BSN EXPRESS FINANCIAL AID PROCESS

Villanova Nursing Students Pose with V's Up

BSN EXPRESS

Students who attend the BSN-Express program offered by the College of Nursing may be eligible for federal financial assistance in the form of Direct Subsidized/Unsubsidized Loans at the undergraduate level. 

The BSN-Express program is a second-undergraduate degree; therefore federal, state, and/or institutional grant funding is not available to students in this program.   

 

Students who wish to borrow Federal Direct Subsidized and/or Direct Unsubsidized Loans need to complete Entrance Counseling and sign a Master Promissory Note online. More information about the Federal Direct Loan program can be found on our website.

 

The number of transfer credits a student is admitted with into the program determines the student’s grade level, which in turn determines the borrowing amount of Direct Subsidized and/or Direct Unsubsidized loan a student may utilize.

**Please note that if you are close to reaching the aggregate limit on Federal Direct Loans, your borrowing eligibility for the BSN Express program may be limited.

The 2023-2024 BSN-Express program stretches over 14-months with students attending the following terms: Summer 2023; Fall 2023; Spring 2024; Summer 2024. 

By using a borrower-based academic year, BSN-Express students are able to fully maximize their eligibility for Direct Subsidized/Unsubsidized loan funds through the length of their program.  An example of a Borrower-Based Direct Loan for an independent, junior-level student is as follows:

Borrower Based Loan

  Maximum
Summer 2023/Fall 2024
(23/24 Academic Year)
$5,500-Subsidized
$7,000-Unsubsidized
Spring 2024
(23/24 Academic Year)
$5,500-Subsidized*
$7,000-Unsubsidized*

    *If the full amount fits within your cost of attendance

 

Summer 2024
(24/25 Academic Year)
Direct Loan funding exhausted in Spring 2024.

Students receive an e-mail from the Office of Financial Assistance's Loan Department during the month of December to confirm their Spring Direct Loan request.

In the final summer semester, students need to either use their remaining Direct Loan funds from the spring semester, or borrow a private alternative loan to finance their costs.

For additional information regarding interest rates, origination fees, annual and aggregate limits please view the Federal Direct Loan Information page.

The rigorous, accelerated curriculum and clinical coursework of the BSN-Express program prevents students from being able to hold outside employment during the academic year.  We strongly recommend that students develop a financial plan before beginning the program to avoid shortfalls in financing, and the Office of Financial Assistance would be happy to set up an individual meeting with you to discuss how to finance the program or how to create a budget for the academic year, etc.  Preparing in advance of beginning the BSN-Express program can also help students to establish a savings plan of funds to set aside for the 14-month program, and avoid unnecessary over-borrowing of student loans.

2023-2024 BSN Express Fact Sheet

Even with planning ahead, BSN-Express students often need to utilize another form of funding beyond the Direct Loans to meet both their direct and indirect costs during the year.  Listed below are the financing options that are available.

The Bursar’s Office offers monthly payment arrangements each semester that students may use in conjunction with their financial aid to assist with the expenses that appear on their v-bill (the electronic billing statement issued by the Bursar’s Office verifying your charges billed by the University). There are a few options for payment plans, with varying deadlines. Please visit the Bursar's website for detailed information.

The Federal Direct Loans are funded by the US Department of Education through Villanova University and are managed by federal loan servicers, under the supervision of the Department of Education. 

A Federal Direct Parent PLUS Loan is a loan that parents of Dependent Students can apply for to help finance the student's education.  This loan will be in the parent’s name to reduce the overall loan debt incurred by the student. The parent(s)’ creditworthiness is considered in determining their eligibility.  If the parent of a Dependent student is denied for the PLUS Loan, the student may be eligible for additional Federal Direct Unsubsidized Loan funds.

he maximum amount that can be borrowed is the cost of education less all other financial aid received. Loans are not based on need but rather on the borrower's creditworthiness.

Interest rates on federal student loans are set by federal law.  The Department of Education will release the upcoming year's interest rate on July 1.    

All loans disbursed between 7/1/23 through 6/30/24 will be subject to a fixed interest rate of 8.05%. 

To view how the interest is calculated on the loan, please visit: https://studentaid.gov/understand-aid/types/loans/interest-rates

For the most up to date information please visit studentaid.gov.

Before the loan funds are sent to the school (disbursed), a percentage of the loan amount is kept as an origination fee.  Therefore the amount that school will receive is less than the amount borrowed, however you are responsible for repaying the entire amount borrowed and not just the amount received by the school.

