Understanding College Financial Aid

Figuring out how to pay your college tuition and fees can be stressful. 
 
But making college more affordable and finding ways to pay for your education are possible.

This guide will help you navigate the financial aid process.

What you'll learn:
  • How financial aid works
  • How to get financial aid
  • Tips for making the financial aid process easier
  • How to get personalized help with financial aid

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Understanding College Financial Aid

At Nebraska Methodist College (NMC), students received more than $19 million in financial aid during the 2022-2023 academic year. About 75% of the student body received support.

“College can be affordable,” said Penny James, Nebraska Methodist College director of financial aid. “Research your options and consider your time and effort to be an investment in your future.”

Assistance for college can come from various sources, including NMC, the Methodist Hospital Foundation, federal and state governments, private foundations, employers and more. Keep in mind that not all financial aid is based on financial need, which means that there are options for nearly everyone.

Types of assistance may include:
  • Scholarships
  • Grants
  • Employer Tuition Assistance
  • Work-Study
  • Government Loans
  • Private Loans.
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NMC graduates are less likely to default on their loans. NMC’s three-year loan default rate is consistently below the national rate, as well as the average rate for colleges and universities in Nebraska.
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How Does Financial aid work?

Scholarships

When you receive scholarships, grants or tuition assistance, you’re receiving free aid, and repayment isn’t required. Most academic scholarship awards are based on high school or college transfer information provided as part of the student’s application. Some scholarships also require the applicant to interview with a committee and have letters of recommendation.

Application requirements must be completed, and the student’s enrollment confirmed before financial aid will be disbursed.
Scholarships and grants are transmitted from the NMC Financial Aid Office and posted to the student’s account by the NMC Business Office. Scholarship checks from outside sources may require the student’s endorsement before being applied to the student’s account.

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Government Loans

The U.S. Department of Education provides funding and serves as a lender for Federal Direct Loans. Students must be enrolled at least half-time during the period of the loan. All loans require completing the Free Application for Federal Student Aid (FAFSA).

Loans, whether borrowed from the government or private entities, must be repaid with interest after graduation.

Federal Direct loans offer flexibility with repayment, including income-driven repayment plans, Public Service Loan Forgiveness, economic hardship deferment and unemployment deferment.

Private Loans

Private education loans have stringent credit requirements and typically higher interest rates than federal education loans. Many borrowers can qualify for a better rate by providing a credit-worthy cosigner. Unfortunately, private loans can’t be combined with federal loans for consolidation after graduation. However, some lenders allow refinancing to receive a lower interest rate.

Employer Tuition Assistance

Methodist Health System (MHS) offers the Tuition Assistance Program to qualified employees. You may receive up to $2,000 a year in tuition assistance if you’ve worked for MHS for at least six months at a minimum of 16 hours per week prior to the beginning of the semester. An additional $1,500 is available for classes taken at NMC. Other healthcare employers may offer similar assistance.

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Work-Study

The Federal Work-study (FWS) program provides on campus part-time jobs for undergraduate or graduate students with financial need, allowing them to work to earn money for educational expenses.

Graduate Assistantship
Doctoral students can apply for a select number of graduate assistantships working one-on-one with faculty completing projects that benefit the college community. Graduate assistants work 150 hours per semester in return for six credits of tuition forgiven each semester.

Other Types of Financial Assistance
Funding can also come from the Health Resources and Services Administration (HRSA) of the U.S. Department of Health and Human Services. The Nursing Student Loan program is available to eligible undergraduate nursing students enrolled at least half-time. The Nurse Faculty Loan Program (NFLP) provides funding for nurses pursuing a Master of Science in Nursing, Doctor of Nursing Practice or Doctor of Education who commit to become nurse educators.

Tips for Undergraduate Students

Tips for Undergraduate Students

Make private loans the last option
Private education loans are based on the borrower’s credit, have stringent credit requirements and typically have higher interest rates than federal education loans.

Ask for help
Getting financial aid for the first time can be overwhelming. Contact a financial aid advisor for assistance.

Tips for Transfer Students

Tips for Transfer Students

Make private loans the last option
Private education loans are based on the borrower’s credit, have stringent credit requirements and typically have higher interest rates than federal education loans.

Ask for help
Getting financial aid for the first time can be overwhelming. Contact a financial aid advisor for assistance.

Tips for Graduate Students

Tips for Graduate Students

Make private loans the last option
Private education loans are based on the borrower’s credit, have stringent credit requirements and typically have higher interest rates than federal education loans.

Ask for help
Getting financial aid for the first time can be overwhelming. Contact a financial aid advisor for assistance.

How to Get Financial Aid

To receive financial assistance at NMC, you must first be admitted to an eligible degree program. New students may qualify for specific scholarships once admitted, with no separate application required. However, other scholarships are competitive and require an application.

Complete the FAFSA at https://studentaid.gov/. 

The federal school code for Nebraska Methodist College is 009937.
The FAFSA must be submitted each academic year for most financial aid programs.
Contact a Financial Aid Advisor

Nebraska Methodist College is affiliated with Methodist Health System — one of the largest healthcare systems in the state. For more than 125 years, Nebraska Methodist College has been training and educating nursing professionals. The college is accredited by the Higher Learning Commission of the North Central Association of Colleges and Schools (HLC/NCA). The baccalaureate degree program in nursing/master’s degree program in nursing/Doctor of Nursing Practice program at Nebraska Methodist College is accredited by the Commission on Collegiate Nursing Education, 655 K Street NW, Suite 750, Washington, DC 20001, 202-887-6791

The programs, requirements, and policies–including, but not limited to, statements on admission, tuition, fees, and course offerings–contained above are subject to change at the discretion of the College without notice, obligation, or liability. Any changes may also be applied to currently matriculated students. Updates, notifications, and changes are available at the College website, methodistcollege.edu. Nebraska Methodist College prohibits discrimination based on race, ethnicity, sex, color, religion, national origin, physical or mental disability, age, marital status, sexual orientation, pregnancy, gender identity, status as a U.S. Veteran, or other protected class, that adversely affects their employment or education as well as discrimination on the basis of sex in any education program or activity receiving federal financial assistance. The following has been designated to handle inquiries regarding NMC’s non-discrimination policies: Chief Student and Institutional Success Officer at (402) 354-7259. For more information, please see NMC’s Equal Opportunity/Non-Discrimination and Title IX—Sexual Misconduct policies at https://www.methodistcollege.edu.