Financial Aid

Welcome to Student Finance

What makes our Student Finance Office different is the individual attention we are able to give every student.

The financial aid offered by Saint Francis Medical Center College of Nursing is not like any other. Unlike larger institutions, we don’t just give you forms to fill out. We can connect you to a wide variety of resources.

  • The College of Nursing participates in the Federal Pell Grant, Federal Direct Loan Programs, the Illinois Student Assistance Commission Monetary Award Program (MAP), the Veterans Educational Benefits Program (V.A.) and various tuition assistance programs offered by employers. In addition, a variety of scholarships, grants and loans are available from many community organizations, civic and religious groups, foundations and government agencies.

We know more and more students are experiencing financial struggles – but that just means we need to be very creative and use every possible resource to help you.

We value you, and we hope that you will want to stay here and work with us when your studies are complete. Our Tuition Assistance Payment Program (TAPP) offers assistance to selected, qualified undergraduate students who are willing to commit to becoming a Mission Partner (employee) at OSF Saint Francis Medical Center after graduation.

OSF is collaborating with an external education benefit partner called Guild to simplify, expand and modernize our education benefits.  Click here to read the frequently asked questions (PDF - 909.0 KB) and find out more about the Guild Program or visit osf.guildeducation.com to get started and apply for a program today!

We are deeply committed to helping you get into school, stay in school and achieve your dreams. Contact us!

To obtain further information about financial aid students/parents may contact:
 

Michaela Cordes

Student Financial Aid Assistant
michaela.l.cordes@osfhealthcare.org
(309) 624-9932  

Nancy Perryman

Coordinator of Student Financial Aid
nancy.s.perryman@osfhealthcare.org
(309) 655-4119

FAFSA Simplification

  • What is the FAFSA Simplification Act?

    • "FAFSA Simplification Act: On Dec. 27, 2020, Congress passed the Consolidated Appropriations Act. The law includes provisions that amend the Fostering Undergraduate Talent by Unlocking Resources for Education (FUTURE) Act and includes the FAFSA simplification Act - a sweeping redesign of the processes and systems used to award federal student aid. Specifically, the law makes it easier for students and families to complete and submit the Free Application for Federal Student Aid (FAFSA) form and expands access to federal student aid."

    • New Terminology - Contributor - Anyone who is asked to provide information on the FAFSA. Consent - Each contributor will need to consent to their information being used on the FAFSA.

  • Whats new and whats changing?

    • Easier Application - The 2024-2025 FAFSA has fewer questions and it is now easier to transfer tax information from the IRS.

    • Expected Family Contribution (EFC) - The term Expected Family Contribution (EFC) will now be replaced with the Student Aid Index (SAI). The SAI is a new need analysis formula the student finance office will use when awarding grants and scholarships.

  • Physical or Financial Hardship Withdrawal Policy

    If a student should have to withdraw from the Saint Francis Medical Center College of Nursing due to documented financial, physical or mental health reasons, he or she may request a hardship withdrawal through the Admissions withdrawal process.   Students may request a hardship withdrawal after the 100% refund period of the semester when the emergency or situation they are encountering prevents them from continuing in the course(s) for which they are registered.  Supporting documentation related to the physical or financial hardship is required.

    • Examples of physical/financial hardship

    • Examples of physical or financial hardship shall include, but not limited to:

      • Serious injury or illness
      • Chronic illness
      • Medical issue of a family member in which the student has to become the part-time or full-time caretaker of that family member
      • Mental health condition
      • Significant cost of living increase
    • Examples of situations not considered a hardship

    • Examples of situations not considered a hardship include, but are not limited to:

      • Student dislikes course, teaching method or faculty
      • Student considers course too difficult
      • Student has too many academic or personal obligations that impact their success
      • Financial limitations prior to enrollment in program/semester
    • Physical/financial hardship process

      1.  Student must contact their academic advisor to discuss withdrawing from the semester/college.
      2. Academic advisor along with the Director of Admission/Registrar will determine the last date of participation in courses to determine the date of withdrawal.
      3. Financial Aid will review the date of withdrawal and determine if any financial aid adjustments are required based on Department of Education regulations
      4. Student Accounts will determine the impact of the withdrawal on the student account balance and will work with the student if and when they choose to re-enroll.
      5. Financial Aid and Student accounts will work together to limit debt owed by the student.
      6. Director of Admissions/Registrar will provide information to the student about the process of withdrawing.   

