Realize Nursing
"I never dreamed of being a teacher. I never dreamed of being an astronaut, an artist, or movie star."
I dreamed of being a nurse.
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Loans & Grants |
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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 program. Whether you choose a subsidized (the interest is paid for you while you’re in school) or unsubsidized loan (you pay the interest while attending school or add the interest back into the loan), these must be repaid in full 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 |
Apply
online as directed in award letter. Loan
repayment begins immediately |
| Federal PELL Grant |
Up to $4,050 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 March
1 and MCCN Financial Aid Application to
be on the priority list |
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 Instructional Grant
(OIG) |
Up to $5,000 per year |
Must be an Ohio resident
with family AGI of less than $35,000 |
Must file FAFSA by September
30 |
| Ohio Student Choice Grant
(OSCG) |
Amount varies each year |
Must be an Ohio resident;
must be full-time working toward first
degree |
Complete FAFSA or residency
certificate in the MCCN Financial Aid Office |
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 |
| Emergency Loans (Short-Term
Emergency Loans) |
Up to $1,000 annually; amount
varies – usually small amount; repayable
within academic term |
May be awarded to student
at any level who has met unexpected financial aid
deficit and has financial aid in process |
Contact the Financial Aid
Office |
| 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 Alyncia Bowen. Please complete and return to
her or Kathy Smith. |
| 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 |
Up to eleven part-time positions
available. Non-taxed income |
Students with financial need
have first priority |
Contact the Financial Aid
Office |
| 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 and Mount Carmel
College of Nursing Financial Aid Application by
priority deadline dates |
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Tuition & Financial Aid 
