Financial Aid for Direct Entry MSN program

Resources

The direct-entry MSN program is a graduate-level program. Please be sure to fill out your FAFSA using the appropriate class level, degree and designation of "yes" for working on a Master's degree. This will save time when it comes to awarding. As such, the program qualifies for graduate-level financial aid. Please use the following information sheet as a resource to help answer many of your initial questions, including questions about pre-requisites that may be needed prior to beginning the DEMSN program:

DEMSN Financial Aid Information Sheet

Costs and aid by semester*

The information below is meant to give you a general idea of the costs and available aid. Individual eligibility varies. After filing your FAFSA, you will get an award letter emailed to you with the Federal Stafford Loans that you qualify for in the acadmic year. Feel free to check with the Financial Aid Office (financial.aid@alverno.edu) for questions related to your specific eligibility before starting. Please be aware that the tuition and fees are billed each semester based on tuition costs at a per-credit rate. Since you will likely be registered for a different amount of credits each term, your total charges will also vary by term.

The per-credit rate beginning summer 2023 is $755/credit. In order to calculate your expected charges, please take the number of credits you are planning to be registered for and multiply by $755. Add $425 for the comprehensive fee for fall/spring terms. Add between $500-$1,500 per semester for course fees. This will vary each semester depending on the specific courses you are registered for and the associated costs.

Total program costs can be calculated in a similar manner (77 credits total). If you complete in the typical 5 semesters it is designed to be completed in, you will add up the per semester costs a total of 5 times.

For exact charges, you can always refer to your account statement located on IOL (iol.alverno.edu) under the “Financial Information” section. An account statement will generate once you are registered for the upcoming term and after the billing period has begun (refer to timeline section, located on the last page of DEMSN Financial Aid Information Sheet handout). Be sure to finalize your registration prior to confirming your balance.

*Year to year tuition increase is typically between 3-5%. Your individual eligibility may be different than this estimate based on past borrowing, etc.

Loan Resources

Federal Direct Unsubsidized Stafford Loan

The Federal Direct Unsubsidized Stafford Loan is a federally guaranteed loan program.  Repayment is deferred until after you complete the program.  The fixed interest rate is 6.54% for the 2022-23 academic year and 1% in fees is deducted from the principal amount prior to disbursement.  The FAFSA is the application for this loan. You must fill out a new FASFA each academic year.

If you have not borrowed Stafford loans in the past, be sure to complete Entrance Counseling and your Master Promissory Note at studentaid.gov. Here are some instructions that may help: Stafford Loan Instructions.

Students will be awarded with maximum loan Stafford Loan eligibility. The annual loan limit on the Unsubsidized Stafford loan is $20,500 per academic year. This annual amount is divided equally amongst the semesters for which you will be registered for. If you will be registered for all three semesters in an academic year, the loan amount per semester is approximately $6,833. This will typically not cover the semester charges. You are encouraged to seek out additional funding options such as the loan options listed below.

Federal Direct PLUS Loan for Graduate Students

The PLUS loan for Graduate Students is a federally guaranteed loan program for students in a graduate-level degree program.  Repayment begins after disbursement unless you select otherwise.  The fixed interest rate is 7.54% for the 2022-23 academic year and 4% in fees is deducted from the principal amount prior to disbursement.  Graduate students must use their FSA ID to complete the process.

How to apply for a Graduate PLUS Loan

Graduate students should apply for a PLUS Loan at studentloans.gov. Once approved for the loan, the student also needs to complete a Master Promissory Note as their agreement to borrow the loan.

Private/Alternative Student Loans

Some students find that they need additional funds to meet their costs while attending school. One option available to students would be an Alternative Student Loan. Alternative Loans are non-federal educational loans available from a variety of national lending institutions. These loans require that the borrower be credit worthy or have a credit worthy cosigner, as they go through a normal bank credit process. You can find more information about Private or Alternative Loans by clicking here: Applying for a Private Loan. Students may start the application process for these loans here. Please note that these loans take up to six weeks to process.

Additional Private Loan Information

For additional information on private loans, including repayment information and options to consolidate your private loans, please click here.

Cost of Attendance/Budget

The following amounts are used to estimate the indirect costs a student may have while enrolled full-time in the DEMSN program. These other allowable expenses are merely an estimate of expenses a student may reasonably expect to have while enrolled full-time in the program.

Books approximately $552/semester

Room and Meals approximatley $1,523/month

Personal Expenses approximatley $1,036/month

Transportation Expenses approximatley $317/month

Please note that students requesting the maximum amount for Graduate PLUS or private loans will receive an amount that covers the costs listed above, and will result in a refund check being issued to the student. You are encouraged to calculate your own expenses and request a specific loan amount if your costs differ from the above.