Student Financial Assistance


   Who Gets Financial Aid?

Financial aid eligibility is need-based. In other words, the main criteria for determining eligibility   is "who needs assistance the most?" It is the philosophy of need-based student financial aid programs that the primary basis for a student's educational support is the family. A combined effort by the parents and the student to meet college expenses is expected and the total household resources are taken into account, except in unusual circumstances. 

It is when the finance of the family fall short of meeting educational expenses that the Financial Aid Office plays a role in helping with these costs.  The application used to determine the family's ability to pay and the amount of assistance the student will need is the Free Application for Federal Student Aid (FAFSA).

  What is Financial "Need?"

Need is defined by Congress as the difference between what the family can be reasonably expected to contribute toward college costs and the cost of attendance, also referred to as the Student Budget, at the program of study.  The Student Budget includes billed costs, such as tuition, room, board, and fees, as well as out-of-pockets expenses like books, supplies and transportation. If a family can contribute $3,000 to a college with a cost of attendance of $10,000, then the student's need would be $7,000. This need helps determine how much aid a student may receive during a given year.


   Student's Responsibility

We have been using the word "family" throughout these pages. This means YOU, the student, as well as the parent(s) if you are under 24 years of age. In determining need, a student's prior year income, and assets are documented on financial aid applications. This means that the student will bear some financial responsibility for the college cost of attendance.

Students and parent can go to to receive information on what their project Expected Family Contribution (EFC) code will be, how much, if any, they need to contribute to their cost of education, and their repayment schedule and amount they would have to pay after completing the program.   


The Otsego Area School of Practical Nursing requires the following documents to be filed by all aid applicants:

  The Free Application for Federal Student Aid:


The Free Application Worksheet for Federal Student Aid or FAFSA, is available at high schools and the OASPN financial aid office. The Processing Service distributes copies of the document and an analysis of it to all named institutions and the applicant. The Otsego Area School of Practical Nursing’s FAFSA’s Title IV Code is 021043. Of course, if you have any questions while you are completing your FAFSA, feel free to call the OASPN’s Office and we'll be glad to help you. You can apply for federal financial aid with your computer.  You'll find plenty of instructions to help you complete your application.


To verify the accuracy of information for selected students, the OASPN Program may be required by the Department of Education to request supplemental information from an applicant's family. You will receive a request for this information if your application is selected. So, when you input your FAFSA, keep copies of the tax documents used in a safe place so they will be readily available if we request them.

 Special Circumstances:

In some cases, the data provided on the FAFSA does not accurately depict the family's current financial condition. Certain unforeseen circumstances (i.e. unemployment, major health problems) may occur that can not be reported within the FAFSA. The financial aid counselor can work with students and families who find themselves faced with special circumstances. Contact your financial aid counselor or call the office for a "Special Circumstances Fact Sheet". 


Follow the BOLD PRINT instructions below to complete your application process on-line, step by step.

If you are a mid-year transfer student, start at STEP 3.

Step 1

Every Student must obtain a federal PIN (Personal Identification Number) from the US Department of Education. Dependent students must have at least oneParent obtain a federal PIN (Personal Identification Number) from the US Department of Education. You and your parent will electronically "sign" your FAFSA and Federal Loans with your PIN. Your PIN will be used each year you apply for assistance.

If you provide an email address when you applying for your PIN you will receive your PIN in as little as 4 hours. If you do not provide an email address you will receive your PIN by mail in 7-10 days.

Step 2

Print out and complete the 2014-2015 FAFSA on the Web Pre-Application Worksheet. You will use this worksheet to complete the 2014-2015 FAFSA(Free Application for Federal Student Aid) online at  Be sure to choose the "sign application using PIN" option. Otsego Area School of Practical Nursing's Federal Code is 021043.

Step 3

Check the status of your 2014-2015 FAFSA here (Mid year transfers need 2013-2014 FAFSA). You will need your Federal PIN (Step 1) to access this site. Transfer students must make sure to release their FAFSA data to the Otsego Area School of Practical Nursing. You will make that correction electronically byadding school code 012387.  You should also inform New York State Higher Education Services Corporation (NYSHESC) that you will be attending OASPN. You will make that correction electronically.

