Financial Aid Determination

How is financial need determined?

• During your financial aid appointment, the Financial Aid Officer will determine an estimate of how much it will cost for you to attend school, including tuition and fees, books and supplies, room and board, personal expenses, transportation and miscellaneous expenses. This is called your Cost of Attendance and it will vary from one institution to another. It also varies depending on whether you are a graduate or an undergraduate student.
• To determine your financial need, your expected family contribution is subtracted from the cost of attendance. It is Holy Name Medical Center School of Nursing policy to award grants and scholarships first, followed by loans for which you qualify. You may receive some types of financial aid in excess of your need up to the Cost of Attendance.
• A financial aid Award Letter outlining your estimated cost and financial aid eligibility will be prepared and given to you for review during your financial aid appointment. The Award Letter will include general information about each award offered. Some awards (i.e., parent loans (PLUS)) may require supplemental applications. Please be advised the figures discussed are ESTIMATES and can change based upon government review.
• To be eligible for federal financial aid programs, you must:
  • Be accepted as a student in an eligible certificate or degree program.
  • Be making satisfactory academic progress for financial aid purposes.
  • Have a high school diploma, General Education Development (GED) certificate, or a secondary school completion credential for home school.
  • Be a U.S. citizen or eligible non-citizen (includes legal permanent residents, or green card holders).
  • Have a valid Social Security Number.
  • Register with Selective Service, if required.
  • Not be in default on a previously awarded student loan or owe a refund on a previously awarded grant.
  • Different forms of financial aid may have additional eligibility criteria.
  • Have not reached aggregated loan amounts or Pell Grant maximum of 600%.

The school participates in the following financial aid programs:

1. The Federal Pell Grant Program. Pell Grants are available to eligible undergraduate students who have not yet earned a bachelor's or professional degree. The maximum Pell Grant allotted is 600% or 6 consecutive years.
2. The Federal Direct Loan Program: Federal Direct Subsidized and Federal Direct Unsubsidized Stafford Loans are low interest loans made to eligible students attending school at least half-time. Federal Direct PLUS Loans enable parents with a good credit history to borrow for each dependent student who is enrolled at least half-time. If a parent is denied based on their credit, the student may be able to borrow more under their own loan.

What does "verification" mean?

When you receive your Student Aid Report in the mail or online, you may see the following message:

"Your application has been selected for review in a process called verification. You must submit to your school signed copies of certain financial documents."

If you receive this message, you will need to submit a copy of your and your spouse or parents' (if applicable) Tax Return Transcript (available from the IRS website) and W-2s for the applicable year along with either the Dependent or Independent Verification Worksheet (obtained from the Financial Aid Office). Your financial aid will not be credited to your account until you submit all required documents and verification is completed.