      Contact Nancy Perryman, Coordinator of Student Financial Aid, at (309)655-4119 or nancy.s.perryman@osfhealthcare.org.  You can also contact Alice Evans, Coordinator of Student Accounts and Business Services at (309)655-3450 or alice.c.evans@osfhealthcare.org.

    Frequently Asked Questions

    • What is financial aid?

    • Financial aid, also known as financial assistance, is a combination of scholarship, grants and loans obtained to assist a student in going to college. There are basically two types of financial aid:

      Scholarship/grants - If eligible, a student does not have to repay this type of assistance.

      Student Loan - Assistance you have to pay back after you graduate or drop below half time enrollment.

    • How do I apply for financial aid?

    • The application for federal financial assistance begins with completing the Free Application for Federal Student Aid (FAFSA) .

      The FAFSA is designed to collect student (and parent for dependent student) information such as income, household size and the number of people in your household who will be attending college. The information is then put into a formula that determines the level of financial need for the student and his or her family. The College of Nursing uses the result of this formula to determine which type of assistance the student is eligible to receive. 

      The FAFSA can be found online at Student Aid.gov . You can submit your FAFSA as early as December 2023 for the 2024/2025 academic year. We recommend you complete your 2024/2025 FAFSA no later than February 15th to maximize your financial aid opportunities.

      Before you go online to complete your FAFSA, make sure you and your parents (if dependent) have your FSA ID. If you don't have a FSA ID number or can't locate the one you already have, go online to FSA ID and follow the instructions. The ID number is a way to sign your FAFSA application electronically

      School code is 006240

      Please note - Department of Education websites are not supported by internet explorer.

       

      2024/2025 FAFSA completing process  NEW

      1. Student signs into StudentAid.gov and starts the FAFSA

      2.  After answering some questions, the student answers questions about their parent(s) to determine who should be invited to complete the parent portion (if applicable) of the FAFSA.  An email inviation is sent to the parent(s) while the student finishes their portion of the FAFSA.

      3.  The parent or parents receive an email invitation and can log into StudentAid.gov to complete their portion of the FAFSA.  Because the student and parent sections are separated (but still part of the same FAFSA), the parent(s) can work on their part while the student completes their part.

      4.  The student and parent(s) each sign and submit their portion of the FAFSA.

    • What happens next?
    • Once we receive a copy of your FAFSA, we will review it and contact you with the documents you will need to submit in order to complete for your financial aid file. When your file is complete, we will send you a financial aid notification packet by mail, which will include your direct student and/or parent (if applicable) loan paperwork. The booklet will outline the next steps in the process. 

      Please remember that you will have to complete the College of Nursing admissions process before we will process your financial aid application.

    • Criteria for selecting and determining award recipients and amounts

      1. Pre-nursing hours must be completed and recorded in the College of Nursing Admissions Office prior to the disbursement of federal and state assistance.
      2. Your award is based on the assumption you are an U. S. citizen or permanent resident. State residency has been determined from the information you provided to Saint Francis Medical Center College of Nursing.
      3. The financial aid notification offer was determined in accordance with laws, regulations and appropriations (existing or anticipated) of the U. S. Congress, Illinois Legislature, Saint Francis Medical Center College of Nursing and other agencies. The award(s) are subject to adjustments or cancellations if changes occur.
      4. The financial aid notification offer is based on financial information supplied by you and/or your family on the financial aid application. All award(s) are subject to adjustment or cancellation if your financial situation changes or if errors in the data are discovered.
      5. As a financial aid recipient you must assume the responsibility of remaining aware of the program eligibility requirements and the policies which govern the approval, disbursement and use of the financial aid funds. You should be aware of the requirements which are specific to each financial aid program through which you receive funding. Contact the Student Finance office with any questions.
      6. Students who are in default on student loans, have borrowed in excess of the loan limits or owe a refund to any Title IV program are not eligible for financial assistance.
      7. Students must meet the Financial Aid Satisfactory Academic Progress Requirements to receive state and federal financial assistance.
      8. Award amounts are based on your enrollment status. Differing enrollment hours may result in an adjustment to the award amount(s).
      9. Dropping courses or withdrawal from Saint Francis Medical Center College of Nursing may critically affect your current or future financial aid eligibility. Students withdrawing from the College may be required to repay scholarships, grants or loans already received.
      10. You must be enrolled in a degree-seeking program to receive federal or state financial aid. This includes Federal Pell Grants, Illinois Student Assistance Commission Monetary awards, and the Federal Direct Loan Programs.
      11. Course credits not considered eligible for State and Federal Assistance at Saint Francis Medical Center College of Nursing:
        • Course credits transferred in from another institution or prerequisite courses.
        • Course credits received from Portfolio courses.
        • Course credits given for prior education or work experience.
    • Financial aid application dates

