MSN Financial Aid
Financial aid is available in the form of a partial scholarship (for full time students only) from the School of Nursing and federal loans. Federal loans are offered to students that are enrolled full time (12 hours or more a semester) and part time students (part time eligibility consists of at least 6 hours a semester). Financial aid packets are mailed in January to all students that have applied for admission to our nursing program. The financial aid packet will explain what types of aid is offered and how to apply for financial aid. Students can apply for financial aid after January of the year they plan to enroll.
The School of Nursing also offers full and partial internal scholarships. The average partial scholarship award for MSN students is approximately $7,000 a year which typically covers the cost of books for the academic year.
Is the Financial Aid sufficient to cover the cost of the program and living expenses?
Students find that the monies they receive in Federal loans covers the cost of the program and modest living expenses.
How Do I Qualify for Financial Aid?
In order to qualify for financial assistance a student must be enrolled for at least six credits per semester and be degree seeking. All financial aid for graduate level students is non-need based aid. Non-need based aid for graduate students includes scholarships, Unsubsidized Stafford loans and Federal Graduate PLUS loans on which the interest accrues from the date of disbursement. Internal scholarships from the School of Nursing are merit-based. They are awarded based on a combination of the student's incoming grade point average and GRE, GMAT or other standardized test score. Full-time enrollment (12 hours per semester) is required to be considered for a scholarship award. Part-time students and post-master's students are not eligible for scholarships but may qualify for loans. Post-master’s students do not qualify for federal loans but can apply for private loans which are based on credit-worthiness. In order for students to be considered for scholarships they must be accepted to the School of Nursing and have matriculated (paid their deposit). All awards are made through the School of Nursing Scholarship Committee according to the requirements of the funding source.
How Do I Apply?
To apply for federal Stafford student loans and/or an internal scholarship, a current or prospective student must complete one application: the Free Application for Federal Student Aid (FAFSA) (www.fafsa.ed.gov). Our school code for the FAFSA is 003535.
Your tax information from the previous tax year as well as other factors on the FAFSA, combine to form an Expected Family Contribution (E.F.C.) figure. This figure, along with other financial aid formulas, determines an individual's eligibility for financial aid based on federal guidelines. This information is then provided to the School of Nursing Student Financial Services Office which determines the types and amount of funding available based upon financial eligibility. Students do not need to complete a separate form to receive a partial internal scholarship. The School of Nursing awards one partial nursing scholarship to every full time student.
All external scholarship applications must be initiated by the student. The FAFSA must be filed annually and is available after January of each year.
How are financial aid awards disbursed?
All financial aid is credited directly to a student's account. A financial aid file must be complete in order for available funds to credit the student account. Scholarship funds are disbursed at the beginning of each semester. In order to receive a loan, promissory notes must be completed online and approved before loan funds disburse to the student account. All loans are disbursed in two or three equal installments to the student's account at the beginning of each semester.
What if I have additional questions?
Questions regarding financial aid should be directed to:
Kristie Smith, Director, Student Financial Services
Address: Vanderbilt University School of Nursing
180 School of Nursing
Nashville, TN 37240
Toll Free: 800-211-2186