FinancialAidGuide _08-34_ by MarijanStefanovic

VIEWS: 7 PAGES: 20

									Financial Aid Guide
2006-2007
 School of Nursing
           Produced by the Office of Financial Aid

                        EDITORS
                      Christin Marten
                      Selena Hinnant




DUMC Box 3322        Toll Free: 877-415-3853     Fax: 919-668-4693    2
Durham, NC 27710     Local: 919-684-4248       www.nursing.duke.edu
                   Volume 3        May 2006
                         Contents
  Scholarships                                                  4
    Institutional Need-Based Scholarships
    Institutional Merit Scholarship
    University Scholars Program
    NursingScholarships@Duke Newsletter
    External Scholarship Announcements
  Traineeships                                                  5
  Federal Student Aid                                           6
    Federal Stafford Loans
    Federal Stafford Loan Application Process                   7
    Graduate PLUS Loans
    Cost of Attendance Student Budget                           8
    Perkins Loan
    Federal Loan Consolidation
    Loan Deferment
  How To Apply                                                  9
     First Time Filers
     MSN & PMC Students
     BSN Students
     Renewal Applicants                                        10
  After You File                                               11
     Verification
      Income Adjustment Request
      FAFSA Application Errors
      Financial Aid Award Notification
      Cost of Attendance Adjustment Request
  Supplemental Financial Aid                                   12
     Alternative Loans
     Alternative Loans for International Students              13
     DUHS Loan Payment Program (ABSN Students)
     Nurse Faculty Loan Program
     HRSA Nursing Education Loan Repayment Program
     HRSA Nursing Scholarship Program
     NHSC Scholarship Program
     NC Master’s Nurse Scholars Program
     NC Undergraduate Nurse Scholars Program                   14
     NC Health, Science and Mathematics Loan Program
  Duke Employees
  Payment of Accounts                                          15
  Disbursement Policy                                          17
  Financial Aid Refund Checks
  2006-2007 Tuition and Fees                                   18
  Financial Aid Timeline (Important Dates/Deadlines)           19
  Important Phone Numbers                                      20




DUMC Box 3322        Toll Free: 877-415-3853     Fax: 919-668-4693    3
Durham, NC 27710     Local: 919-684-4248       www.nursing.duke.edu
                                        Scholarships

Institutional Need-based Scholarships
The School of Nursing receives funding from a variety of benefactors. A portion of these funds go to
finance the School of Nursing’s need-based scholarship. Need-based scholarships are awarded to US
Citizens or permanent residents enrolled at least half time in an MSN or Post-Master's Certificate
program and who have demonstrated need for financial assistance on the FAFSA. Accelerated BSN
students and non-degree students are not eligible to be considered for a need-based scholarship.
To apply, students are required to submit the Free Application for Federal Student Aid (FAFSA). The
deadline to apply is the last day of drop/add for each semester. See page 4, Important Dates/Deadlines.
Once awarded, the scholarship covers a fixed percentage of tuition costs relative to the number of credits
a student enrolls in each semester and limited by the total number of credits allotted for a program.
Awards range from 10% to 50%, for a student's entire program of study, provided the student remains in
good academic standing. If a student experiences a change in financial circumstances from what was
reported on the FAFSA, either before or after having applied, written notification must be submitted to
the Office of Financial Aid. This includes becoming eligible for the Duke Employee tuition benefits.
See page 15, Duke Employees. A change in financial status may result in a change to the need-based
scholarship award. Awards and adjustments to awards are submitted via mail to recipients.

Institutional Merit Scholarship
A portion of the funds the School of Nursing receives also go to fund the Merit Scholarship. Merit
scholarships are awarded to US citizens or permanent residents who are applying to the ABSN, MSN,
RN to MSN Pathway or any of the Post-Master's Certificate programs, entering a degree seeking
program for the first time, and meeting GPA and GRE eligibility requirements. This competitive
scholarship covers 75% of tuition for an entire program of study. Students may apply for a merit
scholarship one time only. Non-degree students are not eligible to apply. The number of awards is
based on the number of applicants. 5% of the applicant pool is awarded a merit scholarship. All
applicants will receive notification from a merit committee representative via mail after decisions are
made.

University Scholars Program
The University Scholar is chosen from among the fall semester merit scholarship recipients and is only
awarded when a student first enters into a program. University Scholars' recipients receive 100% tuition
funding and the opportunity to participate in professional seminars and study throughout their career at
Duke. There is no application process for the University Scholars Program. Merit recipients, selected for
the University Scholars Program by a school official, are exceptional, creative and exhibit wide
interdisciplinary interests and commitments. They show evidence of profiting by intellectual
collaboration and exchange at the very highest levels. They are good communicators who can share their
specialized knowledge and challenging ideas with faculty in other fields, with fellow postgraduate
scholars from across the graduate departments and professional schools, as well as with brilliant
undergraduates. The terms of this award will be explained in an individual award letter

NursingScholarships@Duke
NursingScholarships@Duke is a scholarship and financial aid e-newsletter produced by the Office of
Financial Aid as a service to the Duke University School of Nursing Community. This newsletter is
intended to provide prospective and enrolled students with current information for finding scholarships,
grants, loan repayment programs and other sources of funding. The NursingScholarships@Duke
bulletin can be found on our web-site www.nursing.duke.edu.

External Scholarship Announcements
Scholarship announcements are sent via email to the School of Nursing student listserv as they become
available or as deadlines occur. Announcements can also be found on the Scholarship Bulletin Board at
www.nursing.duke.edu and on the Scholarship and Financial Aid bulletin board in the front hallway of
the School of Nursing building.




