Understanding Your Aid
Financial Aid Options
Federal undergraduate level Direct Loans, School of Nursing grants, and scholarships are available for students in the Accelerated Nursing Program.
Federal Aid
If you file a FAFSA, you will likely be eligible for Federal undergraduate level Direct Loans. Depending on your financial need, Direct Loans may include a subsidized portion. You can see the loan amounts per status year on the Student Financial Services website.
Depending on your financial need, and your status as federally dependent or independent, you may be eligible for the federal educational programs Nursing Student Loans and Work Study. Work study programs are a great way to help finance your education and are often part of financial aid packages. Open work study positions are listed through the Penn Student Employment Office.
Penn Nursing Grants
Determined through your admissions application, you may be eligible for Penn Nursing grant funds, which you do not need to pay back. The School of Nursing does not fully fund students in the Accelerated Nursing Program.
Your Financial Responsibility
You are responsible for paying the difference between your financial aid and your tuition, fees, and living expenses. To do this, you can use personal funds or apply for private (alternative to federal) loans.
You must:
- Know that you will qualify for private or alternative loans as an unemployed full time nursing student;
- OR have a co-signer in good credit standing who is willing to assist you in obtaining a loan;
- OR have access to personal or family funds to make up the difference in your charges for attending the Accelerated BSN (undergraduate) portion of the program.
Determining Your Aid Package
Financial aid at Penn Nursing is both need- and merit-based; federal eligibility is calculated with regard to your income and assets through your FAFSA.
Our Accelerated Nursing program is recognized as an undergraduate program, therefore the 2023-2024 FAFSA needs to be submitted as a 5th year undergraduate. If you are over the age of 24 you will be considered independent for federal aid eligibility based on your level of financial need as determined through your FAFSA. If you are under the age of 24 you are considered federally dependent and your parent information is required to be submitted on the FAFSA (if you were born on or after January 1, 2000).
Your financial aid notice will give you a breakdown of your tuition and fees, living expense budgets, total cost of attendance, financial aid eligibility, and personal financial responsibility for each of the 4 terms in the Accelerated BSN portion of your Penn Nursing Program.
Applying for Financial Aid
Until you earn your BSN in the Accelerated Nursing Program, you are only eligible for undergraduate financial aid. To be considered for financial aid, Penn Nursing grant funds, and federal aid, you need to submit the following documents.
The deadline for submitting these documents is March 1st, 2023:
- 2023-2024 FAFSA
- Your parents’ 2021 Federal Income Tax information will be required to be submitted on your 2023-24 FAFSA if you were born on or after January 1, 2000.
You can find the Penn forms you need at the Accelerated Nursing Program Financial Aid Checklist.
Financial Aid After Your First Year
You don’t need to apply again for financial aid after your first year in the Accelerated Nursing Program. You will need to update your FAFSA information to continue to be eligible for federal aid for the last 2 terms of the accelerated BSN portion of your program.
In between your Spring and Summer terms of 2024:
- File your 2022 taxes
- Use those documents to file a 2024-2025 FAFSA
If you continue on to an MSN here at Penn Nursing, you’ll use a different financial aid application process. Learn about the MSN financial aid application process.
Transfer Credits and Aid
Once your transfer credits are posted, you will be considered a junior and will be eligible for junior-level undergraduate federal loans.
During your junior year (Fall 2023-Spring 2024) you will be eligible for junior-level federal loans.
During your senior year (Summer 2024 and Fall 2024 terms) you will be eligible for senior-level federal loans.
Reporting Outside Scholarships
To report an outside scholarship, follow the instructions at Outside/Sponsored Scholarships.
More scholarship information
For more information on scholarships, visit our External Scholarships page or one of the sites below:
As always, if you have any questions, we are here to help.