| In many cases, when you decide to go to nursing | | | | It is important to remember that EFC has nothing to |
| school, one of the first things you will need to take | | | | do with how much your family is willing to contribute |
| care of is applying for an educational loan. Whether | | | | for you to go to school. The number is based on a |
| you are enrolling in a Licensed Practical Nurse (LPN), | | | | statistical computation believed to accurately |
| Registered Nurse (RN), or Bachelor of Science in | | | | estimate the amount an individual, or the person's |
| Nursing (BSN) program, the first step in seeking to | | | | family, should be expected to contribute toward |
| borrow money for nursing school, is to complete the | | | | educational expenses for the current academic year. |
| Free Application for Federal Student Aid (FAFSA) | | | | Once your FAFSA has been processed and your EFC |
| form. | | | | determined, copies of the report documenting your |
| Filing the Free Application for Federal Student Aid | | | | financial aid eligibility will be sent to the nursing schools |
| The only way you can be considered for federal | | | | that you designated as recipients when you filled out |
| educational loan programs for nursing school is to | | | | the form. When your financial aid eligibility details |
| complete the FAFSA. It is not possible to be certain | | | | reach the schools you are considering attending, a |
| of how much aid you are eligible to receive until you | | | | financial aid professional will use the information to |
| submit this document. | | | | create an award letter for you. The letter will indicate |
| The FAFSA should be completed as early as possible | | | | exactly how much money you are eligible to borrow, |
| after January 1st in the calendar year that you plan | | | | and through which programs. |
| to begin school. The most expedient way to | | | | Educational Loan Eligibility |
| complete your FAFSA is via the Internet. Paper | | | | There are several educational loan and grant |
| FAFSA forms are available, but are not | | | | programs that can be used to help fund the |
| recommended because it takes significantly longer to | | | | expenses associated with attending nursing school. |
| receive approval than completing this necessary | | | | General qualification requirements for federal financial |
| documentation online. | | | | aid include: legal U.S. citizenship or permanent |
| To complete your FAFSA, you will need either your | | | | residency status, selective service compliance, no |
| income taxes or your W-2 forms. If you work as | | | | drug convictions that eliminate eligibility, no record of |
| independent contractor, you will need to provide | | | | prior student loan default, and other factors. |
| copies of your 1099 income statements. It is | | | | Everyone who meets general requirements for |
| recommended that you fill out your college financial | | | | federal financial aid is likely to qualify for some type |
| aid applications immediately upon receipt of the | | | | of educational loan program to attend an accredited |
| income verification documentation. | | | | nursing program. The EFC has an impact on which |
| If you meet the government definition of a | | | | programs a person may elect to participate in. Those |
| dependent student, you will need income verification | | | | with the lowest EFC often qualify for Pell grants and |
| documentation for your parents as well as for | | | | Supplemental Educational Opportunity Grants (SEOG), |
| yourself. In most cases, all unmarried students under | | | | which do not have to be repaid. |
| the age of 24 are considered to be dependent | | | | The least expensive federal loan program, the |
| students for financial aid purposes. | | | | subsidized Stafford student loan, is a need based loan |
| If you are considered an independent student and | | | | program. The higher an individual's EFC, the less likely |
| you are single, you will only need details about your | | | | he or she will be to qualify for this particular loan |
| income. If you are married, you will be required to | | | | program. Unsubsidized Stafford loans, however, are |
| submit information about your own earnings and | | | | not need based. Regardless of EFC, individuals who |
| those of your spouse. | | | | are eligible to participate in federal financial aid |
| After Filing the FAFSA | | | | programs will be able to receive unsubsidized |
| Once you complete your FAFSA form, your financial | | | | educational loans for nursing school. |
| status and family situation will be evaluated for the | | | | Avoid Procrastination |
| purpose of determining how much financial aid you | | | | The worst thing you can do when preparing to |
| are qualified to receive and through which specific | | | | attend nursing school is to put off applying for |
| programs. When your FAFSA is processed, the | | | | financial aid. Funds are available on a first come, first |
| information you submit will be used to calculate what | | | | served basis. The last thing you want to have to |
| is referred to as your "estimated family contribution" | | | | face is finding out that you missed out on grant or |
| (EFC). The EFC is based on a variety of factors, | | | | subsidized loan funding for nursing school simply |
| including size of family, the number and ages of | | | | because you waited to long to fill out a simple online |
| dependents, household income, and other relevant | | | | application form. |
| factors. | | | | |