       DUMC Box 3322                   Toll Free: 877-415-3853          Fax: 919-668-4693               4
       Durham, NC 27710                Local: 919-684-4248            www.nursing.duke.edu
                                       Traineeships
The School of Nursing submits an application for traineeship grants to the US Department of Health and
Human Services each year. If the application is approved and funded, traineeship awards are made to
students according to traineeship guidelines.

Students will be notified via email when and if traineeships will become available for the 2006-
2007 school year.

Award: 75% of tuition

Awards will be made on the basis of merit (e.g. BSN GPA, current GPA at Duke, GRE test scores) and
financial need. Students who have received need based scholarship awards from the School of Nursing
are considered eligible to apply (the traineeship award would replace the need based award).

Traineeship Guidelines


     •     Must be a U.S. Citizen or permanent resident alien.
     •     Must be a full time Graduate (MSN or PMC) student or part time Graduate (MSN or PMC)
           student who will graduate in 2005 or 2006.
     •     Must be majoring in a primary care specialty (e.g. family, adult, pediatrics, gerontology)
     •     Must be committed to serving in a rural/underserved area following graduation.

Qualifying practice sites include


     •     Community Health Centers
     •     Health Care for Homeless Grantees
     •     Public Housing Primary Care Centers
     •     Rural Health Clinics
     •     National Health Service Corps Sites
     •     Indian Health Service Sites/Tribal Health Sites
     •     Federally Qualified Health Centers
     •     Health Professional Shortage Areas (HPSAs)
     •     Nurse Shortage Areas
     •     Ambulatory Practice Sites Designated by State Governors
     •     Other Rural or Underserved Populations (Specify)




         DUMC Box 3322                Toll Free: 877-415-3853          Fax: 919-668-4693                5
         Durham, NC 27710             Local: 919-684-4248            www.nursing.duke.edu
                                Federal Student Aid
All US Citizens or permanent residents enrolled at least half time in a degree seeking program are
eligible to receive Federal Student Aid. All students seeking Federal Student Aid must complete a Free
Application for Federal Student Aid (FAFSA).

Federal Stafford Loans
The Office of Financial Aid determines your eligibility for the Federal Stafford loan based on the
information you provide on the FAFSA. Before you borrow, you may want to get a better understanding
of the loan application process.

There are two types of Federal Stafford Loans:
          Subsidized
          The government pays the interest on these loans until you enter repayment, if you
          demonstrate financial need. Additional information on financial need is available at
          http://studentaid.ed.gov/students/attachments/siteresources/StudentGuide.pdf.
          Unsubsidized
          If you do not demonstrate financial need, you are responsible for paying interest that accrues
          during school, and in the grace and deferment periods. If not paid while in school, interest is
          added to the loan principal (capitalized) at the end of the grace period. Your grace period
          ends 6 months after you graduate, leave school or drop below half-time status). Students
          generally receive a combination of subsidized and unsubsidized Stafford loans.

          For information on borrowing limits see the
          http://studentaid.ed.gov/students/attachments/siteresources/StudentGuide.pdf.

Things to remember about Federal Stafford Loans:

     1.   The interest rate on all loans issued after July 1, 2006 will be a fixed 6.8% rate. All loans
          issued before July 1, 2006 will have a variable rate, adjusted annually on July 1, and cannot
          exceed 8.25%.

     2.   The federal government charges a 1% federal default fee on Federal Stafford loans, so the
          amount you receive for your education normally will be the net amount, not the gross amount
          that you borrow each year. Some lenders will pay this fee for you.

     3.   Stafford Loans can be disbursed no sooner than 10 days before the start of the semester.

     4.   You will have a six-month "grace period" before you are expected to start repaying your
          loans when your enrollment in school drops below half-time.

     5.   You have flexibility and choice in repayment terms. You select a repayment plan when you
          begin to repay your loan, and you can change your selection throughout repayment.

     6.   You are granted up to 10 years to repay your Federal Stafford loan and may be eligible to
          defer payments if you experience economic hardship or re-enroll in school. Payments may
          also be stopped temporarily for other reasons (i.e. temporary disability) if your lender
          approves. This is called forbearance.

     7.   You will have the option of consolidating your Stafford Loan payments into one payment at a
          fixed interest rate when you enter repayment. Speak to your lender about consolidation
          options and benefits.

     8.   Click here for the 2005 higher education tax benefits that are available to Federal Stafford
          loan borrowers.




       DUMC Box 3322                  Toll Free: 877-415-3853          Fax: 919-668-4693               6
       Durham, NC 27710               Local: 919-684-4248            www.nursing.duke.edu
Federal Stafford Loan Application Process:

     1.     Complete a 2006-2007 FAFSA. You should apply for financial aid as early as possible. You
            can and should apply before you are admitted to the School of Nursing.
     2.     Obtain an award letter from the school. Your school will send you an outline of your
            scholarship and loan eligibility based on your family's financial obligation that was
            determined on the Free Application for Federal Student Aid (FAFSA) you completed earlier.
     3.     If you choose to accept the Stafford loan, you will be asked to complete a master promissory
            note (MPN). You will need to sign an MPN only once if you remain with one lender for the
            entire length of your program. Your financial aid award notice will explain the procedure to
            you, and after you sign an MPN you will receive a disclosure statement with each loan
            disbursement, which will state the amount and terms, including interest rate, for each loan.
     4.     You will also need to choose a lender to disburse the loan to your school. Your financial aid
            counselor can provide information about the services lenders provide, the money-saving
            benefits they can offer students, etc. You should talk with your counselor about your choice
            of lender if you do not already have a lender in mind.
     5.     Complete an "entrance interview." This is a mandatory student loan counseling session that
            you must complete before you can receive a federal student loan. Your school will go over all
            the details of the loan with you, and you should keep any paperwork you receive - you may
            not think you'll need it now, but it may come in handy later when you begin repaying your
            student loans. Entrance interviews are only necessary for School of Nursing students who
            have never borrowed Federal Stafford Loans in the past. This requirement can be completed
            at www.mapping-your-future.org. Students should complete the combined Perkins/Stafford
            Entrance Exam.
     6.     Towards the end of your program, complete an "exit interview." Your school will go over all
            the details of loan repayment with you, and you should keep any paperwork you receive. Exit
            interviews can be completed at www.mapping-your-future.org. Students should complete the
            combined Perkins/Stafford Exit exam



