Graduate 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, 7 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: www.mappingyourfuture.org.
  2. If you are applying for a Direct Loan and a Graduate PLUS Loan, click Direct Loan and Direct PLUS Combined Entrance.
  3. Click on “Online Student Loan Counseling”. Click on Direct Loan Entrance.
  4. Select your state - scroll down and choose the state of Illinois. Click continue.
  5. Select your school - scroll down and choose Saint Francis Med Ctr College of Nursing Peoria, IL. Click continue. 
  6. Read the instructions as you scroll down, Click “I Agree” and the counseling session will start.
  7. 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.
  8. 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.
  9. Be sure to review the Average Federal Loan Indebtedness chart for SFMC-CON which is enclosed.
  10. 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 Charlotte Duke, Student Finance Assistant at 624-9932.

 

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Direct Loan Program

Saint Francis Medical Center College of Nursing participates in the Direct Lending Program for all student/parent Federal Stafford and PLUS Loan needs. The lender is the US Department of Education and the program offers the same terms and condition as the Federal Family Education Loan Program (FFELP).

Please visit www.studentloans.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.studentloans.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.

 

If you have questions/concerns, please do not hesitate to email the Student Finance Office at confinaid@osfhealthcare.org or contact us at (309)655-4119 or (309)624-9932.

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Federal Stafford Loan

Subsidized
Effective for loans for periods of enrollment on or after July 1, 2012, graduate students are no longer eligible to receive Federal Direct Subsidized Loans.
Unsubsidized
  • Not based on financial need available to undergraduate and graduate students.
  • The interest rate is fixed at 6.21% for loans first disbursed or certified between 7/1/2014 – 6/30/2015. 
  • 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 ten 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.

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Grad Plus Loans

  • The graduate student  is the borrower for this loan. 
  • The fixed interest rate is at 7.21% for loans first disbursed or certified between 7/1/2014 – 6/30/2015.
  • 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 ten 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.

 

Anticipated Pell/Loan Disbursement Dates

Fall 2014 Spring 2015 Summer 2015
August, 12, 2014 January 13, 2015 May 19, 2015
September 09, 2014 February 18, 2015 June 11, 2015
October 15, 2014 March 24, 2015  
November 18, 2014 April 21, 2015  

 

Icons | PDF IconsAdditional Loan Information

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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 a student drops below half time status (6 hours) or withdraws from a semester, he/she must complete exit interview information even if they are planning to re-enroll for a future semester.

Upon notification of a students 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 Notice of Guarantees/Disclosure Statements - 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
  • Income Based Repayment Brochure

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