Financial Aid at the Joseph F. McCloskey School of Nursing
Approximately 90 percent of our students receive financial aid. The Joseph F. McCloskey School of Nursing at Lehigh Valley Health Network participates in Federal and State financial aid programs. A financial aid administrator is available to advise students about possible sources of financial assistance. In addition, the financial aid administrator will assist students with application procedures and financial planning.
(Funds that are not repaid by the student)
The Federal PELL Grant
Undergraduate students can qualify for between $0 and $6,195 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 FAFSA application. The formula produces an "Expected Family Contribution" (EFC) number. If your EFC is 5,401 or less, you may receive a Federal PELL Grant. Students can get more information on Federal Pell Grants and Student Aid at www.studentaid.ed.gov.
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. Students can get more information on PA. State Grants at www.pheaa.org.
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, Joseph F. McCloskey School of Nursing also administers more than 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.
If you are a veteran or a dependent of a veteran, veterans' educational benefits may be available. Check with your local VA Office.
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)
(Funds that must be repaid by the student or the student's family)
Detailed information on the USDE Federal Direct Loan programs are available at www.studentloans.gov.
Federal Direct Subsidized Loan
Federal Direct Subsidized Loans are awarded on the basis of financial need. No interest is charged while the student is enrolled at least half-time, during a grace period or during a deferment period. "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 as determined by your FAFSA form). You can get an annual subsidized Federal Direct Loan to cover this "need" up to:
- $3,500 (annual loan limit for first year/freshman undergraduates)
- $4,500 (annual loan limit for second year/junior undergraduates)
- $5,500 (annual loan limit for third year/senior undergraduates)
Students must begin repaying their Subsidized Federal Direct Student Loans starting six months from the date the student ceases at least half-time enrollment. The interest rate is currently 4.53 percent. A 1.062 percent origination fee will be charged to the student and deducted from the loan disbursements. Deferment and forbearance options are available.
Federal Direct Unsubsidized Student Loan
Federal Direct Unsubsidized Loans are not based on financial need. 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). Annual Federal Direct Unsubsidized Loan limits are as follows:
For Dependent Students:
- $5,500 minus Subsidized Direct Loan Eligibility (first year/freshman student)
- $6,500 minus Subsidized Direct Loan Eligibility (second year/junior student)
- $7,500 minus Subsidized Direct Loan Eligibility (third year/senior Student)
For Independent Students:
- $3,500 minus Subsidized Direct Loan plus $6,000 (first year/freshman student)
- $4,500 minus Subsidized Direct Loan plus $6,000 (second year/junior student)
- $5,500 minus Subsidized Direct Loan plus $7,000 (third year/senior student)
The interest rate on the Federal Direct Unsubsidized Loan is currently 4.53 percent. A 1.062 percent origination fee will be deducted from each loan disbursement.
The total Federal Student Loan limit for an undergraduate dependent student is $31,000 of which no more than $23,000 can be subsidized. An undergraduate independent student can receive up to $57,500 of which no more than $46,000 can be subsidized.
Federal Direct PLUS Loan
Federal PLUS Loans are for parents who want to borrow to help pay for their dependent student's education. Federal PLUS Loans enable parents with a good credit history to borrow for each child who is enrolled at least half-time. 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 7.08 percent. The parent will be charged a 4.248 percent origination fee. The origination fee must be deducted proportionately from each disbursement made to the parent borrower.
How to Apply:
The Free Application for Federal Student Aid (FAFSA) is the form that determines eligibility for the following financial aid programs:
- Federal Pell Grant
- State PHEAA Grant
- Joseph F. McCloskey School of Nursing Institutional Aid
- Federal Direct Subsidized and Unsubsidized Student Loan
- Federal PLUS Loan
You must complete a FAFSA form each academic year. The information you report on your FAFSA will be shared with the state and schools you have identified on the FAFSA. To complete a FAFSA, go to www.fafsa.ed.gov. The FAFSA will also act as your student loan application.