Yearly Stafford Loan amounts (maximum) depend on grade level as follows:

     Accelerated BSN Subsidized                                                 $ 5,500
     Accelerated BSN Unsubsidized                                               $ 5,000
     Graduate Subsidized                                                        $ 8,500
     Graduate Unsubsidized                                                      $10,000

The aggregate (the maximum loan amount of all loans for all years at any institution) is limited to:

     Accelerated BSN Dependent Student                                          $ 23,000
     Accelerated BSN Independent Student                                        $ 46,000
     Graduate Students                                                          $138,500



Graduate PLUS Loans * New for 2006-2007
In the past, graduate students seeking to borrow for costs above the Federal Stafford Loan maximum
were forced to borrow loans with variable rates that had rigorous credit criteria. The Graduate Plus
Loan can effectively replace the need to borrow alternative education loans through private lenders, thus
making the loans more affordable and easier to obtain. You may recall Plus Loans as the Parent Loan
for Undergraduate Students (Plus). As a part of new federal legislation, this loan program was expanded
to allow graduate students to borrow from it. Benefits of the graduate PLUS loans include: lower
interest rate than most private education loans, a fixed interest rate of 8.5% with possible lender
incentives to lower the rate, credit based on “adverse credit” rather than “credit scoring", lack of credit
history or insufficient credit history is not considered, amount of eligibility determined using the same
formula as private loans, can be consolidated with other federal loans upon graduation. A 3%
origination fee will be charged to all Graduate PLUS loan borrowers.




          DUMC Box 3322                 Toll Free: 877-415-3853          Fax: 919-668-4693               7
          Durham, NC 27710              Local: 919-684-4248            www.nursing.duke.edu
Cost of Attendance Student Budget
All students who receive Federal Student Aid are required to maintain a budget. The cost of attendance
budget is set by Duke University each year and is the total amount of money a student may receive in
financial aid throughout the school year. The budget total is listed on the financial aid award notice each
year. If the budget total is not an appropriate amount for you, please speak to a financial aid advisor
about applying for a cost of attendance increase. The penalty for going over the budget may result in a
reduction of financial aid.


Federal Perkins Loans
The Federal Perkins loan is a fixed interest rate loan for both undergraduate and graduate students with
exceptional financial need. Duke University is the lender of the loan. Duke funds the Perkins loan
Program from a contribution from the federal government and a share contributed by the school. This
loan must be repaid to Duke University.
Depending on the level of need that is determined by the FAFSA and the cost of attendance budget a
graduate student can borrow up to $6,000 for each year of graduate study, and an accelerated BSN
student can borrow up to $4,000 per year of undergraduate study.
The Perkins loan comes with a generous cancellation benefit for recipients who work as a nurse in
patient care following graduation. It takes five years to have 100% of the loan canceled. If a borrower
is not eligible for the cancellation benefit or becomes ineligible for any reason, they are responsible for
repaying the loan to Duke University at a fixed interest rate of 5%. The Perkins loan does not accrue
interest while the borrower is in school and offers a 9-month grace period. Please note that the
cancellation benefit becomes null and void if the Perkins loan is consolidated.

The funding level for the Federal Perkins Loan is different each academic year and is not guaranteed.



Federal Loan Consolidation
Students receiving Federal Stafford loans have the option of consolidating those loans into one payment
at a fixed interest rate. The fixed rate is based on the weighted average of the interest rates on the loans
at the time you consolidate, rounded up to the nearest one-eighth of a percent. The interest rate does not
exceed 8.25 percent. The consolidation rate is fixed for the life of the loan, which protects you from
future increases in variable rate loans but prevents you from benefiting from future decreases in variable
rates. You should keep in mind that although consolidation can simplify loan repayment and lower
your monthly payment, it also can significantly increase the total cost of repaying your loans.
Consolidation offers lower monthly payments by giving borrowers up to 30 years to repay their loans.
So, you'll make more payments and pay more in interest. In fact, in some situations consolidation can
double your total interest expense. If you don't need monthly payment relief, you should compare the
cost of repaying your unconsolidated loans against the cost of repaying a consolidation loan. You also
should take into account the impact of losing any borrower benefits offered under non-consolidated
repayment plans. Borrower benefits, which may include interest rate discounts, principal rebates, or
some loan cancellation benefits, can significantly reduce the cost of repaying your loans. Once made,
Federal Consolidation Loans cannot be unmade. That's because the loans that were consolidated have
been paid off and no longer exist. Take the time to study your consolidation options before you submit
your application. Click Here for a checklist from the Department of Education that has been designed to
help you determine whether and how you should consolidate your loans. Contact your financial aid
advisor for more information on loan consolidation.


Loan Deferment
Students who attend a post-secondary institution at least half time have the option of deferring their
current loan payments. Half time at the Duke University School of Nursing is considered to be a
minimum of 4.5 credits. To defer a loan, students must contact the loan lender or servicer and request a
loan deferment. The lender or servicer will send the student a loan deferment form that may need to be
signed by the Office of Financial Aid.




       DUMC Box 3322                    Toll Free: 877-415-3853           Fax: 919-668-4693              8
       Durham, NC 27710                 Local: 919-684-4248            www.nursing.duke.edu
                                       How to Apply
                    For Institutional and Federal Student Aid

All students interested in applying for Federal Student Aid or Institutional need-based scholarships must
complete the Free Application for Federal Student Aid. The FAFSA must be renewed yearly. See page 4
for priority filing dates. You should not wait until you are admitted to a program to apply for aid. All
BSN, MSN, and Post Master’s Certificate students (full-time and part-time) are eligible to apply for
financial aid. Non-Degree students are not eligible to receive Federal or Institutional Aid.



