Office of Student Financial Services
(Photo Above, Donor Reception 2019) The Office of Student Financial Services provides comprehensive information and services about how to finance your nursing education at PSON. The school offers various types of assistance and makes all award decisions based on financial need, without regard to race, sex, color, creed, age, national origin, handicap, veteran status, marital status, or sexual orientation.
PSON adheres to rigid criteria in awarding federal funds and awards aid solely based on verified financial need, as determined using federally approved guidelines. The School ensures that all regulations and requirements pertaining to Title IV Federal Family Education Loan and Federal and State Grant programs are rigorously followed. Institutional scholarships are based on the availability of funds and criteria that may include academic standing and/or demonstrated financial need. The School regularly refers to reference materials from the U.S. Department of Education, the Higher Education Services Corporation and their websites in order to ascertain that the procedures implemented satisfy program requirements.
The office of Student Financial Services is led by:
Gurdeep Sawhney, BS, MBA(c)
Assistant Director of Financial Aid
Financial assistance is awarded to students at Phillips School of Nursing based on demonstrated financial need and/or academic ability. Students must apply by the application filing date. Those students who demonstrate the highest financial need, are awarded aid before those with less financial need. Financial need is determined through the use of Federal methodology calculations, which are based on data submitted by the student on his/her Free Application for Federal Student Aid. Institutional funds are limited and are based on availability.
Cost of Attendance
ABSN First Year/ Full-time
Average Cost for an Independent Student:
|Tuition and Fees||$40,920|
|Books and Supplies||$3,000|
|Room and Board||$20,000|
|Transportation and Other Fees||$18,600|
RN-BSN First Year Full-time
Average Cost for an Independent Student:
|Tuition and Fees||$19,360|
|Books and Supplies||$2,400|
|Room and Board||$19,000|
|Transportation and Other Fees||$15,840|
Please read. This net price calculator is intended to provide an estimate of your potential financial aid package at PSON. Note: This estimator does not take the place of actually applying for financial aid.
Applicants must correctly follow the school’s financial aid application process and meet the published deadlines to be considered for financial aid. Note that costs and financial aid estimates are subject to change. The results of this estimator are not actual offers of aid, and may be substantially different from the official aid offered by PSON.
The school may not be held liable for any errors, omissions or damages. The estimated awards provided by this reference tool are based upon the assumption that the student will complete the FAFSA accurately and all other data entered are true at the time of the estimate.
Note: Any information that you provide on this site is confidential. The Net Price Calculator does not store your responses or ask for personal identifying information of any kind.
A. Federal Pell Grant
- Apply by filling out the FAFSA application online at www.fafsa.ed.gov
- Eligibility is based on student's financial need and is determined by using a Federal formula that evaluates the information reported on the FAFSA. The formula produces an Expected Family Contribution (EFC) which determines the amount of the award
- Available only to eligible students working on an Associate’s Degree or their first Bachelor’s Degree
- $6,345 is the maximum award amount for the 2020-21 academic year
- Must complete a FAFSA application
- FSEOG (Federal Supplemental Educational Opportunity Grant) eligibility is based on student’s financial need and is available to Federal Pell Grant recipients only
- The average award is $600 for the 2020-21 academic year and based on availability
C. Federal Nursing Loan (NSL)
Must complete a FAFSA application
- Eligibility is based on financial need
- Loans generally range from $1,000.00 to no more than $2,000.00 per academic year depending upon program funding. Present interest rate is 5%.
- Repayment begins 9 months after graduation or when the student ceases to be enrolled at least half-time. The maximum repayment period is ten years. A student who receives a Federal Nursing Loan is required to complete a Nursing Loan Master Promissory Note and an Entrance Interview before the loan is disbursed; as well as an Exit Interview before the student graduates or leaves school. The Entrance and Exit Counseling can be accessed online at: www.mappingyourfuture.org.
D. Direct Loans and PLUS (Parent) Loan
- Completion of a FAFSA and the Institutional Loan Request Form is required by the Financial Aid Office; a Master Promissory Note and Direct Loan Entrance Counseling session is required to be filed on-line at http://studentloans.gov.
NOTE: Parents must complete a PLUS Master Promissory Note (MPN) for each PLUS loan borrowed.
- The Direct Subsidized Loan is awarded based on financial need. No interest is charged during the in-school period and grace period because the federal government “subsidizes” the interest during these periods. The interest rate for the 2020-21 academic year is 2.75%.
- The Direct Unsubsidized Loan is not based on need and is available to all students regardless of income. Interest will be charged from the time the loan is disbursed until it is paid in full. Payment may be deferred, but interest will accumulate throughout the life of the loan. Payment will be capitalized, meaning that interest will be added to the principle amount and then additional interest will be based on that higher principle amount. The interest rate for the 2020-21 academic year is 2.75%.
