A contributor is anyone required to provide a signature on the FAFSA® form as well as consent and approval to have their federal tax information transferred directly from the IRS into the form.
The estimated total cost of attending an institution for one academic year. This amount may include the following:
Upon request, the Financial Aid Office may include:
For students attending less than half-time (see Enrollment Level definition), the COA includes only allowances for tuition and fees, books, supplies, transportation and dependent care expenses.
Students should remember that the financial aid Cost of Attendance is based on estimated and average costs of students in the same program or degree classification. Each student's actual costs may vary due to a number of factors including the number of credits enrolled, purchase of new or used books, and personal decisions and life style choices.
Failing to repay a loan according to the terms of the promissory note may result in default. The consequences of default are severe:
If experiencing difficulty in making payments, it is important for borrowers to communicate with the lender or servicer so they can help you understand your options and work with you to remain in good standing.
The U.S. Department of Education has specific criteria to determine dependency for the purpose of student aid. A dependent student is one who does not meet any of the criteria listed in the Independent Student definition.
Charges included in the Cost of Attendance that the student/family pays directly to the college (e.g. estimated cost of tuition, fees, on-campus housing)
A student's enrollment level is often a factor in determining eligibility for assistance. Most loan programs (except the Nurse Faculty Loan) require the student to be enrolled at least half-time. Federal Pell Grants and most other grants and scholarships awarded by NMC will be prorated for enrollment less than full-time. Enrollment levels for most NMC programs are shown in the table below.
|
Undergraduate |
Graduate |
|
|
Full-time |
12.0 or more credits |
6.0 or more credits |
|
¾-time |
9.0 – 11.99 credits |
4.5 – 5.99 credits |
|
½-time |
6.0 – 8.99 credits |
3.0 – 4.49 credits |
|
Less than ½-time |
> 0.0 and < 6.0 credits |
> 0.0 and < 3.0 credits |
Entrance Counseling is required for all federal student loan programs. During entrance counseling, the student is provided with information about the terms and conditions of the loan so s/he can make an informed decision before borrowing.
For Federal Direct Loans, Entrance Counseling must be completed before receiving the first disbursement of a loan.
For Nursing Student Loans and Nurse Faculty Loans, the student must complete Entrance Counseling on an annual basis prior to receiving the first disbursement for the academic year.
Borrowers of any federal student loan are required to complete Exit Counseling before graduating or otherwise leaving school. During exit counseling, the student is provided with information that will be helpful in fulfilling his/her repayment obligation for the loan and avoiding default. The borrower will receive information about various repayment options as well as conditions for which the loan may be eligible for deferment, forbearance, or cancellation.
The Free Application for Federal Student Aid must be completed each year a student wishes to apply for federal financial aid. The official FAFSA® website is www.fafsa.gov.
After your Free Application for Federal Student Aid (FAFSA®) form is submitted and processed, you can access your FAFSA Submission Summary—an electronic or paper document that summarizes the information you reported on your FAFSA form. It includes your estimated eligibility for a Federal Pell Grant and federal student loans, your Student Aid Index (SAI), and whether you’ve been selected for verification.
See Enrollment Level definition above
After borrowers graduate, leave school, or drop below half-time enrollment, loans that were made for that period of study generally have several months before payments are due. This period is called the "grace period."
An undergraduate student's grade level classification is based on the number of credit hours earned in the student's degree program, including accepted transfer credits. Annual loan limits for the Federal Direct Loan are based on these classification levels.
First year (freshman) 30.99 or fewer credit hours
Second year (sophomore) 31 - 60.99 credit hours
Third year (junior) 61 - 90.99 credit hours
Fourth year (senior) 91 or more credit hours
See Enrollment Level definition above.
A homeless individual is someone without a home who generally lives in shelters, parks, motels, hotels, cars, or with someone else due to not having anywhere else to go. Homeless individuals can still receive federal student aid.
An independent student is one who meets one or more of the following conditions:
A Master Promissory Note allows the borrower to receive multiple loans over several years, without completing a separate promissory note for each loan. For the Federal Direct Loan programs, the MPN is valid for up to 10 years, and can even be used by multiple schools if a student transfers to a new school.
Also refer to the Promissory Note definition below.
A module is any course that does not span the entire length of the term or semester.
To calculate a student's financial need, we subtract the Student Aid Index (SAI) from the estimated Cost of Attendance (COA). If the SAI is less than the COA, the student is considered to have need.
A promissory note is a binding legal document a borrower signs when receiving a student loan. It lists the conditions under which you are borrowing and the terms under which you agree to pay back the loan. It will include information on how interest is calculated and what deferment and cancellation provisions are available to the borrower. It is very important to read and save this document because you'll need to refer to it later when you begin repaying your loan or at other times when you need information about provisions of the loan, such as deferments or forbearances.
For most loans, the promissory note is completed and signed electronically.
Many loans use a Master Promissory Note - see definition above.
Your Student Aid Index (SAI) is a formula-based index number ranging from –1500 to 999999. Where your SAI falls within the SAI range helps your school determine how much financial support you may need.
Your SAI is an index number used by financial aid professionals when creating an aid offer. Your SAI is calculated using information that you (and other contributors, if required) provide on the Free Application for Federal Student Aid (FAFSA®) form.
A subsidized loan is one for which a borrower is not responsible for the interest while in an eligible in-school, grace, or deferment status. Subsidized loans include Direct Subsidized Loans, Nursing Student Loans, and Nurse Faculty Student Loans.
These are programs funded under Title IV of the Higher Education Act of 1965 as amended. The Title IV programs available to NMC students include Federal Pell Grant, Federal Supplemental Education Opportunity Grant (FSEOG), Federal Direct Loan (Subsidized, Unsubsidized, and PLUS), and Federal Work-Study.
A loan for which the borrower is fully responsible for paying the interest regardless of the loan status. Interest on unsubsidized loans accrues from the date of disbursement and continues throughout the life of the loan. Unsubsidized loans include: Direct Unsubsidized Loans and Direct PLUS Loans.
Verification is a process where the school confirms the data reported on your FAFSA. The school has the authority to contact you for documentation that supports income and other information that you reported.
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