Financial Aid

Financial Aid Facts

1. Students interested in financial aid assistance should complete a Free Application for Federal Student Aid (FAFSA) and, if they are a New York State resident, the Tuition Assistance Program (TAP) Application every academic year. The applications become available October 1st of every year at www.studentaid.gov. HFCN federal school code for FAFSA is: 015395. HFCN TAP school code is: AAS – 0286 and GBS – 0288
The TAP application can also be completed at hesc.ny.gov

2. Prior to starting your program, all students must meet the compliance requirements as listed in Castle Branch.

Students who start in the pre-requisite program are ineligible for financial aid until their pre-requisite semester is complete.

a. SCI 101: Selected Topics in Chemistry and Mathematics (4.5 Credits)
b. NUR 121: Clinical Nursing Skills

3. A student’s financial aid eligibility is based on their Expected Family Contribution (EFC) as calculated by the information reported on your FAFSA application. The College uses the EFC to determine a student’s financial aid awards which includes grants and student loans. Students selected for Federal Verification as determined by the Department of Education, must complete and submit all required Verification documentation before receiving an award package. Changes in enrollment status could result in a change of your financial aid award package.

4. A student should notify the Financial Aid Office of any outside award they might receive. A student who receives assistance from outside resources (scholarships or grants) should be aware that this can impact their financial aid eligibility and might result in a change in their award package.

5. Students must maintain Satisfactory Academic Progress as defined by HFCN and the Department of Education guidelines. A student must maintain a minimum cumulative GPA of 2.0 as well as maintain a completion rate of 67% their taken attempted courses. HFCN checks a student’s SAP at the end of every term after grades are posted. Students who do not meet the minimum requirement are notified that they are in a warning status for the upcoming term. Please see the Student Handbook for more details.

6. Students cannot exceed the maximum Lifetime Federal Pell Grant Eligibility (LEU) as defined by the Department of Education. The LEU is the sum of the percentages of Federal Pell Grant awards received each award year. A student cannot exceed an equivalent of six years (600%) over his or her lifetime.

7. Under the Student Lending Accountability and Enforcement Act (SLATE) students have a right to finance their education with Private Alternative Loans, which can help bridge the gap between your cost of attendance and other financial aid offered. We strongly advise all students to speak with a financial aid administrator before applying for any private alternative loan to discuss all other options.

8. HFCN students that withdraw from one or more classes should be aware that withdrawals will affect some or all of your financial aid awards. Please contact a representative from the Financial Aid Office for additional information.

9. Students should review the tuition refund policy listed under the Title IV Refund Policy; students that drop a class after the census date will be responsible for the full tuition and fee costs.

10. A student’s Cost of attendance (COA) is determined by law (Higher Education Act, Sec. 472) and is not subject to regulation by the Department. The law specifies the types of costs that are included in the COA, which includes direct and indirect costs. Direct cost includes charges a student pays directly to the college (i.e., tuition and fees). Indirect cost include expenses the student will likely incur but will not pay directly to the college (i.e., books and supply, transportation and personal). The following charts shows the cost of attendance that has been developed by HFCN for each of the programs available to students. Please note that the college does not have on campus housing but still must provide an estimate room and board in the student’s cost of education. The chart calculates the cost of attendance for one academic year which includes Fall, Winter and Spring Terms. Additional details on tuition and fees can be found under Tuition and Fees. For the AAS Quarter program, please see a financial aid counselor for details.

Cost of Attendance for the 2023-2024 Academic Year
	AAS Program	GBS Program & BS Program
Tuition	$21,165	$ 23,370
Institutional Fee	$ 2,378	$ 2,385
Books and Supplies	$2,250	$2,250
Room and Board	$18,600	$18,600
Transportation	$1,500	$1,500
Direct Loan Fees (if applicable)	$142	$142
Personal	$4,200	$4,200
Total	$48,547	$52,447

Available Financial Aid Programs

Federal Pell Grant
The Federal Pell Grants is a federal funded, need-based grant awarded by the Department of Education. The Department of Education uses a formula that evaluates the information a student reports on a their FAFSA to calculates a student’s Expected Family Contribution (EFC) which is used to determine a student’s maximum Pell Grant. The Pell Grant awards can vary in amount depending on eligibility and academic status (full- or part-time). This grant is not available to students who already have a Bachelor’s degree.

