Federal Assistance

The College of Nursing is approved by the United States Department of Education to participate in the federal financial aid programs. The following programs are offered at the college:

  • Online Loan Entrance Counseling Instructions

  • Saint Francis Medical Center College of Nursing (SFMC-CON) requires first time borrowers (at the College of Nursing) to participate in an online student loan entrance counseling session. The College of Nursing computer lab is open 24 hours a day, seven days a week and is located on the 2nd floor. If you choose not to come on campus, online student entrance counseling may be completed on any computer with Internet access.

    Instructions

    1. Access Website: https://www.mappingyourfuture.org
    2. Scoll to bottom of page - "Click Online Counseling"
    3. Scroll to bottom of the page - "Click Complete Online Counseling"
    4. Click on Direct Loan Entrance.
    5. Select your state - scroll down and choose the state of Illinois. Click continue.
    6. Select your school - scroll down and choose Saint Francis Med Center College of Nursing Peoria, IL. Click continue.
    7. Read the instructions as you scroll down, Click “I Agree” and the counseling session will start.
    8. When the counseling session starts, you will notice text on the top of the screen and questions on the bottom of the screen. You will not be able to move on with the entrance counseling session, until you have answered the questions at the bottom of each page correctly.
    9. Be sure to complete the student information form at the end of the test, SFMC-CON should already be listed in the school section. This is how we receive confirmation that you have met the requirements for entrance counseling. Use comment box for any questions.
    10. Be sure to review the Average Federal Indebtedness chart for SMFC-CON which you should have received with your award letter packet.
    11. If you have any questions, you can send them by e-mail when you are completing the student information form at the end of the counseling session or you may contact Nancy Perryman, Coordinator of Student Finance, and Financial Assistance, at (309) 655-4119.
  • Direct Loan Program

  • Saint Francis Medical Center College of Nursing participates in the Direct Loan Program for all student/parent Federal Staford and PLUS Loan needs. The lender is the US Department of Education.

    Please visit www.studentaid.gov to learn more about the Direct Loan Program. The Student Finance Office will work with you to avoid any disruption to student loan access. We feel this program will simplify the student loan processes for our new and returning borrowers.

    If you will be borrowing loans for the first time at the College of Nursing, you will be required to complete the following:

    1. A new Master Promissory Note (MPN). Please visit www.studentaid.gov .
    2. Complete online loan entrance counseling which is the federal requirement that explains your rights and responsibilities associated with the Stafford Loan Program (instructions above). Please visit www.mappingyourfuture.org .
    3. The parent of a dependent student whose Parent PLUS loan application is determined to have adverse credit history and/or who has obtained an endorser must complete Parent PLUS Loan counseling offered by the Department of Education prior to receiving the loan.

    If you have questions/concerns, please email the Student Finance Office at confinaid@osfhealthcare.org or contact us at (309) 655-4119 or (309) 624-9932.

  • Annual Student Loan Acknowledgement
  • Beginning in the 2021/2022 academic year, as part of the Master Promissory Note (MPN) confirmation process, an Annual Student Loan Acknowledgement will be required to be completed by any borrower who applies for:

    • A federal student loan (subsidized/unsubsidized)
    • A PLUS loan for graduate students
    • Or a Parent PLUS loan

    The Acknowledgement is an online process that must be completed each award year, you and/or parent apply for student loans.  The purpose of the acknowledgment process is to better assist borrowers in understanding the financial responsibility of funding their education.

    In addition, before a new loan can be disbursed for each new award year, borrowers are required to view and confirm their loan balance for each new award year through the Annual Student Loan Acknowledgement.  Students who do not complete this step will not be able to receive their federal subsidized or unsubsidized loans, or graduate PLUS loans for 2021/2022, and parents will not be able to receive their Parent PLUS loans for 2021/2022.

    The Acknowledgment is an online session which will allow students and parents to see how much they have borrowed, preview what their monthly payments might be, and explain concepts such as capitalization and the difference between federal and private loans.   The Annual Student Loan Acknowledgement should take less than 10 minutes to complete.  In 2021/2022, this acknowledgement process is mandatory for all federal loan recipients.

    What will you gain from the Annual Student Loan Acknowledgement?