- The annual loan limits for undergraduates are based on grade level and dependency status. A borrower who has reached his/her aggregate loan limit is not allowed to receive additional federal aid. For details on loan aggregate limits visit the following website:https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized
- The difference between subsidized and unsubsidized loans: there is no interest on the subsidized loan until the student has graduated or fallen below half time status (below 6 credits). The unsubsidized loan starts to build interest once received by the school
- The PLUS (Parent) Loan is available for parents to help pay for their dependent children’s education. These loans are not based on need, and eligibility is based on the parent borrowers’ credit history
- A parent with an adverse credit history is not qualified to get a PLUS loan. In this case, the dependent student is allowed to borrow additional monies from the Direct Unsubsidized Loan program. The amount for which a student qualifies for is determined by grade level
- There is an origination fee associated with Direct Loans and PLUS Loans which is deducted by the federal government before the loan amount is disbursed to the school
- Repayment of the Direct Loan generally begins six months from the time the student has graduated, left school or dropped below six credits .The PLUS Loan repayment will begin once the loan has been disbursed to the school. A parent borrower can request a deferment. For details on requesting a deferment visit: https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized
For information on loan limits, interest rates and repayment please visit: https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized
For a list of other types of federal student aid please visit: https://studentaid.ed.gov
For information and /or resources on financial aid for Native Americans please visit: https://studentaid.ed.gov/sa/sites/default/files/financial-aid-for-natives.pdf
A. Tuition Assistance Program – (TAP)
- Eligibility is based on student's (and/or spouse/parents') state tax information
- The TAP application process begins with the Free Application for Federal Student Aid (FAFSA). HESC will use the FAFSA as part of your online TAP application. The easiest way to apply for TAP is through the FAFSA at https://studentaid.ed.gov/sa/fafsa.
- The student must be a New York State resident who is enrolled for a minimum of 12 credits per semester (full-time status)
- The maximum TAP award is $5,165 for the 2020-21 academic year
B. Aid for Part Time Study- (APTS)
- Eligibility is based on student's (and/or spouse/parents') state tax information
- Must Complete FAFSA and TAP application; and a separate APTS application must be completed for APTS eligibility. The APTS Application Forms will be distributed via the Financial Services Office. These forms should be completed and return to the Financial Services Office for processing
- The student must be a New York State resident who is enrolled for 6-11 credits per semester
- The award ranges from $250 to $1,000 per semester. Maximum award per year is $2,000
A limited number of institutional scholarships are available at PSON and include, but are not limited to: a General Scholarship, which is based on academic achievement and/or demonstrated financial need; a housing stipend from the LCU Fund, open to female students with a GPA of 3.0 or better and demonstrated financial need, and the Sidney and Loretta Teich Foundation Scholarship, which is offered to minority students with demonstrated financial need. A packet of Institutional Scholarship Applications is sent to new and returning students at the beginning of each academic semester.
Employees of the Mount Sinai Health System and their immediate family (spouse or children) are entitled to a 10% tuition discount (effective Fall 2019) upon submission of appropriate documentation (e.g., work ID or a letter from department/human resources).
Other Programs include:
- Local Programs such as Local 1199 Training and Upgrading Fund
- Veterans Benefits
PSON is approved for training in accordance with the provision of Section 1775, Title 38, US Code. Contact the Veterans Administration directly for specifics on individual qualifications.
Federal School Code: 006438-00
State School Codes:
0045 for Associate’s in Applied Science in Nursing
6445 for Baccalaureate Nursing Programs
To be awarded financial aid at PSON, you must complete your financial aid application by the required due dates. Your application will be processed ONLY if all required documents are received by the deadline dates. If your application is not completed by the required deadline dates, your request for aid will be rejected. Please note that a Deferred Payment Plan may be arranged with the Bursar’s Office.
Detailed information on all financial aid programs is available from the Office of Financial Services on the 3rd Floor. The school is not responsible for any changes in financial aid programs, eligibility or application processes made as a result of changes in legislation. In order for the Office of Financial Aid to process an application for aid, the following steps must be completed:
1. Students, parents, and borrowers are required to use an FSA ID, made up of a username and password, to ascertain U.S. Department of Education websites. Your FSA ID is used to confirm your identity when accessing your financial aid information and electronically signing your federal student aid documents. To create a FSA ID, login to www.studentaid.gov.
2. Complete the Free Application for Federal Student Aid (FAFSA)
at http://www.fafsa.ed.gov/. The FAFSA is required for the Federal and State grant application, including PELL, SEOG, TAP, APTS, Direct Loan Program, Direct Plus Loan Program, Nursing Loan Program and Phillips School of Nursing Scholarships Programs.
If you are a New York State resident, you will be linked from the online FAFSA to the New York TAP application or you can access the application online at http://www.tapweb.org/.