Generally loans funds are disbursed twice a year: one-half for the Fall semseter and the other half for the Spring semester.  Therefore an origination fee would be assessed from the 2 disbursements.

The US Department of Education charges a loan fee of 4.228 percent for loans 1st disbursed on or after October 1, 2020.  This fee is deducted proportionately from each disbursement of your loan.

For parents of dependent undergraduate students, repayment normally begins within 60 days after the loan has been fully disbursed. Parents may request an in-school deferment of repayment until after the student's graduation during the PLUS Loan application process.

  1. A completed FAFSA must be on file for the student
  2. Go to https://studentaid.gov to complete the Direct PLUS Loan application*.
    • For an Undergraduate student, the parent will need to sign in using their FSA ID and Password
  3. Complete and sign the MPN at https://studentaid.gov.

*NOTE: Your loan is not complete and will not be certified by the Office of Financial Assistance until ALL of the above steps have been completed.

If you have any questions about the Federal Direct PLUS or Federal Direct Grad PLUS Loan, please send us an email with your question, name, and Villanova University number to finaidloan@villanova.edu

Master Promissory Note
All borrowers seeking a Direct PLUS Loan must complete a Master Promissory Note (MPN) with the US Department of Education. Through a Direct PLUS Loan MPN, you may receive multiple PLUS loans over a maximum 10 year period. You have to complete the promissory note only once. Thereafter, all you need to do is supply the amount you want to borrow each year and successfully complete the credit-check process. An MPN must be completed for each student enrolled.

If borrowing a Direct PLUS loan with an endorser, please note that a new MPN will need to be signed each academic year.

You may complete your Direct PLUS MPN at https://studentaid.gov.

*Credit Check
When you apply for a Direct PLUS Loan, the Department of Education will check your credit history. To be eligible for a Direct PLUS Loan, you must not have an adverse credit history. If you are found to have an adverse credit history, you may still borrow a Direct PLUS Loan if you get an endorser who does not have an adverse credit history

A private educational loan from a bank or lending institution can be a useful resource in meeting the “gap” of expenses that other sources of aid do not cover.  Applications for these loans are available directly through the lending institution.  Once approved for an alternative loan, the Office of Financial Assistance will review the loan for school certification, which includes confirming enrollment in the BSN-Express program, verifying the eligibility of the type of loan requested, and confirming that the borrowing amount requested fits into the academic year's cost of attendance. 

Private Educational Loans are administered by private lenders and there are a variety of lending institutions that offer these.

You should first apply for a Direct Subsidized/Unsubsidized Loan and then consider the Direct PLUS Loan (if the student is dependent) and then, if additional funding is needed, apply for one of these loans.

Please allow at least four weeks from the start of the application process to disbursement of funds due to numerous disclosures now required by lending institutions.

You may choose to use any lender that offers a Private Educational Loan.  You may want to contact the bank, savings and loan, or credit union with whom you do business.

  1. Students and families will need to conduct research to find the best private educational loan to suit their needs. (i.e. identifying lenders who will approve loans for non-matriculated students, certificate programs, prior balances, etc.) Students apply directly through the lenders.
  2. Once approved for an alternative loan, the Office of Financial Assistance will review the loan for school certification.  This process includes confirming enrollment and verifying the eligibility for the type of loan requested and the borrowing amount requested.
  3. Each aid applicant will receive a notice of eligibility from the Office of Financial Assistance.
  4. Loan funds will be disbursed in accordance with the disbursement schedule once all necessary paperwork has been completed.

The Office of Financial Assistance has selected a group of Preferred Lenders based on quality customer service, borrower benefits, and financing options.  However, if you wish to use another lender that is not on this list, you may.  As a borrower, you have the right to select any lender you choose.

ELM Select is an external webpage where you will be able to review and compare Villanova University’s Preferred Lender information, and apply for private loans.

The Office of Financial Assistance will continue to meet with lenders on a regular basis to examine new products, services, and benefits for our students to make sure we are providing the best options.

Notes: Due to the numerous disclosures required by the Department of Education, students need to remain in contact with their lender to ensure timely disbursement of funds. Applying for the loan late, or failure to complete required disclosures may delay your funds and possibly cause you to incur University late fees, if your bills are not paid on time.

Click here for more information on the Office of Financial Assistance Code of Conduct

Please contact us with any questions.

Office of Financial Assistance
Villanova University
800 Lancaster Ave
Technology Services Building (TSB), Second Floor
Villanova, PA 19085
Telephone: (610) 519-4010
Fax: (610) 519-7599
Email: finaid@villanova.edu

     

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