JRMC School of Nursing may, from time to time, provide the student with (a) information on federal, state and private education loans and grants, and other student financial aid (collectively, “Financial Assistance”) for which he or she may apply to receive and/or (b) estimates of the amount of Financial Assistance for which he or she may qualify, but:
- the federal, state and private party providers determine the student’s eligibility for any Financial Assistance;
- the federal, state and private party providers determine the amount of any Financial Assistance the student may receive, not the school;
- any Financial Assistance, including, without limitation, scholarships, may terminate at any time without notice;
- the student is responsible for applying for any Financial Assistance, not the school;
- the student is responsible for determining when and where to apply for any Financial Assistance; and
- the student is responsible for repaying the full amount of any Financial Assistance received in the form of a loan, plus interest and less any amount of the loan that may be refunded.
Federal Financial Aid Administered by the U.S. Department of Education
JRMC School of Nursing is designated as an eligible institution by the U.S. Department of Education (“DOE”) for participation in the following federal programs. To apply for financial aid under the following federal programs, a student needs to complete and submit a Free Application For Federal Student Aid online, by PDF or by paper.
Federal Pell Grant Program
The Federal Pell Grant Program is intended to allow eligible students financial access to the school or college of their choice. For eligible students, Federal Pell Grants are the “floor” or base upon which all other federal student financial aid is built. Current year awards range from $0 to $5,775. The amount a student may receive depends on the student’s family’s financial situation, the student’s full- or part-time enrollment status and how much of the student’s remaining education at the school falls within the current federal award year (July 1 through June 30). In order to be eligible for a Federal Pell Grant, a student may not have previously received a bachelor’s degree from any institution.
Iraq and Afghanistan Service Grant Program
A student who is not eligible for a Federal Pell Grant, but whose parent or guardian was a member of the U.S. Armed Forces and died as a result of service performed in Iraq or Afghanistan after September 11, 2001, may be eligible to receive a grant under the Iraq and Afghanistan Service Grant Program. The grant award is equal to the amount of a maximum Federal Pell Grant for the current federal award year, but not to exceed the student’s cost of attendance for that federal award year. An additional eligibility requirement is that the student must be either:
- under 24 years old; or
- enrolled at least part-time at the time of the parent’s or guardian’s death.
Direct Subsidized Federal Stafford Loan Program
These loans are available to eligible students enrolled at least half-time in an eligible institution and are based on the financial need demonstrated by each student. An undergraduate student may borrow up to $3,500 for the first academic year, $4,500 for the second academic year and $5,500 for each of the third and subsequent academic years under this program. The loan amounts will be pro-rated for academic years of less than nine months. A student must repay his or her Direct Subsidized Federal Stafford Loans based on the amount borrowed, but no less than $50 per month, beginning six months after graduation or termination of studies. As of July 1, 2015, the maximum interest rate on a Direct Subsidized Federal Stafford Loan is 4.29% for undergraduate students. Repayment of a Direct Subsidized Federal Stafford Loan may be deferred for up to three years for any student who: (1) is seeking and is unable to find full-time employment; (2) suffers economic hardship; or (3) returns to school and is enrolled at least half-time. As of July 1, 2015, a student is obligated for a 1.073% origination fee on each Direct Subsidized Federal Stafford Loan that the student receives.
Direct Unsubsidized Federal Stafford Loan Program
These loans are available to eligible students enrolled at least half-time in an eligible institution and who do not demonstrate financial need. Under this program, an undergraduate student who is classified as:
(a) independent or (b) dependent and whose parents fail to qualify for a Direct Federal PLUS Loan, may borrow up to:
- $3,500 combined of Direct Subsidized and/or Unsubsidized Federal Stafford Loans, plus $6,000 additional Direct Unsubsidized Federal Stafford Loan for the first academic year;
- $4,500 combined of Direct Subsidized and/or Unsubsidized Federal Stafford Loans, plus $6,000 additional Direct Unsubsidized Federal Stafford Loan for the second academic year; and
- $5,500 combined of Direct Subsidized and/or Unsubsidized Federal Stafford Loans, plus $7,000 additional Direct Unsubsidized Federal Stafford Loan for each of the third and subsequent academic years; or
dependent and whose parents are not rejected for a Direct Federal PLUS Loan may borrow up to:
- $3,500 combined of Direct Subsidized and/or Unsubsidized Federal Stafford Loans, plus $2,000 additional Direct Unsubsidized Federal Stafford Loan for the first academic year;
- $4,500 combined of Direct Subsidized and/or Unsubsidized Federal Stafford Loans, plus $2,000 additional Direct Unsubsidized Federal Stafford Loan for the second academic year; and
- $5,500 combined of Direct Subsidized and/or Unsubsidized Federal Stafford Loans, plus $2,000 additional Direct Unsubsidized Federal Stafford Loan for each of the third and subsequent academic years.
A graduate student may borrow up to $20,500 each academic year under this program. This loan was created so that any student, regardless of income, would be able to obtain a Federal Stafford Loan. The terms and conditions of the unsubsidized loan, including deferments and loan charges, with few exceptions, are the same as the Direct Subsidized Federal Stafford Loan described above. However, a student must pay the interest on any Direct Unsubsidized Federal Stafford Loan during the time that the student is in school and during any deferment period. The maximum interest rate on a Direct Unsubsidized Federal Stafford Loan was 6.8%, as of the date this catalog was published. As of July 1, 2010, a student is obligated for a 1.0% origination fee on each Direct Unsubsidized Federal Stafford Loan that the student receives.
Direct Federal PLUS Loan Program
Direct Federal PLUS Loans are for parent and graduate student borrowers. The maximum interest rate for Direct Federal PLUS Loans was 7.9%, as of the date this catalog was published. The interest rates charged on these loans may change, so the student must check with the school for the current rate. As of the date this catalog was published, parents and graduate student borrowers are obligated for a 4% origination fee on each Direct Federal PLUS Loan they receive. Direct Federal PLUS Loans enable parents and graduate students to borrow the cost of the student’s education, less other aid received by the student. Direct Federal PLUS Loan borrowing is limited to parents and graduate students with a favorable credit history.
GI Bill Education Benefits
The Registered Nursing program offered at JRMC School of Nursing is approved by the Arkansas State Approving Agency for the training of veterans, Ready Reservists, National Guard members, spouses and children of deceased or 100 percent disabled veterans, and, in some cases, spouses and children of active duty service members under Titles 10, 32 and 38 of the United States Code. Veterans desiring to train using the benefits of the GI Bill must first establish eligibility with the Department of Veteran’s Affairs (“VA”) by submitting Form 22-1990, Application for VA Education Benefits, or by applying online at www.gibill.va.gov. For a complete description of each VA education assistance program, go to the GI Bill website at www.gibill.va.gov. Service members on active duty or current members of the National Guard who are considering college should contact their post or unit education officer for full details and current tuition benefits. Veterans should contact the school’s Finance Department with questions regarding institutional procedures for certifying enrollment.
NOTE: The regulations governing all federal financial assistance programs are subject to change. The Finance Department will have information regarding available programs, and will make available to the student a copy of the U.S. Department of Education publication “Funding Your Education: The Guide to Federal Student Aid 2012-13.”
