Loans & Grants
A number of federal, state, and Mount Carmel-affiliated loan programs are available to make your education more affordable. Depending upon the financial contribution you and your family expect to make, you may be eligible for one or more programs. Whether you choose a subsidized (the interest deferred while you’re in school) or unsubsidized loan (interest accrues while you're in school), repayment begins six months after you leave school.
Each loan option outlined below is designed to address a specific circumstance and financial need. Each also has unique application and selection criteria. If you would like more information about specific loan programs, call the College’s Financial Aid Office at 614-234-5177.
Federal Programs
| Name | Amount | Selection Criteria | How to Apply |
| Federal Parent Loan for Undergraduate Students (PLUS) | Parents may borrow up to full cost of education minus other financial aid | Parent can borrow full cost of attendance minus financial aid/ must apply each year | Apply online as directed in award letter. Loan repayment begins after graduation or withdrawal from school |
| Federal PELL Grant | Up to $5,635 per year | Federal Formula | Submit Free Application for Federal Student Aid (FAFSA) |
| Federal Stafford Loan (Subsidized) | $3,500 1st year $4,500 2nd year $5,500 3rd, 4th year |
Variable interest rate set annually; repayment begins six months after student drops below half-time status (6 credit hours) | Apply online as directed in award letter. Loan processed electronically and credited to student’s account |
| Federal Stafford Loan (Unsubsidized) | Student may borrow up to Stafford Loan limits | Available to students who do not have financial need; interest accrues throughout loan | Apply online as directed in award letter. Loan processed electronically and credited to student’s account |
| Federal Stafford Loan – Unsubsidized for Independent Students | Up to $4,000 1st & 2nd year; $5,000 3rd & 4th year | Non-need based, must file FAFSA, and must be “independent” | Apply online as directed in award letter. Loan processed electronically and credited to student’s account |
| Nursing Student Loan (NSL) | Up to $3,500; campus-based federally subsidized loan; repayment begins 9 months after leaving school; 5% interest rate | Based on unmet need after applying Federal and State aid, grants, loans, and other outside aid | Submit forms by priority deadline dates to be considered for loan |
| Supplemental Educational Opportunity Grant (SEOG) | Up to $1,000; campus based grant; based on exceptional need | Must be PELL eligible with high unmet need | Submit FAFSA by the definded deadline dates. |
State Programs
| Name | Amount | Selection Criteria | How to Apply |
| Nursing Education Assistance Loan Program (NEALP) | Up to $3,000 per year | Based on need; must submit copy of SAR to Ohio Board of Regents | Contact the Ohio Board of Regents at 1-888-833-1133 for application; deadline June 1 and November 1 |
| Ohio College Opportunity Grant | Amount varies | Must be an Ohio resident with family AGI of less than $35,000 | Must file FAFSA by September 30 |
| Nurse Faclty Fellowship grant | Amount varies |
Mount Carmel Programs
| Name | Amount | Selection Criteria | How to Apply |
| College of Nursing Loan (Memorial Loan) | $2,000 maximum/year; repayment begins 90 days after leaving; 60 months for full repayment at 3.5% interest | Offered to students who show high unmet need after Federal and State grants and loans are applied | Submit FAFSA and Mount Carmel College of Nursing Financial Aid Application by priority deadline dates |
| Mount Carmel Alumni Association Loan | Max $1,000 per year; interest free if repaid within six months after graduation | Only Senior/Junior and second term Sophomores are eligible; loan is not need based | Alumni Loan Application available from Financial Aid. |
| Mount Carmel College of Nursing Grant | Up to $1,000 | Junior/Senior based on exceptional need | Submit FAFSA and MCCN Financial Aid Application by priority deadline dates |
| Mount Carmel College Student Work Program | Part-time positions available. Non-taxed income | Students with financial need have first priority | Applications available online in CARMELink (student portal) |
| Schell Loan | Up to $2,500/year; interest free loan; repayable to up ten years | Based on exceptional need after Federal and State grants and loans are applied; must be less than 24 years of age and a U.S. citizen; parents must be U.S. citizens | Submit FAFSA by priority deadline dates |
