bulletin 2002/nursing/pages.7 - Yale University

120 School of NursingAll other types of financial aid are awarded based on demonstrated financial need.Students who are U.S. citizens are awarded federal student loans, work-study, and scholarshipaccording to federal regulations and school policy. The School awards StaffordLoans, Perkins Loans, and Nursing Student Loans to the maximum eligibility the fundsallow. International students are eligible for School scholarship, but not federal studentloans. Part-time students are eligible for loans only.School of Nursing scholarships are available to full-time students with demonstratedneed beyond federal loans. Depending upon availability of funds, a percentage of theremaining need is offered as a scholarship.Stafford Loans are available up to a limit of $18,500 per year, of which $8,500 may besubsidized by the federal government. This means that the subsidized portion is interestfree until six months after graduation; the unsubsidized portion accrues interest from thedate of disbursement. Interest rates are variable, but never more than 8.25 percent, andborrowers have ten years for repayment.Perkins Loans are awarded to students who have demonstrated need beyond the$8,500 subsidized Stafford Loan. These loans are also subsidized while the student isenrolled and for nine months after graduation, but the interest rate is fixed at 5 percent.Perkins loans have another unique feature. A percentage of the loan may be cancelled foreach year the student works full-time in the health care field, and after five years, theentire loan is cancelled. Funds for this loan are limited, so the School policy is to disbursethe funds equitably across the eligible population.Nursing Student Loans are awarded after Stafford and Perkins loans to a limitednumber of students with demonstrated need. The loan is subsidized, interest is 5 percent,and students have ten years to repay. Funds are limited and the School policy is to firstaward this loan to incoming students in the Graduate Entry Prespecialty in Nursing. Iffunds permit, loans are offered to other students.Private loans are available from various banks around the country. Information onseveral programs is made available to admitted students. Credit checks are performed onthe student and/or cosigner before approval and the School’s financial aid director mustcertify the loan before disbursement. International students must have a U.S. citizen or permanentresident as a cosigner. More information is available from the Financial Aid Office.Work-Study is a federal student aid program available to U.S. students with demonstratedneed beyond loans. Awards are usually $1,000 per year for a limited number ofstudents. Students in this program work on faculty research, provide administrative supportto faculty and staff, or can be employed in the School’s Reading Room.Students are encouraged to seek outside scholarships from their employer or almamater, from organizations with which they are affiliated, and via Web site searches, suchas www.fastweb.com/. Students must inform the Financial Aid Office of any outsidesupport, as awards may need to be revised. However, revisions begin with loans, notscholarships.