Financial Aid
Federal Student Aid Changes Starting July 1, 2026
OBBBA (PDF) is now law as of July 4, 2025
Impacting Federal Student Aid programs, including Federal Student Loan repayment plans, Federal Student Loan limits, Federal Parent PLUS Loans.
For students entering college, changing programs, or exceeding their program’s published length after July 1, 2026:
- New annual and aggregate loan limits for graduate and professional students and a new lifetime maximum borrowing limit.
- It is now required that institutions proportionately offer loans based on enrollment for students who attend less-than-full-time.
- The bill has eliminated the Federal Direct Graduate PLUS Loan for periods of instruction that begin on or after July 1, 2026, as well as for continuing students who do not meet the eligibility requirements for the interim exception.
Legacy provisions (“grandfather provisions” or “grandfathering”) are in place for some existing student and parent borrowers to maintain eligibility under prior loan limits.
- Parent PLUS Loan Borrowers – Legacy Eligibility Based on Prior Borrowing for Each Specific Student:
- To qualify for the legacy provision, a student must meet all of the following criteria:
- The student was enrolled in a program of study** before July 1, 2026.
- They had a federal student loan for that program of study disbursed before July 1, 2026.
- Legacy provisions for Parent PLUS borrowers are specific to each student*, who must have been enrolled for a program of study** before July 1, 2026.
- This legacy provision allows them to continue borrowing from the program for:
- Three academic years; or
- the expected time to credential, the period determined by calculating the difference between—
(i) the program length for a full-time student to complete the program of study in which the individual is enrolled; and
(ii) the period of such program of study that such individual has completed as of the date of the determination - whichever is less.
- If the student ceases enrollment or withdraws from the university and does not re-enroll in their program of study before June 30, 2026, the legacy status no longer applies, and the new limits take effect immediately. (Please see glossary definition of “enrollment.”)
- To qualify for the legacy provision, a student must meet all of the following criteria:
*Legacy provisions do not apply to other dependent students, unless they were also enrolled in a program of study as of June 30, 2026, and received a loan or a loan was received on their behalf for that program of study**.
Welcome to St. Joseph’s College of Nursing!
We’re so excited that you’re joining our community! Starting college is an exciting time, but we know that figuring out how to apply for financial aid can sometimes feel confusing or overwhelming. That’s why the Office of Financial Aid wants to make things as simple and stress-free as possible.
Here’s what you need to know to get started:
Understanding Financial Aid
Financial Aid includes scholarships, grants, loans, and work-study opportunities that can help you pay for college. Each type of aid has its own requirements and deadlines, so it’s important to stay organized and informed.
How to Apply
- Complete the FAFSA (Free Application for Federal Student Aid) to determine your eligibility for federal and state aid.
- Check for any institutional forms or deadlines required by St. Joseph’s College of Nursing.
- Submit all requested documents promptly to avoid delays in processing your aid.
What Happens Next
Once your financial aid application is complete, our team will review it and create a financial aid package tailored to your needs.
Were Here to Help
If you have questions, need help with forms, or just want to make sure you’re on the right track, don’t hesitate to reach out. Our goal is to make your transition to college smooth and stress-free!
Know your Student Rights & Responsibilities as they relate to Financial Aid
Ensure All Required Supplemental Documentation is Complete
If you plan to accept a Federal Student Loan, there are two required steps you must complete before your loan can be processed: the Master Promissory Note (MPN) and Entrance Counseling. Federal Student Loans cannot be disbursed without both of these documents on file.
Master Promissory Note (MPN)
The MPN is a legal agreement between you and the U.S. Department of Education. By completing the MPN, you are agreeing to repay your loan according to the terms and conditions. This step is required for all Federal Direct Loans.
- Complete your MPN online at: https://studentaid.gov/mpn/
- You can save your progress and return later if needed.
Entrance Counseling
Entrance Counseling is an online session designed to help you understand your responsibilities as a borrower. It covers topics like:
- How and when to repay your loan
- The difference between loan types
- Budgeting and managing your student loan debt
Completing Entrance Counseling ensures that you are fully informed before borrowing.
Complete your counseling online at: https://studentaid.gov/entrance-counseling/
How Much Funding Could You Potentially Be Eligible For
Federal Pell Grant:
For the 2026–2027 academic year, undergraduate students who do not already possess a bachelor’s degree, may be eligible to receive a Federal Pell Grant to help cover the cost of college. The exact amount you could receive depends on the results of your FAFSA (Free Application for Federal Student Aid) and your enrollment status (full-time, part-time, or less than half-time).
Pell Grant awards are need-based, so the amount can vary from student to student. For 2026–2027, the maximum Pell Grant award is $7,395.