    • Making informed choices by showing students and their parents how much they owe in federal student debt before borrowing more money to pay for their higher education.
    • Knowing the borrower’s obligation by calculating the monthly payments and the median salary that students can expect to receive after graduating from a specific college.
    • Understanding the balance for repayment by breaking down basic loan concepts such as interest accrual and capitalization and the difference between private and federal student loans.

    How do I complete this?

    Log into your MyStudentAid account (https://studentaid.gov.asla/) using your FSA ID and password to complete the Annual Student Loa Acknowledgment requirement.   A link entitled “Complete Annual Student Loan Acknowledgement” can be found under the Complete Aid Process Tab.”  Parent PLUS borrowers must also complete this requirement. 

    First time borrowers (those who have never borrowed a federal student loan) will:

    • Answer questions about their state, school, expected degree and field of study
    • View summary information from the College Scorecard about total estimated school costs, graduation rate, total estimated student loan debt and estimated monthly payments.
    • View general financial literacy information about borrowing student loans.
    • Check a box acknowledging they read and understood the information

    Returning aid recipients (borrowers with current outstanding loan balances) will:

    • View summary information about their loans and grants from the National Student Loan Data System (NSLDS) as of the day they complete the acknowledgement.  Information includes outstanding balance, estimated 10-year standard monthly payment based on the borrower’s current balance, servicer information, loan limit information, grant summary, and grant limit information.
    • Check a box acknowledging they read and understood the information

    PLEASE NOTE:This new requirement is in addition to the Master Promissory Note (MPN) process and does not replace existing counseling requirements.

    This means in addition to completing the Annual Student Loan Acknowledgement, first time College of Nursing Direct Loan borrowers must also complete entrance counseling and a MPN prior to receiving their first loan disbursement.  The Annual Student Loan Acknowledgements are not school specific.

    If a borrower completes the process at an institution within the award year and then transfers to the College of Nursing for Spring semester, the borrower will not need to complete the process for another loan associated with that same award year again.   For a Direct PLUS Loan made to a parent borrower, only the parent completes the Annual Student Loan Acknowledgement

  • Student Loan Cohort Default Rates
  • The school's cohort default rate is the percentage of a school's borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan Program loans during a federal fiscal year and default or meet other specified conditions during a 3-year period after the student starts repayment.   Below is a comparison of the College of Nursing's (CON) 3-year cohort default rates to the national average.

     

    Cohort Default Rate CON National Average
    FY 2017 1.2% 9.7%
    FY 2016 3.7% 10.1%
    FY 2015 3.0% 10.8%
  • Federal Pell Grant Award

    • The award is solely based on the student's need.
    • The maximum amount for 2021-2022 will be $6,495.
    • Must file Free Application for Federal Student Aid (FAFSA) to be considered eligible.
  • Student Body Diversity*


  • For Fall 2020 Undergraduates

    By Gender Percentage*
    Female 23%
    Male  5%

    By Race/Ethnicity Percentage*
    White, non-Hispanic 25%
    American Indian 0%
    Asian or Pacific Islander 1%
    Two or More 1%
    Black 1%
    Hispanic

    0%


    By Financial Category Percentage*
    PELL Grant Recipients 28%

    *Student Body Diversity data is based upon full-time enrollment at Saint Francis Medical Center College of Nursing as of the official reporting date in the Fall.

  • Federal Stafford Loan

  • Subsidized

    • Need based loan available to undergraduate students only.
    • Students interest rate is fixed at 3.73% for loans first disbursed or certified between 7/1/2021 - 6/30/2022.
    • The interest is subsidized by the Federal Government while the student is attending school.
    • Repayment of the principal begins six months after the borrower drops below half-time study. The maximum repayment period is up to 10 years.
    • Students may be charged a 1% federal loan origination fee. These fees are deducted prior to disbursement of funds.
    • For subsidized loans disbursed after 7/1/2012-7/1/2014, student is not eligible for interest subsidy during the six-month grace period.
    • A federal aid need analysis form (Free Application for Federal Student Aid) must be filed for eligibility to be determined.
    • Loan funds will be electronically transferred to the student's account.