First Time Filers (BSN, MSN, & PMC students)

1. Gather the appropriate documents and resources
   You will need:

           A government pin number can be obtained at www.pin.ed.gov This acts as your online
           signature. The "PIN" will also enable you to make additions, corrections and file a renewal
           FAFSA next year. If you are a dependant student, a parent or guardian will also need to
           register for a "PIN".
           Your social security number
           Your W-2 forms and other records of money earned
           Your federal income tax return (and that of your spouse, if married)
           Your parents' federal income tax return (if you are a dependant student)
           Any foreign tax return or tax return from Puerto Rico
           Your untaxed income records - social security, temporary
           assistance to needy families, welfare, or veterans benefits records,
           for example your bank statements

2. Fill out an application at www.FAFSA.ed.gov


MSN & PMC Students
Do not forget to:

           Enter the appropriate school code: E00162
           The School of Nursing has a separate financial aid office from Duke University.
           Provide your spouse's income information, as well as your own, if you are married.
           Sign your FAFSA using your unique government "PIN".


BSN Students
Do not forget to:

           Enter the appropriate school code: E00162
           The School of Nursing has a separate financial aid office from Duke University.
           Classify your attendance as a 2nd Bachelor's Degree. Your grade level when entering the
           ABSN program should be classified as a 5th year/other undergraduate. If you are
           simultaneously applying to a graduate program, this information must be corrected prior to
           receiving aid from us.
           Provide your spouse's income information, as well as your own, if you are married.
           Report your parent's income only if you are a dependant student in addition to your own.
           Sign your FAFSA using your unique government "PIN". Have your parent or guardian sign
           your FAFSA using a "PIN" if you are a dependant student.




       DUMC Box 3322                   Toll Free: 877-415-3853          Fax: 919-668-4693                9
       Durham, NC 27710                Local: 919-684-4248           www.nursing.duke.edu
Renewal Applicants


1. File your Taxes

  It is required that you file a renewal FAFSA using accurate and exact income tax
  information.

2. Gather the appropriate documents and resources

   You will need:

           Your government pin number. If you have forgotten your pin number, it can be retrieved at
           www.pin.ed.gov
           Your Social Security Number
           Your W-2 Forms and other records of money earned
           Your Federal Income Tax Return (and that of your spouse, if married)
           Your parents' Federal Income Tax Return (if you are a dependant student)
           Any foreign tax return or tax return from Puerto Rico
           Your untaxed income records - Social Security, Temporary Assistance to Needy Families,
           welfare, or veterans benefits records, for example.
           Your bank statements


3. Fill out a renewal FAFSA application at www.FAFSA.ed.gov


You may retrieve your FAFSA account by following the appropriate steps on the FAFSA website.
Generic items like your name, birth date, address, social security number, and program information will
copy to the renewal application from the previous year.




       DUMC Box 3322                  Toll Free: 877-415-3853          Fax: 919-668-4693           10
       Durham, NC 27710               Local: 919-684-4248           www.nursing.duke.edu
                                       After You File
Verification
The Department of Education will select students at random for FAFSA verification. If you are selected
for verification you must provide the School of Nursing with a signed copy of your 2005 Federal Income
Tax Return, a copy of your 2005 W-2’s and a completed verification worksheet. Any parent or student
who is selected for verification and who indicated “$0.00” income on their FAFSA will be required to
verify that information by requesting an IRS tax summary for 2005. If the tax information submitted
during verification differs from the information that was reported on the FAFSA, the student’s financial
aid award will be adjusted accordingly. When a student is selected for verification, the financial aid
award will be delayed until after the verification process is complete.


FAFSA Application Errors/Database Match Problems
The information a student submits on the FAFSA is matched against several Federal databases. If the
information submitted on the FAFSA has failed to match a Federal database (e.g. Social Security,
Selective Service, Immigration Naturalization Service) you will receive a letter from the Department of
Education describing the problem. Contact the Office of Financial Aid or the Department of Education
if you have questions about any problems with your FAFSA. You may be asked to submit
documentation to the School or simply to correct an error that occurred. Financial aid will not be
awarded until all errors on the FAFSA have been corrected.


Income Adjustment Request
If you feel that your 2005 income does not accurately reflect your future income while attending school
either part-time or full-time, you may request an income adjustment. An income adjustment will require
you to submit a signed copy of your 2005 Federal Income Tax Return, a copy of your 2005 W-2’s, and
an income adjustment form. An income adjustment may or may not assist you in receiving additional
financial aid. The income adjustment form can be found at http://www.nursing.duke.edu/. Speak to
your financial aid advisor to see if an income adjustment is necessary.


Financial Aid Award Notification
After completing the FAFSA process students will receive a financial aid award offer in the mail with
complete instructions on how to accept or deny the aid offer. No financial aid awards to entering
students will be made prior to their formal written acceptance of the offer of admission. At this time,
information will be provided on how to subsidize any remaining need not covered by the financial aid
award offer with private loans. All questions about your financial aid offer should be directed to the
appropriate counselor. Please speak to your counselor via phone, in person, or via email, at least one
month prior to the start of the semester. They can work with you to create a financial aid plan for the
entire school year.


