Tuition & Fees: Financial Aid

GIFT AID

The Federal PELL Grant. Undergraduate students can qualify for between $0 and $4,310 per year. To determine your eligibility, the U.S. Department of Education uses a standard formula, established by Congress, to evaluate the information you report on your application. The formula produces an "Expected Family Contribution" (EFC) number. If your EFC is 4,110 or less, you may receive a Federal PELL Grant.

Pennsylvania Higher Education Assistance Agency (PHEAA) Grant

Undergraduate, Pennsylvania residents, can qualify for up to $4,000 per year in addition to their PELL Grant eligibility. Your family size, financial resources, enrollment status, and educational costs are all important to determine your eligibility.

Scholarships

Students are encouraged to seek out and apply for scholarships. Students should check with their local high school guidance office for a list of available resources. Students should seek assistance from local foundations, religious organizations, fraternities or sororities, and town and civic clubs. Include in your search, community organizations such as the Kiwanis, Lion's, Jaycees, 4-H, American Legion, Girl and Boy Scouts, Soroptomists, and BPW Clubs. In addition to any scholarship funds in which the student seeks out on his/her own, the Pottsville Hospital S.O.N. also administers over 20 Scholarship programs each year. A complete list of the Scholarships (including dollar amounts and criteria) is available annually in the Student Handbook.

Employer Tuition Assistance

Many companies, as well as labor unions, have programs to help pay the cost of post-secondary education for employees or members (or their children). Check with your employer.

Veteran's Funding

If you're a Veteran or a dependent of a Veteran, Veterans' Educational Benefits may be available. Check with your local VA Office.

Assistance Agencies

Students with special circumstances may be eligible for additional financial assistance from other governmental programs. Some examples: Office of Vocational Rehabilitation - OVR (for students in need of retraining due to a disability); Single Point of Contact - SPOC (for single mothers looking to better themselves financially); Schuylkill Training Employment Program - STEP (for low income students working to better themselves financially); Trade Adjustment Assistance - TAA (for displaced workers seeking skills to be re-employed).

LOAN AID

Subsidized Federal Stafford Student Loan

The Federal government will pay the interest on this loan while you are in the School and during your grace period. You must have "financial need" to qualify for these interest subsidy benefits. "Need" is your cost of education (tuition, fees, room and board, living and travel expenses), minus your other financial aid (grants, scholarships, other loans), minus your Expected Family Contribution (how much of your family's finances should be available to help pay your educational costs). You can get an annual subsidized Stafford Loan to cover this "need" up to:

• $3,500 (annual loan limit for first year undergraduates)
• $4,500 (annual loan limit for second year undergraduates)
• $5,500 (annual loan limit for third year undergraduates)

Students must begin repaying their Subsidized Stafford Student Loans starting six months from the date the student ceases at least half-time enrollment. The interest rate is fixed at 6.8%. Students can take up to ten years to repay their loan; but, they must make a minimum monthly payment of $50 ($600 annually). Students may be charged a 2% origination fee, and a 1% guaranty fee when they borrow. Deferment and forbearance options are available.

Unsubsidized Federal Stafford Student Loan

The student borrower is responsible for all interest from date of disbursement. The student borrower may make interest payments while in School and during the grace period OR the interest may be capitalized (added to the principal). The interest rate, loan fees, and repayment terms are exactly the same as for the Subsidized Stafford Loans. Annual Unsubsidized Stafford Loan limits are as follows:

For Dependent Students:
• $3,500 minus Subsidized Stafford Eligibility (First Year Student)
• $4,500 minus Subsidized Stafford Eligibility (Second Year Student)
• $5,500 minus Subsidized Stafford Eligibility (Third Year Student)

For Independent Students:
• $3,500 minus Subsidized Stafford plus $4,000 (First Year Student)
• $4,500 minus Subsidized Stafford plus $4,000 (Second Year Student)
• $5,500 minus Subsidized Stafford plus $5,000 (Third Year Student)

Federal PLUS Loan

Federal PLUS Loans are for parents who want to borrow to help pay for their children's education. Federal PLUS Loans enable parents with a good credit history to borrow for each child who is enrolled at least half-time and is a dependent student. The annual loan limit for a PLUS Loan is the child's "Cost of Education" minus any estimated financial aid received. PLUS Loan repayment generally begins within 60 days after the final loan disbursement. There is no "grace period" on this Loan. The interest rate on this Loan is fixed at 8.5%. The lender may collect an insurance premium of up to 3% of the loan principal, and 1% origination fee may also be charged. The insurance premium and origination fee must be deducted proportionately from each disbursement made to your parents.

Pottsville Hospital & Warne Clinic Student Loan

This is a loan program of last resort. A student must exhaust all other grant and loan options and still have unmet need in order to use the PHWC Program. Second and third year students may borrow up to $2,000 per year from the PHWC program. Students begin repaying their PHWC loan six months from the date they either graduate or leave the School. The interest rate on the PHWC program is 5%, and the in-school grace period is interest free. When repayment starts, a borrower will make four payments per year (billed quarterly) for ten years. Deferment and Forbearance options are available.

HOW TO APPLY

All financial aid for the first year of the program will be administered through Penn State University. Students should list Penn State (School Code: 003329) as the college they'll be attending for the first year of the program. Second and Third year students will have all financial aid administered through the Pottsville Hospital School of Nursing. Second and Third year students should list Pottsville Hospital School of Nursing (School Code: 011715) as the college they'll be attending for the second and third year of the program.

All first year students needing financial assistance should complete the "Free Application for Federal Student Aid" by February 15 of the year that they'll be starting their Freshman year. Second and Third year students should complete the "Renewal Application for Federal Student Aid", between January 1 and May 1 of the year that the student will start his/her second and third year.

Students can apply for the Pennsylvania Higher Education Assistance Agency (PHEAA) Grant each year simply by checking the appropriate question on the yearly Federal Aid Application. Students must reapply for all aid programs every year.

Financial Aid applications are available in the Financial Aid Office at both Penn State University and The Pottsville Hospital School of Nursing, or students can apply on-line at www.fafsa.ed.gov. Students wishing to get a Federal Stafford Loan should indicate so on the FAFSA. An application/promissory note form will be mailed to the student's home. Stafford Loan applications are only for one academic year at a time. Students must reapply for additional loan aid every year.

Parents wishing to get a Federal PLUS Loan for a dependent student should apply on-line at www.aessuccess.org.