Accelerated
Financial Aid Information and Application
Accelerated Programs
School of Nursing
The School of Nursing is committed to helping students meet the cost of receiving an outstanding education at the University of Pennsylvania. Penn Nursing is dedicated to providing access to every student from all backgrounds and financial circumstances. Maintaining such diversity not only contributes to Penn’s lively community, but it also provides educational value as a broad range of students live and learn together. Penn Nursing offers various options for financial aid, listed below are the types of aid available to the accelerated student. Because grant funds for the Accelerated Nurse Program are limited, aid packages will include student loans and work-study.
TYPES OF AID
School of Nursing Grants
The School of Nursing grants are awarded to full-time students with demonstrated need beyond federal loans. You must be a permanent resident or U.S. Citizen to be eligible to receive federal funding.
Federal Direct Loans
The U.S. Department of Education offers low interest loans at fixed rates ranging from 3.4%-7.9%. Depending upon the program, an origination/default fee equal to 1%-4% of the loan principal is charged. The fee is deducted from the loan proceeds. Federal loans (i.e., Direct Loans for students and Direct PLUS loans for parents) often offer the best interest rates, in addition to other repayment benefits. Federal loans are available to U.S. citizens and permanent residents only. Find out more on the annual loan limits, here
Perkins Loans
The Federal Perkins Loan Program provides low-interest loans to help students finance the costs of an undergraduate or graduate education. For additional information on the Perkins loan, please click here.
Nursing Student Loans
This program provides loans at a 5% interest rate. Interest is deferred while you are enrolled at least half-time. Repayment begins 9 months after you are no longer enrolled at least half-time. Funding for this program is extremely limited and awards are made to students who demonstrate significant financial need. Depending upon availability of funds, the annual maximum award is $4,000.
Work Study
Federal Work-Study (FWS) awards are made by Student Financial Services to eligible students for the academic year. Students must apply for financial aid to be considered. Work-Study "credit" is not applied to your bill. You will be paid weekly based on the actual hours you work.
Outside Scholarships
Students are encouraged to research grant and scholarship opportunities through resources outside the University of Pennsylvania. Many nursing societies and associations, private organizations, and businesses offer grants to all students (including students that are not eligible for need-based financial aid). For a list of outside scholarships please click here
Alternative Loans
A number of private lenders and other financial institutions offer education loans to students. These loans are referred to as private alternative loans. These private alternative loans are not subsidized, and generally have tiered interest rates and fees, both based on your credit score. In addition, cosigners may be required. Unlike Federal Direct and Direct PLUS loans, private loans do not have an income-based cap on monthly repayments. Therefore, Penn encourages U.S. citizens and permanent residents to first consider the Federal Direct and Direct PLUS loan programs when they need to borrow.
Tuition and Fees
For the 2011-2012 academic year (fall and spring), the fee schedule for undergraduate students will be as follows:
Tuition & Fees $42,098 |
|
The classes you take during the |
Housing 7,598 |
|
Summers will be billed per CU: |
Meals 4,286 |
|
|
*Books 1,160 |
|
Tuition $4,802 |
*Personal 2,224 |
|
General Fee 261 |
TOTAL $57,360 |
|
TOTAL $5,063 |
* Please keep in mind that the school does not bill the student for books and personal expenses. We do, however, build these figures into the Student Budget to better help students and their families plan for all costs associated with a Penn Nursing Education. Likewise, we give financial aid based on the entire student budget, not just on the cost of tuition and fees.
How to Apply
Apply for financial aid at the same time you file your admission application. The deadline is December 15, 2011. Timely application will ensure financial aid and admissions notification at about the same time. To apply for aid, follow the instructions on the Financial Aid Application Checklist and Forms Summary Chart. Please note, to be considered for additional School of Nursing grant funds, parental information is required for any student that will be 30 years old or younger as of December 31, 2012. You can find the Accelerated Nursing Financial Aid Checklist here:
Notification of Financial Aid Eligibility
Applicants who meet the December 15th deadline will be notified of their financial aid eligibility beginning in early February. Financial aid applicants who submit after the deadline will be notified of their financial eligibility in mid-May