Cost of Attendance (COA) Adjustment Request
If for any reason you feel that the budget set according to your program plan by Duke University does
not sufficiently cover your actual costs for attending the School of Nursing, you may request a cost of
attendance adjustment. The cost of attendance budget will be provided to you in the financial aid award
notification letter each year. A COA increase is only necessary if a student has received the maximum
amount of financial aid possible for the year and is still in need of additional loan funds. Students are
asked to submit sufficient documentation as to the reason for requesting a COA adjustment. The COA
adjustment form as found at http://www.nursing.duke.edu/ will provide a guideline for the type of
information that may need to be submitted. It is to the discretion of the financial aid counselor to
approve a COA increase. No COA increases will be awarded without a signed COA form.




       DUMC Box 3322                   Toll Free: 877-415-3853           Fax: 919-668-4693            11
       Durham, NC 27710                Local: 919-684-4248            www.nursing.duke.edu
                           Supplemental Financial Aid
Alternative Loans
Alternative (or private) loans are credit-based loans that are funded by a private financial institution and
are approved based on the good credit history of the student and/or a co-signer. Co-signers may be
required for an alternative loan for those students who have little or no credit history or those with a
negative credit history. Some lenders may require a co-signer regardless of the student's credit history.
Alternative loans are readily available for all students. Lenders generally allow students to borrow up to
the cost of attendance less any other financial aid. The cost of attendance budget will be stated in the
student’s financial aid award notice. If the budget total is not an appropriate amount, please speak to a
financial aid advisor about applying for a cost of attendance increase. A penalty for going over the
budget may result in a reduction of financial aid.

What should I look for in an alternative loan?
Annual Percentage Rate (APR) What is the APR on the loan? The APR is the annual cost of your
loan; it includes interest and the effect of any fees and charges. APRs will differ depending on the terms
and amount of your loan. Make sure you compare like loan amounts when you compare APRs so you
received a true comparison. If the rate is variable, the APR may change during the life of the loan.
Carefully consider the terms and APRs when you borrow a private loan.

Pre-approval Do you want to know quickly if you qualify? Does the lender offer loan pre-approval
over the phone or Internet?

Repayment Period How long is the repayment period you have to repay the loan? If you education
costs require you to borrow large amounts, you may need a longer time to repay the loans.

Electronic Signature Can you complete your federal application online and sign it using your electronic
signature? This can significantly speed up your federal loan processing so you'll know how much
additional money you will need.

Repayment When does repayment begin? You should make regular payments. If you have trouble
making regular payments while you're in school, consider a loan that provides options for repayment.

Cosigner Release Does the loan require you to have a cosigner? Does the lender offer a cosigner release
option after you make a required number of on-time payments?

Repayment Incentives Does the lender reward you when you make payments on time? For example,
does the lender reduce the interest rate for automatic payments? Does the lender offer an interest rate
reduction after 24 or 48 consecutive on-time monthly payments?

Loan Limits Is there a maximum amount you can borrow? Does the loan have an annual of aggregate
limit? Will these limits meet your needs? It's a good idea to borrow from the same lender each year, so
make sure the aggregate loan limit is high enough to cover your costs throughout your entire education.

Interest Capitalization What happens if you choose not to pay interest while you're in school? If you
choose not to pay the interest, it may be capitalized (added to your principal balance). When is the
interest added? Annually? At repayment? If the interest is capitalized annually, the loan is more
expensive than if interest is capitalized once at repayment.

Servicer Does your lender sell their loans? Some lenders sell their loans to a third party servicer while
others retain ownership throughout the life of the loan. Ideally, you want a lender that services its own
loans. If you loans are sold, all future correspondence should be sent to the new owner of your loan.

Lender for Federal Loans Does the lender of the private loan also participate in the Federal Family
Education Loan Program (FFELP)? If may be easier to borrow your Federal Stafford and private loans
through the same lender. Some lenders can even combine the billing for these loans so you will receive
one monthly billing statement.




       DUMC Box 3322                    Toll Free: 877-415-3853           Fax: 919-668-4693             12
       Durham, NC 27710                 Local: 919-684-4248            www.nursing.duke.edu
Alternative Loans for International Students
The following institutions provide funding for International Students to attend school.

Access Group                                 Wachovia Education Finance Corp.
http://www.accessgroup.org                   http://www.educaid.com/alternative/islp.htm
(800) 282-1550                               1-800-338-2243
Outside the U.S. 1-302-477-4000              wef.customerassistance@wachovia.com


DUHS Loan Repayment Program
The Duke University Health System (DUHS) offers a loan payment program of up to $33,000 for all
Duke University School of Nursing Accelerated Bachelor’s of Science graduates. Please call the Office
of Financial Aid or Hospital Nurse Recruitment (919) 684-6339 for more details.

Nurse Faculty Loan Program
Students participating in this program are eligible to receive loan debt reduction benefits of up to 85% in
exchange for serving a four year service requirement as a nurse educator. Nearly $500,000 has been
awarded from the Nurse Faculty Loan Program and over 50 students have had up to 100% of their cost
of attendance paid for by this loan program. See the Office of Financial Aid for details. All students
able to fulfill the service requirement are eligible .

HRSA Nursing Education Loan Repayment Program
The Nursing Education Loan Repayment Program (NELRP) offers registered nurses substantial
assistance to repay educational loans in exchange for service in critical shortage facilities. Authorized
by Section 846 of the Public Health Service Act, as amended, the purpose of the NELRP is to assist in
the recruitment and retention of professional nurses dedicated to providing health care to underserved
populations. See http://bhpr.hrsa.gov/nursing/loanrepay.htm for more details.

HRSA Nursing Scholarship Program
The Nursing Scholarship Program (NSP or "Nursing Scholarship") is a competitive Federal program,
which awards scholarships to individuals for attendance at schools of nursing. he scholarship consists of
payment for tuition, fees, other reasonable educational costs, and a monthly support stipend. In return,
the students agree to provide a minimum of 2 years of full-time clinical service (or an equivalent part-
time commitment, as approved by the NSP) at a health care facility with a critical shortage of nurses.
See http://bhpr.hrsa.gov/nursing/scholarship/ for more details.