    • Applications received after the dates below may have a processing delay.

      • Fall 2024 - June 30, 2024
      • Spring 2025 - September 30, 2024

    Verification

    • What is verification?

    • Verification is a review process in which the Student Finance Office determines the accuracy of the information reported by the student/parent on the Free Application for Federal Student Aid (FAFSA). The U.S. Department of Education selects certain applications to be verified by the College of Nursing. During the verification process the student and/or parent will be required to submit documentation to verify the FAFSA information. We compare the information on those documents and make any necessary corrections to the FAFSA.  This process ensures the eligibility of all students receiving the federal and state assistance they are entitled to.

      The documents we need in order to complete verification include the following:

      1. A completed verification worksheet, which will be mailed to you
      2. Copies of parent (if applicable) and student W2 statements and/or Schedule C 

      Additional documents may be requested on a case-by-case basis.

      At the College of Nursing, all financial aid applicants are required to submit an Institutional Application for Financial Assistance. You must submit all the required documentation before you are sent a financial aid notification offer.

      You can find forms on the Forms page or contact the Student Finance Office.

      Processing delays – Depending on the time of year, the verification process can take four to six weeks. The process can take longer if additional documentation is required to resolve conflicting information.

      The College of Nursing does not require graduate students to complete verification.

      Verification policies and procedures (for students selected)

      Selected student:

      Saint Francis Medical Center College of Nursing will verify all FAFSAs selected for verification by the federal government in an academic year.  The College of Nursing may choose certain FAFSA filers in addition to the federal government if there is a reason to suspect the FAFSA information in inaccurate.   The verification process must be completed before the student can receive any federal and/or state financial aid.

      Notification

      Students are notified of their selection for verification through the federal government on their Student Aid Report (SAR).  The College of Nursing will also notify students through a Document Tracking Letter which will be sent to the student’s permanent address along with the required forms.   Any correspondence with the student after the initial letter will be sent by email until the student’s financial aid file is complete.

      Documentation:

      The basic requirement for verification is completion of the Verification Worksheet Form.   Specifics are required and requested for the individual verification groups as outlined by the Department of Education.

      Deadlines for Verification Documentation:

      Requested verification documentation should be submitted within 30 days of notification by the College of Nursing.  Although the normal turnaround time for verification is two weeks, there will be delays if the students files their FAFSA or submits documentation in mid-June or July.   The earlier the required documentation is submitted, the better chance of having financial aid awards in place prior to tuition due dates.

      The College of Nursing will accept verification documentation after the 30 day window and after the dates above, however, the student and parent will be responsible for complying with all impending tuition and fee payment due dates.    There is no guarantee from the College of Nursing that the verification process will be complete by the start of the term.

      Priority deadline dates for documentation  
      Fall 2024 6/30/2024
      Spring 2025 9/30/2024

      Corrections:

      Saint Francis Medical Center College of Nursing will update and correct information on the FAFSA upon review of the documentation submitted by the student and/or parent.  Corrections submitted by the Student Finance Office will be submitted electronically to the Department of Education for processing.  Corrections will be communicated by the College of Nursing to the student through their financial aid notification offer.

      Special Circumstances:

      In the event the student and/or parent has special circumstances, the student may submit a Special Conditions Request with all supporting documentation.   It is possible the student may need to complete verification before the special circumstances can be reviewed.

      Office of Inspector General:

      If the College of Nursing suspects a student, employee or other individual misreported information or altered documentation to fraudulently obtain federal funds, the College will report the suspicion and provide evidence to the Office of Inspector General.

