Financial Aid
Federal Direct Loan Programs
Federal Direct Loan Programs (Subsidized and Unsubsidized): All student loans must be repaid with interest, starting six months after enrollment for fewer than 6 credits. The interest rate is set each June. To be eligible students must be enrolled or accepted for admission for at least six (6) credit hours and meet all other general eligibility requirements. Loans cannot exceed the student's own cost of undergraduate education. For more information, please click Federal Student Aid
All Direct (Stafford) Student Loan recipients are required to complete Loan Entrance counseling and a Master Promissory Note at Federal Student Aid Federal Student Aid
Direct Subsidized Loans are need-based loans. The student is not charged interest on subsidized loans while in school at least half-time, grace or deferment status. The U.S. Department of Education is the lender.
Direct Unsubsidized Loans are NOT need-based loans. Unsubsidized loans DO accrue interest while students are in school. Interest on unsubsidized loans accrue from the date of disbursement and continues through the life of the loan. Students, however, do have the option to defer this interest payment which will be added to the principal (capitalized). It is suggested that students pay the interest while enrolled or eligible for other deferments to reduce the overall cost of the loan. The U.S. Department of Education is the lender.
Loan Repayment
Direct Loans have a six-month grace period after you leave school (or drop below half-time). Repayment begins at the end of the grace period, however interest on subsidized loans first disbursed between July 1, 2012, and July 1, 2014, will begin to accrue interest during the grace period.
For information regarding loan repayment options including loan forgiveness programs, go to Loan Simulator | Federal Student Aid
Federal Grants
Federal Pell Grants: The Pell Grant Program is the foundation of the federal government's financial aid programs and is the largest federal grant program offered to undergraduates. Federal Pell Grants are awarded to undergraduate students with financial need and who have not earned a bachelor's, graduate, or professional degree. A Federal Pell Grant, unlike a loan, does not have to be repaid, except under certain circumstances. To qualify for a Pell Grant, a student must demonstrate financial need through the Free Application for Federal Student Financial Aid (FAFSA®) form.
Supplemental Education Opportunity Grants (SEOG): Federal SEOG funds are reserved for undergraduate students who demonstrate exceptional financial need, as determined by the College. Priority for these awards is given to Pell Grant recipients taking 6 or more credits. Application: Early completion of the FAFSA is necessary for consideration. Financial Aid notifies eligible recipients.
New York State Grants
NEW YORK STATE TUITION ASSISTANCE PROGRAM (TAP):
TAP is available to New York State residents or students who qualifies under the NYS DREAM Act. You must be registered for 12 credits or more to be eligible. Amounts are based on net taxable income and other factors. Part-Time Tuition Assistance Program (TAP) is available to students taking six to eleven credits per semester. Students must be a legal NYS resident for 12 continuous months prior to enrolling or qualifying under NYS-DREAM Act. Application: The TAP application may be completed by selecting the link at the end of your online FAFSA. If you do not complete the TAP application when you complete your FAFSA, an online application is also available at hesc.ny.gov (MSON School Code 0395)
Part-Time TAP is available to students taking 6-11 credits who were first-time, full-time freshman after 2006-07 and who have earned 12 credits or more with a C or better average in each of two consecutive prior semesters.
Private Student Loans
Private Education Loans are credit-based loans borrowed by the student which, depending on the credit worthiness of the applicant, may require a co-signer. The student's credit score determines the interest rate and fees for Private loans. We advise students to obtain their credit report to verify that the information being used to determine their rate is accurate and up to date. It is always important to ensure that information reported to credit bureaus is correct. Many lenders now offer a choice between a fixed-rate loan and a variable interest rate loan. Upon applying, your lender will provide you with necessary information regarding your options. On either type of loan, the interest will begin to accrue at time of disbursement. Students are permitted to finance up to their cost of attendance minus other aid.
MSON Participating Lender: Sallie Mae
Application: See Financial Aid Office for information
Return of Title IV Policy
If you withdraw from all classes prior to completing more than 60% of a semester, you may be required to repay a portion of the federal financial aid received for the semester.
Financial Aid Office is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a payment period or semester. All Title IV financial aid programs must be recalculated in these situations.
The return of Federal Title IV funds calculation determines the percentage of “earned” and “unearned” federal aid. This percentage is determined by dividing the number of days completed by the number of days in the payment period. If the student has completed more than 60 percent of the period, all funds have been “earned,” and there is no return of federal funds. If less than 60 percent of charges were “earned,” the formula determines the amount of aid which must be returned to the federal programs. There are no current provisions for extenuating circumstances with regard to Return of Title IV Regulations.
Federal funds must be returned in the following order: Unsubsidized Federal Stafford Loans, Subsidized Federal Stafford Loans, PLUS Loans, Federal Pell Grants, Federal SEOG, and other Title IV assistance. Contact the Financial Aid Office for more information.
Students who are no longer attending at least six credit hours at the time loan funds are scheduled to be disbursed and are not eligible to receive those funds. The loan will be cancelled and all loan funds returned to the Department of Education.
Keep in mind that when Title IV funds are returned, the student may owe a debit balance to the college. The students should contact the Bursar's Office to make arrangements to pay the balance.
REFUND POLICY: Withdrawal during 1st week 100%, Withdrawal during 2nd week 75%, Withdrawal during 3rd week 50%, Withdrawal during 4th week 25%.
SAP
SATISFACTORY ACADEMIC PROGRESS
To be eligible for Title IV federal student assistance, a student must make Satisfactory Academic Progress. The Satisfactory Academic Progress policy requires students to meet both a qualitative and a quantitative standard as described below. Student financial aid recipients are evaluated at the end of each semester. All semesters of attendance are taken into account including semesters when no Title IV federal student assistance funds were received. Qualitative Standard: Students must maintain a cumulative grade point average (CGPA) of 2.5. Quantitative Standard: Pace: Students must maintain a pace of progression equal to passing 67 percent of all attempted credit hours. 50 • Maximum Time Frame: Students must complete their program within 150 percent of the normal time frame of the program as measured in credit hours. Therefore, the Montefiore School of Nursing Program is 69 credits, and the maximum time frame would be 103 credit hours.
Scholarships
Privacy of Student Records
Information Sharing & the Family Educational Rights and Privacy Act
The Family Educational Rights and Privacy Act, as amended (FERPA), allows students at an institution of Higher Education to control outside access to their education records, including requests for information from their parents and other family members. Without a student's written consent, MSON may not disclose information from a student's education records to outside third parties except as provided under FERPA. You can provide a standing release allowing MSON to disclose information to other persons. The FERPA form must be completed and submitted to the Registrar's Office. If a student wishes their directory information not be made public, they must contact the Registrar's Office before the last day of late registration to request their information be withheld.