National Health Service Corp Scholarship Program
The NHSC Scholarship Program is a competitive Federal program, which awards scholarships to
students pursuing primary care health professions training. The scholarship consists of payment for
tuition, fees, other reasonable educational costs, and a monthly support stipend. In return, students agree
to provide 1 year of service in the HPSA of greatest need to which they are assigned for each school
year of scholarship support received, which a 2-year service commitment, maximum 4-year comittment.
Students enrolled or applicants planning to apply to the Family Nurse Practitioner program are
encouraged to apply. See the Office of Financial Aid for details.

Master’s Nurse Scholars Program
The Master's-Nurse Scholars Program (M-NSP) was introduced to attract outstanding nurses to pursue a
masters degree in nursing as preparation for them to teach nurse education programs and to provide
nursing services to citizens of North Carolina. M-NSP is administered by the North Carolina State
Education Assistance Authority (NCSEAA). Recipients must be North Carolina residents. Students must
plan to enter a master's level nursing program at a participating college or university in the state of North
Carolina. M-NSP is strictly merit-based; financial need is not a criterion. See http://www.cfnc.org for
more details.




       DUMC Box 3322                    Toll Free: 877-415-3853            Fax: 919-668-4693             13
       Durham, NC 27710                 Local: 919-684-4248             www.nursing.duke.edu
Undergraduate Nurse Scholars Program
The Undergraduate Scholars Program (M-NSP) was introduced to attract outstanding nurses to pursue a
degree in nursing as preparation for them to teach nurse education programs and to provide nursing
services to citizens of North Carolina. M-NSP is administered by the North Carolina State Education
Assistance Authority (NCSEAA). Recipients must be North Carolina residents. Students must plan to
enter an undergraduate nursing program at a participating college or university in the state of North
Carolina. M-NSP is strictly merit-based; financial need is not a criterion. See
http://www.cfnc.org/nursescholars for more details.


North Carolina Health, Science and Mathematics Loan Program
Legal residents of North Carolina who have been accepted as full-time students in accredited associate,
baccalaureate, master's or doctoral programs leading to a degree are eligible for this program. Studies
must be in specified health, science, or mathematic-related fields. Students may attend a North Carolina
postsecondary institution or an eligible out-of-state institution. Award recipients are chosen according to
major, academic capabilities, and financial need. See http://www.cfnc.org/hsm for more details.




                                     Duke Employees
There are two sources of tuition assistance available for Duke Nurses who choose to continue their
education at the Duke University School of Nursing. If a student enrolls in an advanced nursing degree
program while working under the Department of Nursing, they may be eligible for BOTH sources of
funding. If a student pursues a non-nursing degree (such as a Bachelor's of English or a Master's of
Business Administration) they will only be eligible for the Duke Employee Educational Assistance.


Duke University Tuition Assistance Program

A tuition assistance program for Duke University Medical Center and Duke University Health System
staff is available. The purpose of the program is to provide tuition assistance for eligible employees and
their spouses, or same-sex spousal equivalents, who want to enroll in classes at the University.
Depending on one’s work schedule and years of service, an employee may be eligible to waive 50% or
80% of the tuition costs for University courses. Up to two courses per semester may be taken under the
program. Please visit the Duke Human Resources website or call 919.684.5600 for eligibility criteria.

Duke Medical Center Nursing Services
Tuition Professional Development Program

Licensed nurses who wish to obtain baccalaureate and advanced nursing degrees while employed at
Duke University Hospital may be eligible for this benefit. This program does not replace, but
supplements the existing Duke University tuition assistance program and will cover up to 6 credits per
semester. Additional information is available at the Duke Nursing Services website or by calling
919.681.6626.

Payroll Deduction

An employee of Duke University may have all or a part of the balance due on their tuition and fees
statement deducted from their paycheck. To request a payroll deduction, complete the payroll deduction
form and return it to the Bursar's Office via e-mail. For monthly payroll employees, all requests
submitted by the 20th of the month will have the first deduction taken on the 25th of the following
month. For bi-weekly paid employees, the deduction will be taken on the next paycheck three weeks
after the form is submitted.




       DUMC Box 3322                    Toll Free: 877-415-3853           Fax: 919-668-4693            14
       Durham, NC 27710                 Local: 919-684-4248            www.nursing.duke.edu
                                 Payment of Accounts
Making a Payment: The Bursar's Office will issue statements to registered students for tuition, fees,
and other charges four to six weeks prior to the beginning of classes each semester. The Amount Due on
the statement is payable by the due date indicated on the statement. As part of the admission agreement
to Duke University, a student is required to pay all statements as presented. If full payment is not
received, a late payment penalty charge will be assessed on the subsequent statement. Statements for
graduate and professional students are mailed to the Mailing address as shown on ACES. Non-
registered students will be required to make payment for the current term's tuition and fees, as well as
any past due balance, at the time of registration.

Inquiries can be made at the Bursar's Office by e-mail at bursar @duke.edu, by fax at (919) 684-3091,
or by telephone at (919) 684-3531. Current account information is available on the ACES website.
Office hours are from 8:30 a.m. to 5:00 p.m., Monday through Friday.

Payments with remittance form:
Box 651032
Charlotte, North Carolina 28265-1032

Overnight, express or payments without remittance form:
705 Broad Street
Durham, North Carolina 27705
Telephone: (919) 684-4773

Bank Wire: Contact the Bursar's Office for information on how to electronically transfer payments. To
insure the funds are applied timely and accurately, the following information must be included in the
"comments" section of the wire:

     •     Student's Full Name
     •     Student's Social Security Number or
     •     Student's Account Number (listed on the invoice)
Note: If service charges are assessed by the bank(s), these fees may be deducted from the wire before the
funds are deposited with Duke University. The account will be credited for the actual amount received.

