ABSN Program
Accelerated Bachelor of Science in Nursing (ABSN) Program
The ABSN program begins in May 2008 and lasts for 13 months. Students attend Summer Sessions 2008, followed by the full 2008-2009 academic year and the first Summer Session 2009. Students admitted to the ABSN program have earned a bachelor's degree and therefore do not qualify for federal, state or Loyola-awarded need-based grants or scholarships. This limits the award consideration by the Office of Student Financial Assistance (OSFA) for ABSN students to federal and private loan programs. There are a limited number of departmental scholarships available from the Marcella Niehoff School of Nursing, which are offered to qualified students currently enrolled in the ABSN program. For more information about application procedures and deadlines for departmental scholarships, contact the School of Nursing at: 773.508.3249.
Students are encouraged to seek outside scholarships. A good starting point for outside scholarship information is available at: www.fastweb.com; or: www.nursewebsearch.com/nursing_scholarships.htm.
Eligibility
Students must be accepted into the ABSN program before their financial assistance application will be reviewed. The School of Nursing notifies OSFA when students are accepted. The FAFSA can be filed before the admission process is complete.
The amount of loan eligibility each ABSN student has varies depending on living situation (off-campus, on-campus or with relatives), general travel distance from Loyola's campus and whether the student is of dependent or independent status. The minimum cost of attendence (the amount that can be borrowed with school certified loans) for the duration of the program is $33,558 (dependent students, living with relatives in the local area) to approximately $44,454 (independent students, living off-campus outside the local area). A budget appeal may be submitted if an individual's expenses exceed the estimated budget allotted by OSFA. Please bear in mind, however, that only certain expenses may be considered. Specifically, consumer debt is generally not an expense that OSFA can consider in compliance with regulatory guidelines.
Application Procedures
To apply for loans during the 13-month program, students must complete two FAFSAs:
- The 2007-2008 FAFSA is used to determine eligibility for the Summer 2008 and Fall 2008 terms. The 2007-2008 FAFSA must be filed with the U.S. Department of Education by June 30, 2008. We recommend that you file it by March 1 to complete processing before the program begins.
- The 2008-2009 FAFSA is used to determine eligibility for the Spring 2009 term.
Note: ABSN students will be enrolled less than half-time during Summer Session 2009, and are not eligible to receive Federal Stafford Loans for that term.
Students may receive assistance through alternative loans offered by private lenders for the Summer Session 2009. Students are encouraged to utilize any excess funds from Fall and Spring Semesters to finance the last Summer Session as well.
Both FAFSA applications are available at the OSFA (Lake Shore Campus, Sullivan Center, Room 190). Be sure to list Loyola University Chicago (Title IV Code: 001710) as a school choice on the FAFSA. Additionally, students have the option of completing the FAFSA applications online at: www.fafsa.ed.gov.
The federal government processes your applications and then sends you a Student Aid Report (SAR) for each FAFSA you submit. Carefully review the SARs. If the information is correct, keep the SAR for your files; if the information is incorrect, make corrections directly on the SAR, sign it and forward the corrected version to the address indicated for processing. SAR information and corrections are forwarded electronically to Loyola. Documents such as tax returns and W-2s may be requested by OSFA for verification purposes.
When completing the FAFSA forms, please note the following:
- List the year in college as the "fifth year" or "other undergraduate."
- Answer "second bachelor's degree" to the question, "What degree or certificate will you be working on..."
- Answer "no" to the question, "Will you be working on a degree beyond a bachelor's degree..."
- When filing the FAFSA online, you must print out the signature page and sign and mail it, or sign by electronic signature with your PIN number, otherwise the FAFSA will not be processed.
Are You a Dependent or Independent Student?
Step Three of the FAFSA asks questions pertaining to your dependant status. If any of the questions can be answered "yes," then you are an independent student. Independent students do not fill out Step Four questions (parental information).
If you answer "yes" to any question in Step Three, you will be prompted to proceed and may include your parent information if you are a medical or nursing student. Many medical schools require independent students to include parent information, but Loyola's ABSN program does not. It is generally in your best interest to not include parent information if you are an independent student and are not required to do so.
Federal Stafford Loans
Federal Stafford Loans for Dependent Students
Dependent ABSN students may be considered for both Subsidized and Unsubsidized Federal Stafford Loans not exceeding $5,500 for Summer and Fall 2007 (2007-2008 FAFSA) and $5,500 for Spring 2008 (2008-2009 FAFSA). Total Federal Stafford Loan eligibility consists of a maximum of $23,000 as a dependent undergraduate student (including loans received during other undergraduate study). Additionally, the parents of a dependent student are eligible to apply for a Federal PLUS Loan for any term, excluding the final Summer Session 2009. The maximum amount of the loan is the cost of education minus any other financial aid (including Federal Stafford Loans).
Federal Stafford Loans for Independent Students
Independent students may borrow both Subsidized and Unsubsidized Federal Stafford Loans not exceeding $10,500 for Summer and Fall 2008 (2007-2008 FAFSA) and $10,500 for Spring 2009 (2008-2009 FAFSA). Total Federal Stafford Loan eligibility consists of a maximum $46,000 as an independent student with no more than $23,000 of this amount coming from Subsidized Federal Stafford Loans (including loans received during other undergraduate study).
Stafford Loan Program Requirements
- Entrance Loan Counseling: Click here to complete the form online. OSFA is notified electronically upon completion. Students are encouraged to do this as early as possible so that loans are not delayed.
- Master Promissory Note: This is sent to the student from the lender and must be returned to the lender, not to OSFA. This only needs to be done during the first Summer Session. OSFA will certify the loan eligibility electronically. Promissory notes for federal loans may also be completed online.
Other Loans
Alternative Loans
Alternative loans are available through OSFA to provide additional funds. These are credit-based loan programs offered through private lenders. Many ABSN students use alternative loans to pay living expenses. Programs may require co-signers. Interests rates and terms vary from program to program. Illinois Residents shoulc consider the College Illinois! Capstone Loan, which is not a credit based loan program. Information on these types of loans can be obtained here or by visiting OSFA. Most alternative loans must be certified by the school. Loyola cannot certify an alternative loan for an amount that exceeds the cost of attendance.
Contact Us
For more information about financial assistance available for ABSN students, contact:
Bernadette Bumanglag
Assistant Director
Phone: 773.508.7704
email: absnfinaid@luc.edu