By completing your FAFSA early and accurately, you give yourself the best opportunity to receive the maximum aid available to you.
Federal Direct Loans:
Students may be eligible for Direct Subsidized and Direct Unsubsidized Loans depending on financial need and eligibility factors. The chart below is an example of maximum potential loan eligibility.
This illustration is for informational purposes only and is not a guarantee of eligibility.
loan type
Total Annual Loan Amount: Full Time (12+ credit hours)
Direct Subsidized Loan
Grade Level 1 (0-29 credit hours)
$3,500.00
Grade Level 2 (30-59 credit hours)
$4,500.00
Grade Level 3 (60-89 credit hours)
$5,500.00
Grade Level 4 (90+ credit hours)
$5,500.00
Direct Unsubsidized Loan-Dependent
Grade Level 1 (0-29 credit hours)
$2,000.00
Grade Level 2 (30-59 credit hours)
$2,000.00
Grade Level 3 (60-89 credit hours)
$2,000.00
Grade Level 4 (90+ credit hours
$2,000.00
Direct Unsubsidized Loan-Independent
Grade Level 1 (0-29 credit hours)
$6,000.00
Grade Level 2 (30-59 credit hours)
$6,000.00
Grade Level 3 (60-89 credit hours)
$7,000.00
Grade Level 4 (90+ credit hours)
$7,000.00
Accepting Your Financial Aid
All students must ensure that any financial aid or funding sources they plan to use are accepted. Any funding that is not accepted will not be processed or disbursed to your account, so it’s essential to review and accept all applicable aid promptly to avoid delays.
Remaining Balances Owed the University
If you have a balance owed to the university after all applicable aid is processed, you will need to submit any Alternative Loan and/or Payment Plan applications to assist with covering this balance.
Alternative Loans
Review and compare alternative lenders, and the products they offer, on:
ELMSelect – Saint Joseph’s College of Nursing at St. Joseph’s Hospital Health Center
This list represents lenders that our students have used in the past. Saint Joseph’s College of Nursing does not endorse any particular loan program; you may select a lender that does not appear on this list. Lending institutions are solely responsible for posting and updating their information on ELM Select.
If you select a lender on the list by selecting their link, you will be connected to the lender’s website and application. Once your completed application has been credit approved, your lender will electronically transmit it to our office for certification based on your remaining Cost of Attendance.
Outside Scholarship Opportunities
Finding scholarships can significantly reduce the cost of higher education. Here are some examples of scholarship search engines, each offering unique benefits to students in their quest for financial aid.
Our institution provides information on various scholarship opportunities solely for the benefit of our students. We do not receive any financial incentives, compensation, kickbacks, or commissions from any scholarship providers in exchange for recommending them. Our recommendations are based on our evaluation of the best interests of our students and families, and we encourage students to explore all available financial aid options, including federal, state, and private sources.
BigFuture by College
https://bigfuture.collegeboard.org/
A trusted resource with a large database of scholarships that can be filtered based on personal background, academic interests, and more. It’s especially useful for students already engaged with College Board’s other services like SAT prep.Fastweb
https://www.fastweb.com/
One of the largest and oldest scholarship databases, boasting over 1.5 million scholarship opportunities worth billions of dollars. Fastweb allows students to filter by field of study, strengths, skills, and even demographic information like ethnicity or military veteran status.Scholarships360
https://scholarships360.org/
Provides personalized scholarship matches and expert advice on navigating the admissions and financial aid process. They offer a free app and resources to help students apply for scholarships directly through their platform or link to external opportunities.Scholarship Search by Sallie Mae (formerly Scholly)
https://www.sallie.com/scholarships/scholly
Acquired by Sallie Mae, this platform matches students with scholarships and provides a score to indicate how well they fit the requirements. It is now completely free to use.
understand your repayment options
Review Your Repayment Options: Visit StudentAid.gov to explore the various repayment plans available. Understanding these options will help you choose the one that best fits your current financial situation
Any student who has borrowed Federal Loans at the time they graduate, leave school, or drop below half-time enrollment are required to complete Exit Counseling through the US Department of Education. This Exit Counseling provides essential information on loan repayment options, interest rates, grace periods, and debt management to ensure borrowers understand their obligations.
You may logon to www.studentaid.gov to complete your Exit Counseling.
You can also utilize the Exit Counseling Guide (link) for helpful information to understand your loan repayment obligations and options.
Understand Your Options if You’re in Default
If you are currently in default on your federal student loans, it’s important to explore your options for getting back on track. Visit Get Out of Default on Student Loansto learn about rehabilitation, consolidation, and other solutions available to you.