Step 4

You will receive a Financial Aid Award Letter once the Program receives your FAFSA data, and you are accepted by the Admissions Office (matriculated).  You should review your award letter and (Terms of Financial Aid awards). You will find additional explanation about your award letter and be familiar with your Rights and Responsibilities as a Student Aid Recipient. Please contact the Financial Aid Office to decline any part of your award.

Step 5

We may require additional documentation from you. We will notify you of any needs that we may have. If you or your parent did not keep copies of your federal tax returns, you may want to take the time now to obtain a copy in case we have occasion to ask you for them. Copies may be obtained from your tax preparer or by asking for Form 1722 from Internal Revenue Service (800-829-1040). Do not send copies of tax returns unless requested.

Step 6

If you never borrowed a Federal Stafford Loan, you must complete a Federal Stafford Direct Loan Entrance Counseling Interview. When you are successful in completing this process you will get a confirmation number. We receive the confirmation the following morning and update our systems to show you completed this requirement. Make sure you choose Otsego Area School of Practical Nursing as your program before you begin.

Step 7

Stafford Loan borrowers must complete an Electronic Master Promissory Note (e-MPN) . Once you sign an e-MPN, in most cases, you will not have to do so again while you attend OASPN*. Any future loans we process for you will be processed automatically without you having to sign new papers. You should periodically review your loan status. The amount we processed will be described on your award letter. Since this will be done automatically you must always let your financial aid counselor know if you do not want all or part of your Federal Stafford Loan as listed on the Award Letter.

Step 8

Sign your promissory note for Parent Loan for Undergraduate Students (PLUS) During this process you will be asked to provide a lender code.

Step 9

It is important that you update your local and permanent addresses when necessary. All documents are mailed to your address of record.

Step 10

If you borrowed Federal Stafford Loans during your attendance at OASPN, and stop attending (you may be transferring, withdrawing, or graduating) you must complete a Federal Stafford Exit Interview respectively. We will place a hold that will prevent; release of grades, academic transcripts, and diploma until such time that you complete this requirement.


Details of the Award Letter


We itemize each of the awards you qualify for and tell you the amount for each semester. You may pick and choose the awards that best suits your needs. As described below, some awards are grants that are not repaid. Other awards are loans that must be repaid and still others are work programs where you are paid based on the number of hours you perform work.

Grant Programs

Federal PELL Grant is a Federal Grant program. Eligibility is determined by Congress. For more information about this and other Federal Aid Programs review The Guide to Federal Student Aid, published by the Department of Education. The award may be used to defer charges.

Federal Supplemental Opportunity Grant (FSEOG) is a Federal Grant Program. This program is for exceptionally needy students. These funds may be used to defer charges.

Note: Financial Aid Awards are contingent upon the Program receiving adequate federal funds to support these programs. In the event of any changes, you will be notified. State and Federal budget discussions may lead to changes in funding levels, cost increases, or regulatory changes.

Loan Programs

The Federal Direct Subsidized Loan is a Federal educational loan with a low interest rate of 4.66% and extended repayment. Eligibility for the Federal Stafford Loan is on the same basis as other need-based student financial aid.

The Federal Direct Unsubsidized Federal Loan (Unsub) - Students who do not demonstrate "financial need" for a subsidized Federal Stafford Loan, are eligible to borrow an unsubsidized Federal Stafford Loan. The interest rate is a fixed 4.66%.

Special Note: Students who borrow in the Stafford Loan program complete an Electronic Master Promissory Note (e-MPN), which remains in effect throughout the student's college career (with exceptions). This procedure eliminates the need to complete subsequent Promissory notes each award year. Instructions regarding e-MPN are automatically mailed to new borrowers. Previous Stafford Loan borrowers who previously negotiated an e-MPN therefore will not complete a new one. However, returning students must notify the Financial Aid Office if they wish to reduce or decline any loan offered on this Award Letter.

