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Financial Aid - Financial Aid Programs


FEDERAL PELL GRANT

This is a federal grant program for undergraduate students who have not earned a bachelor's or first professional degree. Federal Pell Grants are awarded through strict rules set by the U.S. Department of Education. The amount of the student's award is based on actual enrollment, length of the term and financial need. A student may receive life time benefits for the equivalent of 12 full time semesters or 600% of an annual award. These funds are not repaid as long as a student continues to meet eligibility during the term funds are received. Funds disbursed for the summer term will be made from the 2014-2015 award year. Application is made by filling out the Free Application for Federal Student Aid (FAFSA). The maximum annual award for the 2014-2015 Academic Year is $5,730.

FEDERAL SUBSIDIZED STAFFORD LOAN PROGRAM

The Federal Stafford Loan is a low-interest, need-based program. Federal Stafford Loans are long-term loans made to students attending school at least half-time. Deferment of principal and interest is available to those who qualify. Interest accrued during in-school enrollment is paid by the government. All loans disbursed will be through the Department of Education Direct Loan Program. This loan has a 1% origination fee. Origination fee will change during periods of sequestration. The Federal Stafford Loan has a fixed interest rate of 4.66% for loans first disbursed after July 1, 2014 and before June 30, 2015. School may elect to use a borrower based year on a student by student basis. Level I students with unmet need may borrow up to $3,500 annually, Level II students with unmet need may borrow up to $4,500 annually. Students must complete the FAFSA as the first step in the application process for this loan.

FEDERAL UNSUBSIDIZED STAFFORD LOAN PROGRAM

The Unsubsidized Stafford Loan Program is a low-interest non-need based loan. Students may borrow a combination of subsidized and unsubsidized loans equal to the amount of the annual Federal Stafford Loan Program limits. All loans disbursed will be through the Department of Education Direct Loan Program. This loan has a 1% origination fee. Origination fee will change during periods of sequestration. This loan has a fixed interest rate of 4.66% for loans first disbursed after July 1, 2014 and before June 30, 2015. The student is responsible for all interest that accrues on the loan from the time of disbursement. The student may pay the interest on the loan while attending school or let the interest accumulate until the deferment ends. Dependent students may borrow up to $2,000 annually. Independent students may borrow up to $6,000 annually. In addition, students without unmet need may borrow Unsubsidized Stafford Loan Funds equal to the Subsidized Stafford Loan Limit. Students must complete the FAFSA as the first step in the application process for this loan. School may elect to use a borrower based year on a student by student basis.

FEDERAL PLUS LOAN PROGRAM (PARENT LOAN)

The Federal PLUS loan is a non-need based loan provides financial assistance to the parent of a dependent student. Eligibility is determined by an evaluation of the cost of education minus other financial assistance. There is no maximum loan for a Federal PLUS loan. However, the PLUS loan amount may not exceed the student's cost of attendance minus other expected financial assistance. All loans disbursed will be through the Department of Education Direct Loan Program. This loan has a 4% origination fee. Origination fee will change during periods of sequestration. This loan has a fixed interest rate of 7.21% for loans first disbursed after July 1, 2014 and before June 30, 2015. Repayment of a PLUS loan begins 60 days after the loan has been fully disbursed. A parent may submit a request for a deferment of payment on the loan while the child for whom funds were borrowed is enrolled at least half-time. Application for this loan is made by completing the FAFSA. School may elect to use a borrower based year on a student by student basis.

MISSOURI NURSING STUDENT LOAN AND LOAN REPAYMENT PROGRAM

This loan program is sponsored by the Missouri Department of Health for professional and practical nursing students. These loans have an interest rate of 9 ½%. Students may defer payments on the loan until six months after graduation. Students may choose to repay the loans under the forgiveness program. Simply stated, 25% of the total interest and principal accrued may be forgiven annually, if the licensed graduate agrees to being employed in an area of defined need having qualified employment. For additional information, students need to write to the Bureau of Primary Care, Missouri Department of Health, P.O. Box 570, Jefferson City, MO, 65102. Applications are available in the Financial Aid Office.

VETERANS BENEFITS

The Department of Veterans Affairs (DVA) administers several programs. Veterans who think that they may be eligible for benefits can receive information and applications by contacting the Veterans Administration, the military unit personnel in charge of education benefits, or the Financial Aid Office. Dependents Educational Assistance (DEA) is provided for children of veterans who died in service as a result of a disability received while in service during World War I, World War II, the Korean Conflict, or the Vietnam conflict. Students between the ages of 18 and 26 (under certain conditions, to age 31) who believe they may be eligible for these benefits are asked to contact the office of the Veterans Administration.

VOCATIONAL REHABILITATION

Vocational Rehabilitation has programs available for financial assistance to qualified disabled vocational rehabilitation clients. Students need to contact the nearest Vocational Rehabilitation office for further information.

WIA-WORKFORCE INVESTMENT ACT (FORMERLY JTPA-JOB TRAINING AND PLACEMENT AGENCY)

WIA has programs available for persons who are unemployed or underemployed. They also have two need based programs. Students need to contact the nearest WIA office to see if they qualify.

LUTHERAN SCHOOL OF NURSING STUDENT LEADERSHIP POSITION

Residence Hall Receptionist Positions - The student receives a variable discount (currently 25 % to 40%) on their nursing course tuition while in the position. See the Associate Director of Student Development to apply. Residence Hall Assistants-The student receives a free room in the dormitory in exchange for counseling students regarding community living issues that arise and resolving conflict among residents. Must be available a minimum of six hours per week. See the Associate Director of Student Development to apply. Library Assistants –The student receives a variable discount (currently 25% to 50%) on their nursing course tuition while in the position. A student has to be willing to work 10-15 hours a week. See the Librarian to apply.

ST. ALEXIUS HOSPITAL AND FOREST PARK HOSPITAL EMPLOYEES

Employees at St. Alexius Hospital or Forest Park Hospital and their spouse and/or children are eligible for a 15% discount of tuition and lab fees. An employee can receive either the 15% tuition discount or tuition reimbursement whichever is greater. Employees should contact the Human Resources Department for details about the tuition reimbursement program.

OUTSIDE SCHOLARSHIPS

Students are strongly encouraged to take advantage of scholarships that are available to nursing students. A listing of websites with free searchable scholarship databases is available from the Financial Aid Office and is posted on the school website.

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