In order to electronically sign your FAFSA application, you will first need to apply for a FSA User ID. Having a FSA User ID allows you to electronically sign your FAFSA form, review and correct your student aid report, and electronically sign your loan promissory notes. If you are a dependent student, one of your parents will also need a FSA User ID to sign your FAFSA form. You will be prompted to create a FSA User ID and password as soon as you sign into any of the FSA websites for the first time.
If you want to take out a direct loan, you will need to complete a Master Promissory Note (MPN). The MPN is a legally binding agreement to repay your loan to the Department of Education. You can access a MPN at www.studentloans.gov.
In order to sign an MPN, you will need to complete "Entrance Counseling" on the www.studentloans.gov website.
If your parent wants a Federal Direct PLUS Loan, they can access an application at www.studentloans.gov. A parent will need a FSA User ID to access a PLUS application and to sign a PLUS MPN.
All financial aid for the first year of the program will be administered through Penn State University. First-year students should list Penn State (School Code: 003329) as the college they will attend on the FAFSA form.
Second- and third-year students will have their aid administered from Joseph F. McCloskey School of Nursing (School Code: 011715). Second- and third-year students should list Joseph F. McCloskey School of Nursing as the school that they will attend on the FAFSA form.
Financial Aid Deadlines
First-year students must complete the FAFSA form by Feb. 15 to be an on-time aid applicant for Penn State. Students will need to pull their income information from the IRS when they complete the form.
Second and Third Year students must apply by May 1.
Financial Aid Award Letter
The student will receive a financial aid award letter outlining all aid the student is eligible to receive each spring. First-year students will receive their financial aid award letter from Pennsylvania State University. Second- and third-year students will receive their financial aid from Joseph F. McCloskey School of Nursing.
If after receiving a financial aid award letter the student needs additional financial assistance, the student can apply for an alternative loan through a private lender*.
Student Lending Code of Conduct
Joseph F. McCloskey School of Nursing is committed to providing students and their families with the best information and processing alternatives available regarding student borrowing. In support of this and in an effort to rule out any perceived or actual conflict of interest between Joseph F. McCloskey School of Nursing officers, employees or agents and education loan lenders, Joseph F. McCloskey School of Nursing has adopted the following:
- Joseph F. McCloskey School of Nursing does not participate in any revenue-sharing arrangements with any lender.
- Joseph F. McCloskey School of Nursing does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept any gifts of greater value than a nominal value from any lender, guarantor or servicer.
- Joseph F. McCloskey School of Nursing does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept any fee, payment or other financial benefit (including a stock purchase option) from a lender or affiliate of a lender as compensation for any type of consulting arrangement or contract to provide services to a lender or on behalf of a lender relating to education loans.
- Joseph F. McCloskey School of Nursing does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept anything of value from a lender, guarantor, or group of lenders and/or guarantors in exchange for service on an advisory board, commission or other group established by such a lender, guarantor group of lenders and/or guarantors. Joseph F. McCloskey School of Nursing does allow for the reasonable reimbursement of expenses associated with participation in such boards, commissions or groups by lenders, guarantors, or groups of lenders and/or guarantors.
- Joseph F. McCloskey School of Nursing does not assign a lender to any first-time borrower through financial aid packaging or any other means.
- Joseph F. McCloskey School of Nursing recognizes that a borrower has the right to choose any lender from which to borrow to finance his/her education. Joseph F. McCloskey School of Nursing will not refuse to certify or otherwise deny or delay certification of a loan based on the borrower’s selection of a lender and/or guarantor.
- Joseph F. McCloskey School of Nursing will not request or accept any offer of funds to be used for private education loans to students from any lender in exchange for providing the lender with a specified number or volume of Title IV loans, or a preferred lender arrangement for Title IV loans.
- Joseph F. McCloskey School of Nursing will not request or accept any assistance with call center or financial aid office staffing.
Financial Aid Office
The Financial Aid Office at Joseph F. McCloskey School of Nursing is open Monday through Friday between the hours of 8 a.m. and 4 p.m. A full-time financial aid administrator is available. For questions, contact:
Michelle Siminitus, Admissions Coordinator/Financial Aid Administrator
Joseph F. McCloskey School of Nursing
420 South Jackson Street
Pottsville, PA., 17901