3. Complete the Direct Loans process (You may skip this step if you do not plan to apply for loans)
If you plan to borrow a Federal Direct Loan or a PLUS loan, go to http://www.studentloans.gov/. Students must complete the entrance counseling and a “multi-year” MPN (Master Promissory Note) for Direct subsidized/unsubsidized loans. Parents must complete an e-MPN for PLUS loan.
The Direct Loan and Plus Loan are disbursed to the School in the form of electronic fund transfer and are applied directly to the student’s tuition account. If financial aid is in excess of tuition due, a refund check will be made within 14 days to the student on a semester-by-semester basis.
Tuition bills are emailed to students approximately one month prior to the beginning of each semester. Appropriate tuition and fees are expected to be paid in full prior to the beginning of each semester, unless a payment plan is in place. Tuition and all other fees are to be paid at the Office of Financial Aid on the 3rd Floor. Tuition may be paid via personal check, money order, bank cashier’s check or credit card. NO CASH PAYMENTS WILL BE ACCEPTED. An insufficient funds fee will be applied for any returned checks. A late fee of $100.00 is charged for bills not paid on or before the due date on the bill.
- Full payment – this is the regular and preferred payment option
- Deferred Payment Plan – Deferred payment arrangements must be made with the bursar’s office one week prior to the start of classes. A one-time fee of $25 is charged to set-up a deferred payment plan. A $50 late fee is charged for EACH installment paid after the due date
- A minimum payment of at least one third of tuition & fees is required on or before the start of classes. The tuition balance will be deferred if a payment plan has been established
All financial aid paperwork, including loan applications, must be approved before the start of each semester. If financial aid does not cover the tuition charges in full, the student may combine above options to complete the payment obligation.
Cancellation of Classes for Non-Payment
In accordance with State law, payment for tuition and fees is due prior to the start of the term. Students registering in the billing period must pay tuition and fees or defer their bill by signing a Deferred Payment Agreement with the Bursar’s Office. Accounts not paid or deferred by the due date may result in cancellation of registration. Past due prior term balances cannot be deferred or paid with financial aid for future terms.
Students whose schedules are canceled may find it difficult or impossible to re-register for the same courses because their seats may have been taken by students on wait lists. Students who register after the billing period and students who have been cancelled who were originally registered during the early registration process must pay estimated tuition and fees or provide proof that they are financial aid recipients prior to being able to access registration.
Financial Aid Refunds: Refunds of credit balances caused by financial aid exceeding student account charges will be refunded to the student by check. When the refund check is ready at the Bursar’s Office, an email notification will be sent to the student to pick up any refunds at the Bursar’s Office. Refund checks cannot be disbursed until the first day of classes for the semester. Once the semester has begun, refund checks are usually available ten business days after the aid is placed on the student account.
Parent Plus Loans: Refunds of credit balances caused by parent plus loans exceeding student account charges will be refunded to the parent by check mailed to the address provided by the parent. If the student wishes to pick-up the Plus Loan refund check, the borrower must notify the Bursar’s Office in writing.
Non-Financial Aid Refunds: If a student account has a credit balance for reasons other than financial aid, the refund will not be generated until after the Add/ Drop period for the semester. This includes overpayments where personal payments combined with financial aid exceed the balance, credit balances due to dropped classes, and other overpayments.
In most cases, credit balances are refunded directly to the student. However some exceptions apply, for example when the credit is due to a potential over-award of financial aid, the credit may be held until the Office of Scholarships and Student Aid has reviewed the account. If financial aid is determined to exceed the federal definition of need, the over-award will be refunded to the appropriate financial aid fund. In the case of posting errors, the Financial Aid Office will reverse the error.
Tuition Liability Schedule for Fall, Spring and Summer Semesters:
- Week 1 and/or prior- 100% refund (no charge)
- Week 2- refund tuition only, no fees (charge all fees only)
- Week 3- 70% refund (charge 30%)
- Week 4- 50% refund (charge 50%)
- Week 5- 0 (full charge)
Federal Regulations require that students must meet certain academic criteria to continue receiving financial aid. Students’ academic standing is reviewed at the end of every semester. For certain cases students not meeting the standard may be given a one term financial aid probation semester and receive aid. If the standard is not met at the end of that term no further aid will be awarded. Students should contact the Office of Financial Services for full details of the standard.
The following charts delineate the school’s standards of satisfactory academic progress for the ABSN and the RN-BSN Programs for the purpose of determining eligibility for financial aid:
ABSN FULL TIME STUDENTS
|1st Year of Program||Credits Earned||Required Cumul-
|2nd Year of Program||Credits Earned||Required Cumu-
|1st Semester||13||2.30||1st Semester||54||2.30|
RN-BSN FULL TIME STUDENTS
|1st Year of Program||Credits Earned||Required Cumu-
|2nd Year of Program||Credits Earned||Required Cumu-
|1st Semester||12||2.30||1st Semester||37||2.30|
|2nd Semester||24||2.30||2nd Semester||44||2.30|