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.
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
Depending on your financial need, as determined through your aid 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 or alternative loans.
- Know that you will qualify for private or alternative loans.
- 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 BSN portion of the program.
Determining Your Aid Package
Financial aid at Penn Nursing is need-based and is calculated with regard to your assets and FAFSA. We will use your financial aid application materials, taxes, and FAFSA. If you are under the age of 30 (and not married), we will also use your parents’ information.
If you are over the age of 24 but under the age of 30 you will be considered “Penn dependent,” but you will be considered independent for federal aid eligibility based on your level of financial need as determined through your FAFSA. You should still enter your parent information onto the FAFSA regardless of your age as this will help us with respect to expediting packaging.
Your financial aid notice will give you a breakdown of your tuition and fees, living expense budget, total cost of attendance, financial aid eligibility, and personal financial responsibility for each of the 5 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.
Deadline for these documents: December 15th, 2020:
- Your 2019 Federal Income Tax Returns (including all pages, schedules, and W2s)
- Your parents’ 2019 Federal Income Tax Returns (including all pages, schedules, and W2s) if you were born before January 1, 1992 (or are married, in which case spousal information is required).
- 2021-2022 FAFSA
- 2020-2021 FAFSA
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 do 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 2022:
- File your 2020 taxes
- Use those documents to file a 2022-2023 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.
Providing Your Parents’ Tax Information
You need to provide your parents’ tax information even if:
- Your parents are not helping you pay for tuition
- You have been living on your own and your parents don’t claim you on their taxes
This is the school’s policy and a requirement for accurately assessing the financial need of students within your group. If you don’t submit your parents’ tax information, your chance of receiving grant funds from the school will be negatively impacted.
Transfer Credits and Aid
Once your transfer credits are posted, you will be considered a sophomore and will be eligible for sophomore-level federal loans.
During your junior year (Fall 2020-Spring 2021) you will be eligible for junior-level federal loans.
During your senior year (Summer 2021 and Fall 2021 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.