We’re excited that you’re interested in the Accelerated Bachelor of Science in Nursing (ABSN) Program. Use the information below to learn about the financial aid application process, eligibility and more.
Financing Your ABSN (PDF)
In order to qualify for federal financial aid, you must meet the following general eligibility criteria:
*Although some programs may consider students enrolled in 4 credits to have half-time status, in order to qualify for federal financial aid, students must be enrolled in a minimum of 6 credits. The only exceptions to this rule are students enrolled in one of the courses designated by the Registrar’s Office to carry a full-time status.
The Free Application for Federal Student Aid (FAFSA) is used to determine eligibility for federal aid programs. Our priority filing date is March 1 for the following fall. We recommend that you file as soon as possible. Although missing the priority deadline may impact your eligibility for certain funds as shown in the table below, it will not impact your eligibility for Federal Direct Loans.
When completing the FAFSA, you will need to provide Northeastern’s school code, 002199. Please make sure that you list your grade level on the FAFSA as “Fifth year/other undergraduate” and the degree you will be working on as “2nd Bachelor’s Degree.” Please refer to the table below to determine which FAFSA to complete based on your anticipated start term.
|Start Term||FAFSA Year Required|
|Spring 2016||2016-2017 FAFSA|
|Summer 2016||2016-2017 and 2017-2018 FAFSA|
|Fall 2017||2017-2018 FAFSA|
Please note, if you are under the age of 24 when filing the FAFSA, are not married, and do not have any dependents, you will likely need one of your parents to sign the FAFSA and will need to provide your parents’ income information on the FAFSA. Determine whether or not your parents will need to sign the FAFSA.
Summer applicants are awarded on an on-going basis throughout the spring after we have been notified that they have been accepted into their program. Students will generally be awarded within two weeks of being admitted if the FAFSA has been received and no other documents are required. Fall applicants are awarded beginning in early May.
|Loan||Current Origination Fee||Current Interest Rate*||Grace Period**||Dependency Status||Yearly Limit||Eligibility Requirements|
|Federal Direct Loan||1.068%||4.29%||6 months||Independent||$12,500, up to $5,500 of which may be in Direct Subsidized Loan||FAFSA, Direct Subsidized Loan requires financial need|
|Federal Direct Loan||1.068%||4.29%||6 months||Dependent||$7,500, up to $5,500 of which may be in Direct Subsidized Loan||FAFSA, Direct Subsidized Loan requires financial need|
|Nursing Student Loan||N/A||5%||9 months||N/A||$3,300||Financial need, availability of funds|
*Interest rates are subject to change as of July 1. The rate is based on a 10-Year Treasury Note Index. Interest does not begin to accrue on the Direct Subsidized loan until you graduate, leave school or drop below 6 credits in a semester. Interest on the Direct Unsubsidized Loan begins to accrue after the first disbursement occurs.
**Grace period begins when you graduate, leave school, or drop below 6 credits in a semester.
For most students, awarded federal financial assistance will not cover the total cost of the program. Supplemental loans are available through state and private educational programs for those who qualify and can be used to help finance any remaining balance. Please note, most private lenders have credit and income requirements that must be met before being approved for these programs. Additionally, applying with a co-borrower often reduces the interest rate and fees on the loan. When researching the loan and lender that best suits your needs, make sure you take into consideration the interest rate, repayment terms, quality of customer service, and any applicable origination, disbursement or repayment fees. Learn more about supplemental loan programs.
Please remember when applying for a private student loan that you should apply for one academic year at a time. The period of your private loan should mirror the period for which your federal financial aid is awarded. For example, if your federal aid is awarded for fall and spring, your private loan should cover the same period. You will have to apply for a second loan for the following academic year.
For additional information please contact your financial aid counselor.