As you consider your future as an LVN, you’re understandably curious about applying for and receiving financial aid. At CDI: we make sure that every qualified student* gets all the support they need in understanding the various levels of aid available to them, as well as helping them apply. As a federally-accredited institution, our eligible students can apply for federal grants and loans. We’ve broken down a bit of the process below as an intro to the overall process.
*Only qualified students will receive low-interest or interest-free financial assistance. CDI does not determine eligibility status, nor can we guarantee the amount of aid you will receive.
Federal Loans for LVN Nursing Students
Low interest, federally-funded loans are an excellent option for students who qualify. To determine your qualifications, you must first complete your Free Application for Federal Student Aid (FAFSA). The federal programs established to defray the cost of continuing education include:
The U.S. Department of Education grants PLUS loans to graduate or professional students and parents of dependent undergraduate students. The borrower is fully responsible for paying the interest regardless of the loan status.
Direct Subsidized Loans
Solely based on financial need, direct subsidized loans are available to undergraduate students through the U.S. Department of Education. The Department then pays the interest on the loan instead of the borrower.
Direct Unsubsidized Loans
Direct Unsubsidized Loans are available to both undergraduate and graduate students. With this type of loan, students are not required to demonstrate financial need. Unlike subsizied loans, the borrower is fully responsible for paying the interest regardless of the loan status. Interest on unsubsidized loans accrues from the date of disbursement and continues throughout the life of the loan (until it’s paid off in full).
Meeting the LVN requirements is very cost effective with a Pell Grant. A federal Pell Grant, unlike a loan, does not have to be repaid. Federal Pell Grants usually are awarded only to undergraduate students who have not earned a bachelor’s or a professional degree, and the Department of Education determines eligibility as well.
Veteran’s Education Benefits
CDI’s certificate program is approved for the training of veterans and eligible persons under the Provisions of Title 38, United States Code. Students interested in veteran’s education benefits should contact the Financial Aid Department for assistance. Veterans who are unsure of their eligibility should contact the Veterans Administration. Eligible students must maintain satisfactory academic progress to continue receiving educational benefits.
To learn more about which program is best for you: speak with our admissions staff.
Debunking Five Common Financial Aid Myths
Every year, we realize how important it is to educate students about how financial aid eligibility works for LVN students. We collected the most common questions and misunderstandings and gathered them here.
1. Do I need to file my taxes before I complete my FAFSA?
No. You can use your tax filing from the previous year to complete the application.
2. I need to know where I’m accepted before I complete my FAFSA.
Also: No. Your federal eligibility will be the same no matter where you choose to go to school. In fact, we recommend that you start the process now so that by the time you’re making your final decision, you’ll know exactly how much your tuition costs will be offset.
3. I missed the annual deadline so I can’t apply.
There several FAFSA deadlines and a school administrator knows when all of them are. Work with a qualified counselor who can clarify the deadlines for state, federal, and school due dates.
4. My grades weren’t good enough to get financial aid.
Not true and no. Grades could impact your getting accepted to some schools, and are certainly a factor in your winning merit-based, achievement scholarships. Federal aid is based on need and not academic performance. Each institution has different requirements for maintaining grade averages, so make sure to have that conversation when you’re working on your individual school applications as well.
5. I can’t afford the application fees.
No. You can. There are not now, nor have there ever been, application fees associated with applying for federal student financial aid.
Have other questions? This link to the (extremely thorough) Federal Student Aid guide from the U.S. Department of Education could further debunk other areas of confusion for you. Ready to change your life? Contact us at any time or click here to make an appointment to begin your application process.