Financial Aid
Descriptions of all federal student financial aid programs are subject to legislative and regulatory changes.
Students and their families share the major responsibility of financing graduate nursing education. However, students who believe their resources are insufficient to fund their graduate education may apply for financial aid. To be eligible for financial assistance, students must be accepted for admission or enrolled at least half time in good standing and making satisfactory academic progress in an approved program of study. In addition, they must neither owe a repayment on a Federal Pell Grant, Federal Supplemental Educational Grant or State Student Incentive Grant, nor be in default on a Federal Perkins Loan (formerly National Direct Student Loan), Federal Stafford Loan (formerly Guaranteed Student Loan), Federally Insured Student Loan, Federal SLS, Federal PLUS or Federal ALAS Loan received for study at any post-secondary institution.
Furthermore, students must demonstrate financial need to be eligible for most, although not all, financial aid programs. Because financial aid is awarded annually, all financial aid recipients must reapply each year.
All forms and instructions are available from the Financial Aid Office Web site. It is the responsibility of students to read all directions and make certain that the Financial Aid Office receives all required forms by published deadlines, which may vary slightly from year to year. Students who submit application materials after deadlines have passed are ineligible for institutionally controlled funds. Students admitted to a program of study after the application deadline are given four weeks to complete the application process.
All applicants must submit this form to the Financial Aid Office. It includes personal data, student indebtedness, estimated financial resources and expenses, affidavits and explanations of any special circumstances affecting the student request for funding.
All students must file this form with the federal processor. This form is used to determine an applicant’s eligibility for federal aid.
This form is required for institutional aid and Federal Perkins Loan applicants. The Need Access Form includes information about the assets and incomes of both the student and parents. This information is used to determine the family’s ability to contribute to the student’s cost of attendance. Applicants for only the Federal Stafford Loan are not required to file this form.
All students must submit their (and their spouses’) signed federal income tax returns and W-2 forms from the previous year to the Financial Aid Office.
Students applying for institutional aid and Federal Perkins Loans must submit their parents’ signed federal income tax returns and W-2 forms from the previous year to the Financial Aid Office. The student name and Social Security number should be clearly written on the parents’ tax returns.
First-time applicants for aid at the University of Massachusetts Worcester must complete a Stafford Loan entrance interview online. The link is available on the Financial Aid Office Web site. Students who have received aid, gone on a leave of absence, and are now returning may also be required to complete an entrance interview before receiving funds.
Students applying for institutional need-based gift aid must complete the entire financial aid application, including questions about parental income and assets.
Parking Violation Scholarship
The Parking Violation Scholarship Fund receives its revenue from fines paid for parking violations on the University of Massachusetts Worcester campus.
Student Support Fee Scholarship
Each year a portion of the student support fee paid by students is made available for scholarships for students with documented need for institutional aid.
Tuition Waiver (Need-Based)
The Board of Trustees of the University of Massachusetts approves an annual dollar amount of need-based tuition waivers for students at the University of Massachusetts Worcester. Eligibility for tuition waivers is limited to students who complete institutional financial aid applications and who have documented need that exceeds maximum borrowing levels.
Fellowship Recipient
A student enrolled at least half-time in the Graduate School of Nursing at the University of Massachusetts Worcester, receiving a fellowship from an external organization, and based upon rigorous screening is determined to have serious financial need. No more than two such waivers may be awarded each academic year. Eligible students may receive a waiver of up to 100 percent of the standard tuition rate for the school in which they are enrolled.
Foreign Student Tuition Waiver
For a student enrolled in the Graduate School of Nursing at the University of Massachusetts Worcester, and who is not a citizen of the United States or a resident of the Territories of the United States. The waiver is based on demonstrated financial need. The campus allocation for the Foreign Student Tuition Waiver Program may not exceed ten percent of the foreign students (FTE) enrolled at the University of Massachusetts Worcester, during the current academic year. This waiver does not apply to the PhD/MD Program of the Graduate School of Biomedical Sciences. Eligible students may receive a waiver of up to 100 percent of the standard tuition rate for the school in which they are enrolled.
Other Gift Aid
A financial aid application is not required for consideration in these aid programs:
Professional Nurse Traineeship Grants
Professional Nurse Traineeship Grants are allocated to the University by the federal government. There is no guarantee that this grant program will be funded every year. Eligible applicants must enroll in at least 18 credits during the academic year. The Graduate School of Nursing notifies eligible students when traineeship funds are available so that they may apply.
Tuition Waiver (armed services)
Members of the armed services receive tuition waivers if they meet current eligibility criteria. Potential recipients should check with the Bursar’s Office to determine eligibility.
Tuition Waiver (University employees)
University employees, their spouses, domestic partners and dependent children are eligible for tuition waivers. According to Trustee Document T82-054A, as amended by the Board of Regents, full-time employees are entitled to waivers of full tuition. Part-time employees are eligible for waivers of a maximum of seven credits each semester. Tuition waiver forms are available from the Human Resources Department. Employees of UMass Memorial Health Care are eligible for this waiver if their latest hire date preceded November 25, 1997. Waivers are not available for coursework in the Continuing Education fee structure.
