Loan repayment begins nine months after the student graduates, withdraws, or drops below half-time status and extends over a 10-year period.

This program provides for deferred loan repayment if the student attends another institution at least half time, becomes a full-time member of the Armed Forces or Peace Corps, is temporarily totally disabled, is serving an internship required to begin professional practice, or for financial hardships.  The loan may also be canceled due to death, permanent total disability, teaching full time in a lot income, Headstart, or handicapped elementary or secondary school, or employed as a full-time nurse, or law enforcement or corrections officer.  For other deferments and cancellations, student should see the Financial Aid Director.

William D. Ford Federal Direct Loan Program

The William D. Ford Federal Direct Loan Program (Direct Loan) is a federal student loan program which provided eligible students with long term, low interest loans to meet educational expenses. The Direct Loan program offers both the Subsidized Student loans, which is a need based program, and the Unsubsidized Student loans, which are non- need based. The lender for the Direct Loan program is the U.S. Department of Education. Students must complete the FAFSA if they wish to be considered for these loans.

Dependant first year undergraduate students may borrow up to $3,500 per year plus additional unsubsidized Direct Loan of up to $2,000 per academic year. Second year undergraduate students may borrow up to $4,500 per year plus additional unsubsidized Direct Loan up to $2,000 per academic year. Third and fourth year undergraduate students may borrow up to $5,500 per year, plus an additional unsubsidized Direct Loan up to $2,000. Whether the loan received is subsidized or unsubsidized will depend on the borrower’s need for the academic year. Total debt for an undergraduate student cannot exceed $23,000 of subsidized Direct Loan (or a combination of subsidized Stafford loan and subsidized Direct Loan), plus the additional unsubsidized loan for a grand total of $31,000.

Independent first year undergraduate students may borrow up to $3,500 per year plus additional unsubsidized Direct Loan of up to $6,000 per academic year. Second year independent undergraduate students may borrow up to $4,500 per year plus additional unsubsidized Direct Loan up to $6,000 per academic year. Third and fourth year independent undergraduate students may borrow up to $5,500 per year, plus an additional unsubsidized Direct Loan up to $7,000. Whether the loan received is subsidized or unsubsidized will depend on the borrower’s need for the academic year. Total debt for an independent undergraduate student cannot exceed $23,000 of subsidized Direct Loan (or a combination of subsidized Stafford loan and subsidized Direct Loan), plus the additional unsubsidized loan for a grand total of $57,500.

Subsidized Direct Loans are need based loans, only available to students whose has need, defined as the difference between the Cost of Attendance less the estimated family contribution (EFC) which is calculated when a student completes the FAFSA. The unsubsidized Direct loan is not need based. The interest on an unsubsidized Direct loan will always remain the responsibility of the borrower. Any interest which is unpaid at the time the loan enters repayment will be capitalized on to the principle of the loan. Repayment of the Direct loans will begin after a six month grace period, after a borrower graduates or ceases to attend college at least six credits. While there are several repayment plans available to the borrower, originally the loan will be set up with a standard repayment plan. This means the loan will have a minimum payment of at least $50 per month, with 10 years to repay the loan. The actual monthly payment will depend on how many dollars the borrower has borrowed.

Federal Direct PLUS Loan

This loan is a federal student loan available to the parent, or step parent of a dependent student. To be eligible, you must be the biological or adoptive parent, or the stepparent of a student. You must be a US citizen or an eligible non—citizen, and you must have an acceptable credit history. The parent must also not be in default on any federal student loans. The Direct PLUS loan maximum limit is the difference between the cost of education less any other aid received by the student. The interest rate is fixed at 7.9% and repayment begins immediately after the last disbursement of the funds. The parent will complete the Direct PLUS loan application and request a credit check online at StudentLoans.gov. The Direct PLUS loan is in the parent's name, and the financial approval is based ono the parental information. If a parent of a dependent student is rejected for a Direct PLUS loan, the student may be eligible for additional Unsubsidized Direct loan funds.

Bureau of Indian Affairs Grants

Bureau of Indian Affairs Grants are available to qualified Native Americans.  For application and more information, contact your local tribal agency.

North Dakota Indian Scholarship

North Dakota Indian Scholarships are available to qualified Native Americans.  For application and more information contact the North Dakota University System, North Dakota Indian Scholarship Program, BSC Horizon Building, 1815 Schafer Street, Bismarck, North Dakota 58501; Telephone (701) 224-2497.

Veterans Benefits

Veterans’ benefits are available to eligible veterans to assist them with their educational expenses.  For more information, contact any Veteran Administration Regional Office.

Vocational Rehabilitation

Assistance in the form of tuition, fees, and textbook reimbursement is available to assist physically handicapped students. Information and application forms are available at any of the Division of Vocational Rehabilitation offices located in Bismarck, Dickinson, Jamestown, Fargo, Minot, Grand Forks, Devils Lake, or Williston.

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Institutional scholarship

Scholarships are offered to students based on academic achievement, financial need, and other criteria requested of the scholarship donors. In the 2009—2010 academic year, over $14,800 in scholarships were awarded to our students.

Deadline to apply for instiitutional scholarships is Feb. 1.

Medcenter One Nursing Student Tuition Loan Program

This program is offered to all students who meet the admission requirements, who maintain the necessary standards to remain a student in good standing at the College of Nursing, and who upon graduation wish to be considered for employment as a registered nurse by Medcenter One Health Systems. The tuition loan provides up to $2,750.00 per semester of enrollment.

The tuition loan may be repaid by either cancellation of the loan through employment at Medcenter One or one of it affiliates or by direct payback of the amount recieved. If repaid through employment, $516 will be cancelled for each month of fulltime employment with Medcenter One or one of its affiliates.

Students wishing to apply for the tuition loan program must notify the Financial Aid Office.

For more information about institutional scholarships or to find additional sources for financial aid, request our catalog on-line or contact our financial aid office at:

Medcenter One College of Nursing
512 N. Seventh S.
Bismarck, ND 58501

701.323.6270
jthomas@mohs.org

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