Approved loans can be used to defer charges.  Borrowers should be aware that the Federal government will retain a processing fee of 1.072% of the full loan less 1.072% from 12-01-2013-10-01-2014 and 1.073% from 10-01-2014-10-01-2015 before disbursing funds to OASPN.

The Federal Parent Direct (PLUS) Loan is a federal loan for parents of dependent students. A parent may choose to borrow none, some or all of their eligibility. The amount appearing on the award letter represents the maximum amount a parent may borrow. The parent's credit history is considered by the lender before approving the loan. In the event a parent does not qualify for this loan, the student may become eligible for additional Federal Unsubsidized Loan. Contact your financial aid counselor to discuss this option.

Approved loans can be used to defer charges. Borrowers should be aware that a processing fee of 4.288% from 12-01-2013-10-01-2014 of the full loan  and 4.292% from 10-01-2014-10-01-2015 of the full loan which is payable six months after the last disbursement.  The current interest rate on Parent Plus loans is 7.21%.

Other Programs

We have included private scholarships or assistance which you have informed us. It is your responsibility to inform the Financial Aid Office about any private scholarships/awards you will receive.

Student Budget

This is the sum of direct charges (charges billed by the Otsego Area School of Practical Nursing) and indirect costs (other costs you may experience while attending OASPN).

Your financial aid package, along with your personal resources, attempts to cover average expenses (direct charges and indirect costs) associated with attending OASPN.

Your actual expenses will vary based upon choices you make for; type and frequency of travel/commuting purchase of books, and usual personal needs. 

Direct Costs

These are average charges payable to the Otsego Area School of Practical Nursing. Such charges include tuition and fees. Your financial aid eligibility is based upon an average, not upon actual charges. If your actual charges exceed the average you must expect to pay the difference from personal resources or use financial aid designated for other charges. Your financial aid eligibility will not increase. You may be able to defer payment for these charges with your financial aid awards. Those awards are identified below.

Financial aid disbursements are first used to pay direct costs. After direct costs are paid any additional financial aid disbursements are refunded to the student and can be used for indirect costs.

Indirect Costs

These are costs a student may incur while attending the OASPN. Such costs include traveling between home and classroom/clinical, books and personal expenses. Your financial aid eligibility is based upon an average, not upon actual costs. If your actual costs exceed the average you must expect to pay the difference from personal resources. Your financial aid eligibility will not increase. Since these costs originate from sources external to the Program you will be expected to pay for these products and services, not defer payment with your financial aid.


Financial Aid is a two step process. The first step; the eligibility phase is represented by your award letter. The second step is to turn that eligibility into cash that you can use to actually pay your expenses. This second step requires additional steps that will occur over the coming months. For some kinds of financial aid these steps are very easy, others are more complex. Be assured we will assist you each step of the way.  Our goal is to convert all eligibility for which you are interested, into real money that you can use to pay your tuition bill and become available to you for your other expenses.

It is in this section we point out specific issues and or instructions related to individual programs listed on your letter. Pay particular attention to these details and let us know if you need any help or further explanation.

In certain circumstances we are required to make adjustments to your awards. An example would be; receiving additional scholarship awards. When a revision is made, we will mail a Revised Award Letter to you. Revised Award letters supersede all previous award letters.



You can expect from us (your rights):

  • All students have the right to be treated with respect and courtesy. This includes a cordial greeting in person or on the phone; answering your questions until you understand; and a staff which is available all business day long.
  • Any student may request and receive an explanation of how their financial aid or refusal of it was determined.
  • Each student has the right to a counselor who is knowledgeable in his or her profession, will listen attentively, will follow through on any promises made or resolutions or problems, and can get answers quickly.
  • Students have the right to know all their options, the differences and peculiarities of each aid program, and the consequences of each decision they make. 

We expect from you (your responsibility):

  • Each student aid applicant needs to become familiar with the policies, procedures, and deadlines for financial aid.
  • All students are responsible for notifying the Financial Aid Office of any change in status including:
    Additional awards received not included on original Award Letter. 
    Change in enrollment status (number of credit hours per semester). 
    Change of address, both local and permanent.
  • The student is responsible for the prompt return of all requested documentation.

We expect reciprocate respect and courtesy from all our students.