Federal Supplemental Education Opportunity Grant (FSEOG)
FSEOG grants (in the range of $200 to $1,000), depending on availability of funds, may be awarded to students who demonstrate financial need (available to full- and part-time students). Students must demonstrate financial need as well as satisfactory progress in the program.

Federal Direct Student Loan Program
Full- and part-time independent students (as defined by the Department of Education) may apply to borrow up to $3,500 a year in Federal Direct Subsidize Loans and up to $6,000 a year in Federal Direct Unsubsidized Loans. Full- and part-time dependent students (as defined by the Department of education) may apply to borrow up to $3,500 a year in Federal Direct Subsidize Loan and up to $2,000 a year in Federal Direct Unsubsidized Loans.

Tuition Assistance Program (TAP)
A student can receive a maximum TAP awards range from $500 to $5,165 per year. The award amount is determined by when a student’s received their first TAP payment, the tuition being charge, combined family NYS taxable income, financial status (independent or dependent) or other family members enrolled in college.

Assistance for Part-Time Students (APTS)
The APTS program is funded by New York State and administered by the College. A student must carry at least six, but no more than eleven credits, and not have exhausted their TAP eligibility, and meet income eligibility limitations in order to qualify. Student must be in good academic standing and must justify financial need. Applications are available in the Financial Aid Office.

Loan Repayment Options

There are difference repayment options for your federal loans.

It is very important that you understand each option, so you can determine the best one that fits your needs. It is also very important to maintain contact with your loan servicer. You can find out your loan services and details of each plan at www.studentaid.gov

1. Standard repayment plan – Under this plan you pay a monthly fixed amount for up to 10 years.

2. Graduate repayment plan – This plan starts with small monthly payments for two years, then increases to the standard monthly option for the next 8 years.

3. Extended repayment plan – This plan allows a loan tern up to 25 years. You must have a minimum balance of $30,00.

4. Income sensitive plan – This plan gives you the flexibility.

5. Income- Based Repayment – There are several different income based repayment plans. It is based upon your income, family size and amount borrowed, The repayment is adjusted annually, based upon the above. The chart that summarizes each plan.

Repayment Plan	Eligibility	Monthly Payment	Discharge After
Revised Pay As You Earn (REPAYE)	All Direct student loan borrowers. No partial financial hardship (PFH) requirement.	10% of discretionary income.	20 years if repaying only undergraduate debt; 25 years if repaying any graduate debt.
Income-Based Repayment (IBR)	Borrowers who take out their first federal student loan on or after July 1, 2014, and have a PFH.	10% of discretionary income, up to the fixed 10-year payment amount	20 years
Pay As You Earn (PAYE)	Direct student loan borrowers who took out their first loan after September 30, 2007 and at least one loan after September 30, 2011, and have a PFH.	10% of discretionary income, up to the fixed 10-year payment amount.	25 Years
Income-Contingent Repayment (ICR)	All Direct Loan borrowers. No PFH requirement.	The lesser of: 20% of discretionary income and 12- yr repayment amount x income percentage factor	25 years

Direct Student Loan Exit Interviews

Direct Student Loan Exit Counseling

Adhering to regulation 34 CFR 685.304(b) students who are graduating, have terminated attendance by other means, or have dropped below half time are notified of the requirement to complete exit counseling via email with a Department of Education exit counseling link.

During the exit interview, students are given loan counseling information (including repayment options) and asked to submit a permanent address and personal references. Exit counseling for Federal Direct Student Loan can be completed online at studentaid.gov

When Do I Need to Go Through Student Loan Exit Counseling?

You must complete exit counseling each time you drop below half-time enrollment, graduate, or leave school and enter a repayment period.

Some schools will have alternative or added exit counseling requirements for students, so be sure to get in touch with your school’s financial aid center to confirm you have checked all the boxes.

What is student loan Exit Counseling?

Student loan exit counseling is an online process offered by the US Department of Education through StudentLoans.gov that walks students through the federal loan(s) they signed up for to pay for their education.

