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.
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.
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%.
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.
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.
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.
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.