Tuition Waiver (Native American)
Certified by the Bureau of Indian Affairs
Tuition Waiver (senior citizen)
Persons over the age of 60
Reciprocal International Exchange Programs
Students who are enrolled in a partner institution with which the University has established a reciprocal international exchange program, and who are selected and approved as formal participants in the exchange program will receive a waiver up to 100 percent of the tuition rate for the school in which they are enrolled.
Compensation-based Tuition Waivers for Teaching Assistants and Research Assistants
A student must be a matriculated student in the Graduate School of Nursing; in good academic standing as defined by GSN standards and practices; a United States citizen or eligible non-citizen; in compliance with applicable Selective Service Registration laws; not in default of any federal or state student loan or owe a refund on any previously received financial aid; contributing to the University’s academic, teaching and/or research function. Eligible students will receive a waiver equal to 100 percent of the applicable resident or non-resident tuition rate for the school in which they are enrolled.
Emergency Loan
Interest-free, short-term emergency loans are available to students who have unanticipated bona fide financial emergencies, who have not been delinquent on a previous emergency loan, who have aid that will cover repayment and who do not owe past due tuition, fees or other charges to the school. Loans of up to $100 are due in 30 days; loans between $101 and $300 are due in 60 days; and loans between $301 and $1,000 are due in 90 days. The maximum loan is $1,000. Applications are available in the Financial Aid Office. Failure to repay emergency loans on time leads to suspension of eligibility for future emergency loans and possible administrative withdrawal.
Federal Perkins Loan (Formerly National Direct Student Loan, NDSL)
Federal Perkins Loan funds are allocated to the University by the federal government. The annual federal allocation is supplemented with institutional matching funds and collections from previous borrowers. Students who provide parental information and signatures on the Need Access Form, parental tax returns and W-2 forms are considered for Perkins Loans. Eligible students must demonstrate federal eligibility and satisfactory academic progress. Depending on the availability of funds, professional students may borrow an annual maximum of $6,000. They may borrow no more than $40,000, including all outstanding undergraduate and graduate Federal Perkins Loans, Federal Direct Loans and NDSLs. Federal Perkins Loans carry five percent interest. Loans for borrowers with outstanding balances on an NDSL have a six-month grace period; other borrowers have a nine-month grace period.
Borrowers may receive deferments during periods of at least half-time student status, graduate fellowship or rehabilitative study for the disabled, excluding a medical internship or residency program; for a maximum of three years during which the borrower seeks, but is unable to find, full-time employment; for a maximum of three years during which, according to federal regulations, repayment would present a financial hardship; or when engaged in service eligible for partial cancellation of the loan.
Federal (Subsidized) Stafford Loan (Formerly Guaranteed Student Loan, GSL)
Federal Stafford Loans are federally insured loans made to students by banks and other eligible lending institutions. Federal Stafford Loans are guaranteed by various guarantee agencies and are reinsured by the federal government. Eligible applicants must maintain satisfactory academic progress in a program of study leading to a degree, demonstrate need as defined by federal regulation and file institutional financial aid applications. In an academic year, an eligible student may borrow a maximum that is the lesser of $8,500 or the cost of education minus the sum of other financial aid and an expected family contribution. A borrower’s cumulative principal balance on all Federal Stafford Loans, including subsidized and unsubsidized funds, may not exceed $138,500.
Federal Stafford Loans disbursed on or after July 1, 2006, have a fixed interest rate of 6.8 percent. All loans are disbursed twice during the loan period, one half at the beginning and one half halfway through the loan period.
Two fees—a three percent origination fee and a one percent guarantee fee—may be deducted from the loan proceeds. For example, a student borrowing $8,500 receives $8,160 if the guarantee is one percent. Some guarantee agencies or lenders may pay some or all of the fees for borrowers.
First-time borrowers after June 30, 1993, may receive deferments during periods of at least half-time student status, graduate fellowship, or rehabilitative study for the disabled; for a maximum of three years during which the borrower seeks, but is unable to find, full-time employment; or for a maximum of three years during which, according to federal regulations, repayment would present a financial hardship. Borrowers who had outstanding balances on Federal Stafford Loans before July 1, 1993, should check their promissory notes to see the additional deferments to which they are entitled.
Federal (Unsubsidized) Stafford Loan
Any student who has no eligibility for the federal interest subsidy on a Federal Stafford Loan but who meets other requirements, i.e., a citizen or permanent resident maintaining satisfactory academic progress, having costs that exceed other aid, owing no repayment on a Federal Pell Grant and not in default on a federal student loan, may be eligible for an unsubsidized Federal Stafford Loan. These loans are similar to the Federal Stafford Loans and carry the same interest rate. In an academic year, an eligible student may borrow a maximum that is the least of $20,500, the cost of education minus other financial aid, or $20,500 minus eligibility for subsidized Federal Stafford Loans. A borrower’s cumulative principal balance on all Federal Stafford Loans, including both subsidized and unsubsidized funds, may not exceed $138,500.
Federal Nurse Faculty Loan Program
Funding from the Department of Health and Human Services, Health Resources and Service Administration (HRSA) supports the Nurse Faculty Loan Program to provide loans for school tuition, fees, books and other reasonable fees. Loans are forgiven up to 85 percent when graduates work as full-time faculty after graduation. This program is not based on financial need, but is available for part-time or full-time master’s or PhD students who intend to work as full-time nurse faculty for four years following graduation. Loans are allocated on an annual basis contingent on federal funding. Applicants interested in only this loan program do not need to submit a financial aid application.