We’re excited that you’re interested in the Accelerated Bachelor of Science in Nursing program. Our office is available to assist you in navigating the financial aid application process, types of aid, supplemental financing options, and more. Use the information provided below, as well as this checklist, to guide you through the aid application process.
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 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|
|Fall 2020||2020-2021 FAFSA|
|Spring 2021||2020-2021 FAFSA|
|Summer 2021||2020-2021 and 2021-2022 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 parent 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 admitted 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||1.059%||2.75%||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||1.059%||2.75%||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.
The Cost of Attendance is the estimated cost of attending Northeastern University and includes both billed (direct) and non-billed (indirect) costs. As such, it is important to keep in mind that your Cost of Attendance may vary from your billing statement.
Below are estimated 2020-2021 Cost of Attendance breakdowns for students entering the ABSN program during the indicated semester. Please note, returning students and students who are off-pattern will have varying Costs of Attendance depending on how many credits are taken in each academic year.
|Program Start Date: Fall 2020|
|Tuition (based on 17 credits Fall 2020 and 16 credits Spring 2021)*||$39,138|
|Books & Other Expenses||$2,834|
|Total Estimated Cost of Attendance***||$60,396|
|Program Start Date: Spring 2021|
|Tuition (based on 17 credits Spring 2021 and 16 credits Summer 2021)*||$39,138|
|Books & Other Expenses||$2,384|
|Total Estimated Cost of Attendance***||$59,188|
|Program Start Date: Summer 2021|
|Tuition (based on 17 credits Summer 2021)*||$20,162|
|Books & Other Expenses||$900|
|Total Estimated Cost of Attendance***||$29,898|
* Tuition is billed per credit in the ABSN program. For the 2020-2021 academic year, the per credit tuition rate is $1,186. Students in the ABSN program typically complete program requirements over two academic years.
** The Commonwealth of Massachusetts requires that all students who have matriculated and carry a certain course load or are enrolled in a full-time program have health insurance. Students who are covered under a comparable domestic hospital insurance plan may waive the Health Insurance fee. Please note that the health insurance rates above are based on the 2020-2021 academic year. Learn more.
***This figure is an estimate of the maximum allowable Cost of Attendance depending on when the student enters the ABSN program. Please note that your Cost of Attendance may vary from your billed costs.
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.
Income Share Agreements (ISAs)
An Income Share Agreement (ISA) provides funding for a student’s education in return for paying a percentage of their future income on a monthly basis, for a fixed period of time, up to a maximum cap amount. ISAs do not fall under the same borrowing regulations as private student loans and are a different form of debt rather than federal or private student loans.
Students in the ABSN program who are interested in applying for an ISA, may consider the ISA program offered through Edly. Please note, you are not required to select this provider and there may be additional ISA programs available. When considering alternative financing options, we encourage students to research available options and find the one that best meets their needs.