Applying for Financial Aid

The financial aid application process must be completed each award year. Applications are available January 1st each year for the next award year. Each award year begins with the Summer Semester and ends with the Spring Semester.

Submit your FAFSA and other financial aid forms.

The 2012-2013 deadlines are as follows

• Summer 2012 – April 15, 2012
• Fall 2012 – July 1, 2012
• Spring 2013 – December 1, 2012

The 2013-2014 deadlines are as follows

• Summer 2013 – April 15, 2013
• Fall 2013 – July 1, 2013
• Spring 2014 – December 1, 2013

You may be selected for verification.

If you are selected for verification, the Financial Aid Office will notify you and provide you with verification forms you need to complete and return with a copy of your IRS transcript. The verification worksheet consists of much of the information that was requested on your FAFSA form.

Mount Carmel College of Nursing will not be able to process your financial aid until all requested information is received. Your timely response is encouraged.

The IRS will mail the transcript(s) directly to you within two weeks of your request being received. After receiving your transcript from the IRS, sign and date the transcript and submit it to the Financial Aid office

Verification Forms

Do not complete these forms unless you have received a request from our Financial Aid office. The forms are available on our Financial Aid Forms page. First, select the appropriate year button, then scroll down to Verification Forms (Independent Verification Worksheet, Dependent Verification Worksheet, Support of Household Members). Print out the forms our office requested. Complete the forms in blue or black ink and submit them to our office with a copy of your IRS transcript.

Within two weeks of completing a FAFSA, the Department of Education’s Central Processor will send an email notifying you that your Student Aid Report (SAR) is available for review on the FAFSA website.(hyperlink to FAFSA.ED.Gov)

Contact FAFSA customer service at 1-800-433-3243

MCCN will automatically receive your FAFSA information as reported through your SAR. Please allow 2 weeks for MCCN to process your award letter.

Now that you have received your award letter, applying for financial aid at MCCN is really Easy! Just follow the steps below. When you have completed one-step, go to the next and be assured that we are right along with you in the process.

STEP 1

Read in its entirety the award letter that was mailed to you

STEP 2

Note what financial aid you are accepting or declining on the award letter

STEP 3

Sign and return 1 of the copies of the award letters. Keep 1 for your file.

STEP 4

Complete the Federal Entrance Counseling by going to studentloans.gov.

Entrance counseling will help you as a borrower understand your rights and responsibilities under the Federal Direct Lending Program.

STEP 5

E - Master Promissory Note by going to studentloans.gov

To take out a Direct Loan for the first time, you must complete a Master Promissory Note (MPN). To complete the Master Promissory Note you will need your Department of Education issued PIN number.

There are two types of Stafford loans: subsidized and unsubsidized. The Financial Aid office will determine if you qualify for subsidized, unsubsidized, or both.

• Repayment begins 6 months after graduation, stops attending at least half time, or leaves school.
• Standard repayment is 10 years, but there are other options available.
• Interest rates are subject to change every July 1. View current rates and a loan calculator.
• At least half-time attendance is required (undergraduate-6 semester hours; graduate-3 semester hours)
• MCCN requires student loan funds be applied directly to outstanding balances within the same financial aid year. If this creates a credit balance, a refund will be issued during the refund cycle.
• Direct Loans are subject to a loan fee, minus an up-front interest rebate that is contingent upon 12 months of on-time payments when the loan enters repayment. You can find more information about loan fees and interest rebates on the DIRECT Loan Web site.
• Borrowing is a personal choice and should be made after careful consideration of the terms of the loan

Subsidized Stafford loans are awarded to students based on need. The federal government pays the accruing interest on these loans when students are enrolled in school at least half-time, during student's grace period, and during any periods of deferment. The fixed interest rate is 6.85% for undergraduate loans first disbursed between 7.1.12 and 6.30.13

Unsubsidized Stafford loans are not based on need, and students are responsible for paying accruing interest. Students can choose to pay the interest while in school, or have it added to their loan balance. The fixed interest rate for undergraduate loans is 6.8%.

The National Student Loan Data System (NSLDS) is the U.S. Department of Education's (ED's) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated location where Title IV recipients can access and inquire about their loan and/or grant data.