Financial Aid Terms Defined

Galen College works closely with Workforce, Trade Adjustment Assistance (TAA), Vocational Rehabilitation, and other job training programs. Please inform your Financial Aid Advisor if you will be receiving assistance from one or more of these agencies.

FAFSA: Free Application for Federal Student Aid

The FAFSA is an application to apply for federal grants and loans. Completing and submitting the form is free. Many states and some scholarship sponsors also use the FAFSA to determine your eligibility for aid. The FAFSA can be completed online at StudentAid.gov and on the myStudentAid mobile app for iOS and Android.

Direct Loans are low-interest loans to help you pay for the cost of your postsecondary education. The lender is the U.S. Department of Education.

Dependent Students may qualify for (up to) these amounts of undergraduate Direct Loans per academic year, up to a total limit of $31,000, with no more than $23,000 in subsidized loans.

• 1st Year: $5,500 – no more than $3,500 in subsidized loans
• 2nd Year: $6,500 – no more than $4,500 in subsidized loans
• 3rd Year & beyond: $7,500 – no more than $5,500 in subsidized loans

Independent Students may qualify for (up to) these amounts of undergraduate Direct Loans per academic year, up to a total limit of $57,500 with no more than $23,000 in subsidized loans.

• 1st Year: $9,500 – no more than $3,500 in subsidized loans
• 2nd Year: $10,500 – no more than $4,500 in subsidized loans
• 3rd Year & beyond: $12,500 – no more than $5,500 in subsidized loans.

The financial aid specialist at your appointment will determine your eligibility for subsidized loans.

Current rates can be found here for both subsidized and unsubsidized loans, and you will have up to a six-month grace period after leaving school before repayment begins. The minimum payment on Federal Direct Loans is $50 per month.

Direct Loans are loans: they must be repaid, even if you are dissatisfied with your education or are unable to complete the program for any reason.

For more information on Federal Direct Loans and the eligibility requirements, visit StudentAid.gov.

If you are a dependent student, your parent(s) may borrow up to your cost of attendance, less any other financial assistance received. The current rates can be found here.

Parents may choose to defer payments on the PLUS loan until six months after the date the student ceases to be enrolled at least half time.

The minimum monthly payment is $50.
Parents of dependent students can apply for the PLUS loan online at StudentAid.gov.

You may qualify from $0-$7,395 per award year, which is the period from July 1 through June 30. The Federal PELL grant is gift aid that does not have to be repaid. All grants, however, have eligibility rules and some have service requirements. If you fail to follow the grant’s rules, you may have to pay back some or all of the grant.

The average award at Galen College is from $100–$600 per academic year.

There is a limited availability of funds awarded each year. These funds are awarded to PELL-eligible students with exceptional need. This grant is also gift aid that does not have to be repaid.

All grants, however, have eligibility rules and some have service requirements. If you fail to follow the grant’s rules, you may have to pay back some or all of the grant.

Your FSA ID is a username and password that you must use to log in to certain U.S. Department of Education websites including the FAFSA.  You can manage your FSA ID online at StudentAid.gov.

In accordance with U.S. Department of Education guidelines, students must complete entrance counseling prior to receiving a student loan. All students must complete exit counseling prior to graduation or at least half time when no longer enrolled. Complete loan counseling online at StudentAid.gov.

The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. Complete the MPN Loan Agreement online at StudentAid.gov.

All funds received by the College on behalf of the student will first be credited to the student’s individual account to pay for tuition.

Financial aid will not be available for books, supplies, or other living expenses until tuition has been paid in full. The following costs are not covered by financial aid and are the responsibility of the student:

• Registration fee: due at the time of enrollment and non-refundable after 72 hours
• Background check fee: due at the time of enrollment and non-refundable
• Books & supplies: generally, prepare to pay for books, supplies, immunizations, physicals, and uniforms prior to the first day of class.

Depending on the program of study, these additional costs may be included in the tuition. Contact your admissions representative for more details.

Galen College will work with you to arrange an affordable payment plan. There is no interest charged on payments made while in school. Please see the Bursar to arrange a payment schedule.

Your home state may have different grant programs that you may qualify for. Contact your Enrollment Counselor or Financial Aid Advisor for more information. Most state grants are gift aid and do not need to be paid back. All grants, however, have eligibility rules and some have service requirements. If you fail to follow the grant’s rules, you may have to pay back some or all of the grant.

Some veteran’s educational benefits are approved for programs offered at Galen College of Nursing. Contact your Enrollment Counselor or Financial Aid Advisor for details on applying for VA or military benefits.