    • Verification worksheet

    • The Verification Worksheet collects data in relation to your household size, number in college and untaxed income you and your parent/spouse might have. Student must complete and return the worksheet as designated by your letter.

      Please refer to your letter/email for the documents you need to submit to our office.

      For questions/concerns regarding applying for financial assistance or verification, please email the Student Finance office at (309) 624-9932 or (309) 655-4119.

      Please see the " Forms " link on the website to download documents needed to complete your file.
      Documents for verification may be submitted by fax or mail to:

      Saint Francis Medical Center College of Nursing
      Attn:  Student Finance Office
      511 NE Greenleaf St. 
      Peoria, IL  61603
      Fax:  (309) 655-3962

    • Special and unusual circumstances

    • Special and Unusual Circumstances

      The Free Application for Federal Student Aid (FAFSA) collects income information for the prior, prior tax year.  However, there may be special and/or unusual circumstances within your financial situation which are not reflected on your FAFSA.  The student may qualify for a special and/or unusual circumstance which we may be able to consider for certain situations.
       

      Special Circumstances

      Special circumstances allow the financial aid administrator to revise data elements in the Cost of Attendance or the EFC calculation.  
       

      Examples of special circumstances:

      • Loss of income for student, spouse, parent  If more than 10 consecutive weeks
      • One-time reduction in income such as a one-time IRA withdrawal
      • Exceptional medical and/or dental expenses
      • Death, divorce or separation of parents or spouse
       

      Important application information

      • File FAFSA
      • Submit signed and dated (you and/or parent) explaining reason for special circumstances
      • You may submit one special circumstance for one reason, per student, per academic year
      • If your FAFSA is selected for verification, you must submit all required documentation prior to special circumstances being reviewed.
      • The student must be admitted and meet all federal eligibility requirements when special conditions form is received.
      • Processing can take 2-4 weeks from time all requested documents are received
      • Student notified of final decision by mail.
       

      Special circumstances request will not be considered for the following reasons:

      • Voluntary loss/decrease of income
      • Leaving a job to go to school
      • Excessive consumer debts
      • Private school tuition
      • Daycare expenses
       

      Unusual Circumstances

      Department of Education regulations determine whether or not a student is independent or dependent.   For a dependent student, financial aid eligibility is based on student and parent income information.  

      Financial aid administrators have the ability to change a student’s dependency status in cases where unusual circumstances exist.

       

      Important Application Information

      • File FAFSA
      • Complete dependency override form
      • Submit all required documentation
      • The student must be admitted and meet all federal eligibility requirements when dependency override form is received
      • Processing can take 2-4 weeks from time all requested documents are received
      • Student notified of final decision by mail.
       

      Examples of Unusual Circumstances Considered

      • Victims of human trafficking
      • Both parents deceased after filing FAFSA
      • Parental abuse or abandonment
      • Parents are incapacitated
       

      Examples of Unusual Circumstances Not Considered

      • Parents not supporting student’s education financially
      • Parents do not claim you as a dependent on their tax return
      • Student no longer living with parent

      Please note the Student Finance office is not mandated to use professional judgment for these circumstances and neither are we limited to the situations listed above.

      If you believe you have a special or unusual circumstance that affects your financial aid eligibility, please contact the Student Finance Office as soon as possible after submitting your FAFSA.

    Other Resources

    • Tuition Assistance Payment Program (TAPP)

    • The OSF Saint Francis Medical Center TAPP is designed to provide educational assistance to selected qualified undergraduate nursing students who are enrolled  at Saint Francis Medical Center College of Nursing (SFMC-CON) and are willing to commit to employment at OSF Saint Francis Medical Center (OSF SFMC) following graduation.
      Learn More

    • RA Waiver Program (undergraduate)

    • Students who have been approved as a Resident Assistant at the College are offered a $2250 per semester waiver.

    • Employment (undergraduate & graduate)

    • The College does not participate in the College Work Study Program. However, many of our students have found employment at OSF HealthCare Saint Francis Medical Center. For a list of employment opportunities at OSF Saint Francis, click here. If you are employed by OSF Saint Francis, you may be eligible for tuition assistance opportunities  Click here to read the frequently asked questions (PDF - 909.0 KB) and find out more about the Guild Program or visit osf.guildeducation.com to get started and apply for a program today!