Delinquent Accounts: An individual will be in default if the Amount Due, as listed on the statement, is
not paid in full by the specified due date. In addition to the assessment of late payment charges, a student
in default will not:
      • Be allowed to register for future semesters.
      • Receive a transcript of academic records.
      • Have academic credits certified.
      • Receive a diploma at graduation.
An individual in default may also be subject to withdrawal from school. If the student is withdrawn, the
account will be referred to a collection agency and reported to a credit bureau.

E-Check: Electronic payments via an e-check can be made by or on behalf of any student. See
https://www.dukeonline.duke.edu/bursar/accountentry.html for details.

Returned Checks: If a payment is returned for insufficient funds, the University may require that cash,
certified check, or money order be submitted to replace the check. A fee of $25.00 for each returned
check will be charged to the account. If an account indicates a history of returned checks, the University
may also require that future payments be made in cash, certified check, or money order.
Anticipated Financial Aid: Outstanding financial aid awards appearing on the financial aid section of
the ACES website may be deducted from the balance due on your statement.
Financial Aid awards are credited to student accounts only after all requirements are met. Please check
the Financial Aid website if you have questions regarding outstanding aid.




         DUMC Box 3322                  Toll Free: 877-415-3853           Fax: 919-668-4693             15
         Durham, NC 27710               Local: 919-684-4248            www.nursing.duke.edu
Third Party Billing: Third party sponsors paying all or part of a student’s charges must forward a
billing authorization to the Bursar’s Office either by e-mail, fax, or U.S. mail. A billing authorization
can be a letter or standard voucher, which includes the following information and is used by the
organization to initiate payment.

     •     Sponsor’s Name
     •     Billing Address
     •     Contact information (telephone, e-mail)
     •     Duration of sponsorship (beginning and ending date)
     •     Special instructions for billing (purchase order numbers, ID numbers, etc.)
     •     Charges the sponsor will pay

The Bursar's Office bills sponsors per the terms of the authorization. When payment is received from the
sponsor, your account will be credited with the payment. A monthly statement for all charges appearing
on the student’s account will be sent to the student. It is the student’s responsibility to pay the difference
between the amount to be paid by the sponsor and the Amount Due on the bill by the specified due date.
If the sponsor fails to pay the agreed upon amount, the student will be responsible for paying the entire
balance on the account.


Monthly Payment Option: Duke University in partnership with Tuition Management Systems offers
an interest free monthly payment option for a small fee. To learn more, call 1-800-722-4867 or see the
website at www.bursar.duke.edu.




         DUMC Box 3322                   Toll Free: 877-415-3853           Fax: 919-668-4693              16
         Durham, NC 27710                Local: 919-684-4248             www.nursing.duke.edu
                                  Disbursement Policy
All students who receive financial aid funds for which Duke University is custodian (Federal, State or
School of Nursing) must be in good academic standing and must be making progress towards a degree.


DUSON scholarships

Students must sign and return the scholarship terms and acceptance form to the DUSON scholarship
office. The funds will then be disbursed directly into your student account via electronic transfer after
the student has registered for class. Scholarships are awarded as a percentage of tuition. If the number
of credits change during drop/add, the amount of the scholarship will be adjusted accordingly.

Federal Perkins Loans

After the student accepts a Perkins loan, the financial aid office will officially place the Perkins loan on
the students account as anticipated aid. The Duke University Student Loan Office will then mail the
student a master promissory note and instructions on how to complete Perkins loan entrance counseling
on-line. The funds will be disbursed directly into the student account after the student has signed and
returned the Perkins promissory note, and completed Perkins entrance counseling.

Federal Stafford Loans

First year borrowers must complete a master promissory note (MPN), an entrance interview, (new
borrowers only), and return a signed award letter which specifies the amount to borrow. Borrowers
renewing their loans will only need to sign and return an award letter declaring how much they would
like to borrow. The loan will either be delivered by electronic funds transfer (EFT), deposited directly
to the student’s account, or by a paper check that must be endorsed before being depositing to the
student’s account. Stafford loans are scheduled to disburse no sooner than 10 days prior to the start of
the semester. Stafford loans must be disbursed in a minimum of two equal disbursements. These
disbursements may be within one, two, or three semesters depending on the student’s enrollment period.

Alternative Loans

Students are required to sign a master promissory note and submit all documentation that the lender
requests, including school certification, prior to the disbursement of funds. Multiple disbursements are
encouraged. Schools may request up to four disbursements per loan period; a loan period cannot exceed
12 months. Students should request funds for the loan period they anticipate being enrolled (ex:
fall/spring/summer, spring/summer, summer or fall only) and schools should schedule disbursements to
coincide with the start of each new semester/quarter.

 Benefits of receiving multiple disbursements include:

           Saving the student money: Interest will accrue on only the amount that has been disbursed.
           Saving the student time: Students will not have to apply for a new loan for every semester.



                          Financial Aid Refund Checks
If there is a difference between tuition and fees and financial aid, the student will receive the difference
in the form of a refund check. Refunds can be used for books, living expenses, transportation, or
miscellaneous school expenses. Refund checks are issued by the bursar’s office each Tuesday and
Thursday. Refund checks are automatically generated when a negative balance shows up on your
account and will be mailed specifically to the mailing address listed on your ACES account. It is
important that students moving to the area update their local or mailing address early in the semester.