    Unsubsidized

    • Not based on financial need available to undergraduate and graduate students.
    • For loans first disbursed or certified between 7/1/2021 – 6/30/2022 the interest rate is as follows
      • 3.73% for Undergraduate students
      • 5.28% Graduate students
    • Students ineligible for (or ineligible for the full amount of) subsidized Federal Stafford Loans have an option to borrow unsubsidized Federal Stafford Loans.
    • Repayment of the principal of the loan begins six months after the borrower drops below half-time study. Repayment of the interest begins on the date the first disbursement of the loan is made. The maximum repayment period is up to 10 years.
    • Students may be charged a 1% federal loan origination fee. These fees are deducted prior to disbursement of funds.
    • A federal aid need analysis form (Free Application for Federal Student Aid) must be filed for eligibility to be determined.
    • Loan funds will be electronically transferred to the student's account.
  • Alternative Loans

    • Alternative (private) Loans are available to students after they have exhausted all other options for financial assistance.   The College of Nursing wants to ensure that all students apply and be aware of their federal, state, and scholarship opportunities that may be available to help you meet your educational expenses before pursuing an alternative loan option.   We realize that students may need additional funds beyond what they qualify for or are not eligible to borrow federal loans.  A student can obtain a alternative loan through private lenders.  Eligibility is based on the student's and/or co-signer's creditworthiness.
    • Interest rates, fees, repayment periods, etc. can vary from lender to lender.   Carefully review the website for those loans you are interested in or you can call the lender for further information.   Please click on the link for further information regarding the difference between  federal and private loans.
  • Anticipated Pell/Loan Disbursement Dates

  •  

    Fall 2021

    Spring 2022

    Summer 2022

    August 17, 2021

    January 26, 2022

    May 24, 2022

    September 8, 2021

    February 22, 2022

    June 21, 2022

    October 13, 2021

    March 22, 2022

     

    November 16, 2021

    April 19, 2022

     
  • Federal Parent Loan for Undergraduate Students (PLUS)

    • The parent is the borrower for the dependent undergraduate student.
    • The fixed interest rate is 6.28% for loans first disbursed or certified between 7/1/2021 – 6/30/2022.
    • Parents may be charged a 4% federal loan origination fee. These fees are deducted prior to disbursement of funds.
    • Loan proceeds will be electronically transferred to the student's Saint Francis Medical Center College of Nursing account.
    • Repayment begins within 60 days after the last disbursement of the loan. As a result of new legislation, the Department of Education now offers a deferred repayment to their parent borrowers. The maximum repayment period is up to 10 years.
    • The College of Nursing requests that a federal aid need analysis form (Free Application for Federal Student Aid) be filed in order for eligibility of a Federal PLUS loan to be determined.
  • Grad Plus Loans

    • The graduate student is the borrower for this loan.
    • The fixed interest rate is 6.28% for loans first disbursed or certified between 7/1/2021 – 6/30/2022.
    • Students may be charged a 4% federal loan origination fee. These fees are deducted prior to disbursement of funds.
    • Loan proceeds will be electronically transferred to the student's Saint Francis Medical Center College of Nursing account.
    • Repayment begins within 60 days after the last disbursement of the loan. The maximum repayment period is up to 10 years.
    • The College of Nursing requests that a federal aid need analysis form (Free Application for Federal Student Aid) be filed in order for eligibility of a Federal PLUS loan to be determined.
  • Exit Counseling

  • The purpose of "Exit Counseling" is to provide you with information about your rights and responsibilities with regard to your federal student loan(s). Whenever you drop below half time status (Undergraduate students 6 hours, Graduate students 4.5 hours) or withdraws from a semester, you must complete an exit interview even if you are planning to re-enroll for a future semester.  Your six month grace period on any current loans starts the day you drop below half time status.   Once your grace period is over, you will start repaying the loans you have borrowed.   If you have federal loan history where you have already used your grace period, repayment on those loans starts immediately.

    Upon notification of your drop to less than half time status or withdrawal, we will send exit counseling information to your home address. The contents of the packet are as follows:

    • Cover letter - amount/type of student loans borrowed at College of Nursing
    • Student Loan Exit Counseling guide
    • Online Loan Exit Counseling instructions
    • Copies of Loan Originations – for all loans borrowed at Saint Francis Medical Center College of Nursing
    • Exit Contact Sheet (ombudsman and NSLDS)
    • Don't Risk Losing Your License
    • Loan Consolidation Sheet
    • Estimated Monthly Repayment Options