General Program Requirements for MEEP recipient
- Must be a Current Student
- If awarded, the recipient must sign a promissory note with supplemental terms and conditions.
(Prior to recipient selection, a copy is available upon request from the Student Finance Office.)
- OSF SFMC will underwrite educational expenses of $4,000 for each eligible semester MEEP is awarded. A new Promissory Note must be signed each semester awarded. The amount will be applied to the College of Nursing Student Account.
- The recipient shall understand that continuance of this assistance is on a semester by semester basis at the discretion of SFMC College of Nursing and OSF Saint Francis Medical Center. It shall depend upon meeting the following program requirements: Full time enrollment status, maintaining good academic standing, satisfactory grades in each course, satisfactory status in SFMC-CON, and favorable references from SFMC-CON and OSF SFMC Human Resources. Failure to meet any of these requirements will result in discontinuance of MEEP eligibility for additional assistance and possible default of currently held promissory notes.
- Recipients currently employed by OSF must obtain and submit to OSF SFMC Human Resources an updated reference from their current manager each semester by December 1st and June 1st.
- OSF employees may not have both MEEP and Employee Tuition Waiver benefits in the same semester.
- Recipient has the one time option to decline future offers of additional MEEP promissory notes and will be held accountable for only those obligations received. Notice to decline must be in writing.
- In the case of failure to maintain enrollment and GPA eligibility status and prior to invoking promissory note default, the MEEP recipient may be allowed, in certain instances, one (1) probationary semester to regain required program status as full-time student in good academic standing. Students must submit request for consideration in writing to the CON Student Finance Office.
- As a graduation requirement, MEEP recipients will be required to complete an “Exit Data Form” issued by the CON Student Finance Office.
- In the Senior 2 semester prior to graduation, the MEEP recipient must apply to OSF SFMC for regular full-time or part-time employment as a Registered Nurse (Job Class 65170) in any acute care unit (consideration will be given to individual preferences but not guaranteed).The MEEP recipient agrees to remain in specified Job Class (i.e. bedside nurse) until the required time commitment has been completed.
- An employment time commitment of 12 months fulltime or 24 months part-time must be completed in order for each promissory note to be forgiven. To the extent more than one loan is forgiven, they shall be forgiven in the order in which they were made, starting with the first loan.
- Employment time commitment and loan forgiveness begins after obtaining RN Licensure and after successful completion of unit orientation. Unit Manager will notify OSF SFMC Human Resources (HR)of date and HR will then notify OSF SFMC Fiscal Services to begin loan amortization (forgiveness).
- Per IRS, all loan amounts forgiven are taxable as wages. Taxation of forgiven amounts is coordinated between OSF SFMC Fiscal Services and Payroll. For MEEP recipient’s benefit, tax withholding will take place every pay period but this does not constitute pro-rata forgiveness. MEEP recipient must complete the entire time commitment specified on the promissory note to fulfill forgiveness requirements.
- The MEEP recipient who experiences a change in plans and is unable to fulfill the employment commitment must monetarily repay the amount received immediately. Payment plans are not available.
- Questions and concerns regarding MEEP should be addressed to SFMC-CON Student Finance Office while the recipient is a student and to OSF SFMC Human Resources after graduation or if no longer in attendance at SFMC-CON.