        DUMC Box 3322                    Toll Free: 877-415-3853           Fax: 919-668-4693             17
        Durham, NC 27710                 Local: 919-684-4248            www.nursing.duke.edu
                          2006-2007 Tuition and Fees
                           Fall 2006, Spring 2007, Summer 2007

DIRECT COST*


Tuition                                      $ 785 per credit (MSN)/
                                             $ 619 per credit (BSN)

Student Health Fee                          $ 262 (fall/spring); $168 (summer)
Optional Health Insurance                    $1611
Computer Lab Fees                           $ 17.50 per semester
Physical Assessment Lab                     $ 125
Background Check                             $50 (BSN one time fee)
Program Assessment Fee                      $56 per semester (BSN only)
Transcript Fee                              $ 40 (one time fee)
Application Fee                              $50
Student Council Fee                         $ 12.50 per semester (fall/spring)
Optional Recreation Fee                     $ 30 per semester (fall/spring)


INDIRECT COST**


Books                                       $ 1,080

Miscellaneous                               $ 3,720

Transportation                              $ 1,750

Room and Board                              $ 11,880

          *Direct costs are charges that are billed directly to the student from the University
           **Indirect costs are charges that are not billed to the student by the University.
             Indirect costs are estimates that are included in the student’s total budget.




     DUMC Box 3322                     Toll Free: 877-415-3853          Fax: 919-668-4693         18
     Durham, NC 27710                  Local: 919-684-4248            www.nursing.duke.edu
                                 Financial Aid Timeline
                                  Important Dates/Deadlines
Mar 1 2006             Summer 06 and Fall 06 Merit Application Due: New Students Only
Mar 31                 Priority Filing Deadline for 2006-2007 renewal FAFSA

May 26                 HRSA Nursing Scholarship Program

May 31                 2006-2007 Financial Aid Award Offers Distributed

Aug 11                 Fall 06 Refund Checks Mailed
Aug 21                 Fall 06 Financial Aid Disbursement

Sept 8                 Fall 06 Drop/Add Ends: DUSON Need-based Scholarship Application/Adjustment
                       Due: MSN & PMC only

Sept 12                Fall 06 DUSON Scholarship Award Disbursement

Dec 12                 Spring 07 Refund Checks Mailed

Jan 2 2007             Spring 07 Financial Aid Disbursement

Jan 24                 Spring 07 Drop/Add Ends: DUSON Need-based Scholarship Application/Adjustment
                       Due: MSN & PMC only
Jan 30                 Spring 07 DUSON Scholarship Award Disbursement

Feb 15                 Undergraduate Nurse Scholars Program: NC Residents only

Mar 1                  Priority Filing Deadline for 2007-2008 FAFSA
Mar 30                 HRSA Nursing Education Loan Repayment Program

Mar 31                 National Health Service Corp Scholarship Program – FNP’s Only
Apr 17                 Summer 07 Refund Checks Mailed

May 3                  Graduate Nurse Scholars Program: NC Residents only

May 7                  Summer 07 Financial Aid Disbursement

May 21                 Summer 07 Drop/Add Ends: DUSON Need-based Scholarship
                       Application/Adjustment Due: MSN & PMC only

May 31                 2007-2008 Financial Aid Award Offers Distributed
Jun   1                Health, Science and Mathematics Scholarship: NC Residents Only
July 31                Last Day To Complete a 2006-2007 FAFSA

Aug 10                 Fall 07 Refund Checks Mailed
Aug 20                 Fall 07 Financial Aid Disbursement

      Non-Degree Students
          Students may opt to begin their coursework as a non-degree student in order to become
          eligible for the merit scholarship or Duke employee tuition benefits. Unfortunately Non-
          degree students are not eligible for Federal or DUSON financial aid. Students should
          contact the Office of Financial Aid for information on how to finance their non-degree
          coursework.




           DUMC Box 3322                 Toll Free: 877-415-3853          Fax: 919-668-4693          19
           Durham, NC 27710              Local: 919-684-4248          www.nursing.duke.edu
                                   For Reference
Duke University School of Nursing
Office of Financial Aid
        Bebe Mills, Director, Admissions and Student Services
        Tel: 919-684-3786 ext 227
        E-mail: mills031@mc.duke.edu

        Selena Hinnant, Financial Aid Counselor
        Graduate Students Last Names A - M
        Tel: 919-684-3786 ext 238
        E-mail: hinna004@mc.duke.edu

        Christin Marten, Financial Aid Counselor
        Accelerated BSN Students A-Z
        Graduate Students Last Names N-Z
        Tel: 919-684-3786 ext 253
        E-mail: c.marten@duke.edu

Duke University Offices
        Duke University Bursar/Payment Office
        Tel: 919-684-3531
        E-mail: bursar@duke.edu
        Web-site: www.bursar.duke.edu/
        Duke University Registrar
        E-mail: registrar@duke.edu
        Tel: 919-684-2813
        Duke University Student Loan Office
        E-mail: external-loans@duke.edu
        Tel: 919-660-3630
        Duke Employee Benefits Administration                     Duke Nursing Services
        Tel: 919-684-5600                                         Tel: 919-681-2345
        Web-site: www.hr.duke.edu                                 Website: http://tinyurl.com/cc3w5
        Duke Student Health Insurance
        Tel: 919-489-7426
        Web-site: www.hillchesson.com/ or www.bursar.duke.edu/

Financial Aid Web-Sites:
        FAFSA: www.fafsa.ed.gov

        Stafford Loan Eligibility:
        http://studentaid.ed.gov/students/attachments/siteresources/StudentGuide.pdf

        Stafford/Perkins Loan Entrance Counseling: http://www.mapping-your-
        future.org/oslc/index.cfm?act=Intro&OslcTypeID=14

        Stafford/Perkins Loan Exit Counseling: http://www.mapping-your-
        future.org/oslc/index.cfm?act=Intro&OslcTypeID=18

        Loan Consolidation:
        http://studentaid.ed.gov/PORTALSWebApp/students/english/loanchecklist.jsp?tab=repaying




     DUMC Box 3322                 Toll Free: 877-415-3853          Fax: 919-668-4693          20
     Durham, NC 27710              Local: 919-684-4248           www.nursing.duke.edu

								
To top