The purpose of loan counseling is to prepare student borrowers for repayment. It is mandatory for students who took out subsidized, unsubsidized, or PLUS loan(s) under the Federal Direct Loan Program.

The school will be notified electronically that you have completed the Exit Counseling process. Private student loan borrowers are not required to complete exit counseling.

Where Do I Go for Student Loan Exit Counseling?

Students ready to complete exit counseling will log into StudentLoans.gov to complete the online course. You will want to have the following on hand:

Your verified FSA ID
Income information
Financial aid information
Expected and current living expenses
Contact information for yourself, your next of kin, two references, and your future employer if you already have a job lined up

Options for repayment

This section will go over all of the repayment plans available for your specific federal loan(s) when making payments. These include:

Standard Repayment
Graduated Repayment
Extended Repayment
Pay As You Earn Repayment
Revised Pay As You Earn Repayment
Income-Based Repayment
Income-Contingent Repayment
Income-Sensitive Repayment

Not all of these options are available for every loan type or borrower, so be sure to look into each repayment option for your loan carefully before making a decision with your loan servicer.

How to avoid defaulting on your loans

Two important terms you don’t want to see on your loan account:

Delinquency: A loan becomes delinquent when a loan payment is not received on time.
Default: For federal student loans, default is when you have failed to make the agreed-upon periodic payments on a loan after a number of days in delinquency. For more information, please visit the Federal Student Aid website.

Neither is good for a borrower and their credit score, but defaulting on a loan is decidedly worse. The exit counseling course provides borrowers with information on how to avoid these two events, and what to do if they can’t avoid delinquency.

Additional Information:

Video Link: https://youtu.be/oPN2rpxCO0I

Brochure Link: https://studentaid.gov/sites/default/files/exit-counseling.pdf

Financial Literacy

The Financial Aid Office encourages you to learn more about your personal finances, including how the cost of your education impacts your finances now and in the future.

We are happy to offer the following list of resources to help you improve your understanding of financial concepts and services, while promoting fiscal responsibility before, during, and after your studies here at

FINANCIAL AID AND LOAN INFORMATION: KNOW BEFORE YOU BORROW

Federal Student Aid: The U.S. Department of Education site as a one-stop page for Federal Student Aid.
Each page contains a glossary detailing commonly used financial aid terms and ways to contact the
Department of Education.

Federal Student Aid Facebook page: If you “Like” this page, updates will show up on your own Facebook news feed. The page is updated regularly and you can write on the page’s wall to give/receive feedback.
Federal Student Aid Twitter page: Get multiple reminders each day about federal aid. If you have questions or comments, tweet them @FAFSA!

National Student Loan Data System (NSLDS): The NSLDS is the U.S. Department of Education’s official loan database. Access all your federal loan history and information about your loan servicers.

You must use your Federal Student Aid ID.

Title IV Refund Policy

Tuition Refunds

Federal statue §668.164(h)(2) states that all credit balances must be paid directly to the student no later than “(i) Fourteen (14) days after the balance occurred if the credit balance occurred after the first day of class of that payment period”. Any credit balances from a PLUS Loan is refunded to the parent.

Helene Fuld College of Nursing refunds students through check or ACH (Direct Deposit). ACH form can be acquired by contacting the Bursar’s Office.

All uncashed checks will be voided after 90 days from issue date. The Bursar’s Office will reissue checks per policy.

Title IV funds that are not cashed within a 240-day window will be returned to the Federal Government per Federal statue, §668.164(i)(3).

Net Price Calculator

What does Net Price mean?
Net Price is the amount that a student pays to attend an institution in a single academic year AFTER subtracting scholarships and grants the student receives. Scholarships and grants are forms of financial aid that a student does not have to pay back.

What is a Net Price Calculator?
Net price calculators are available on a college’s or university’s website and allow prospective students to enter information about themselves to find out what students like them paid to attend the institution in the previous year, after taking grants and scholarship aid into account. Net Price Calculator

Note: The Higher Education Opportunity Act defines net price as the net price for full-time, first-time degree/certificate-seeking students. Title IV institutions that do not enroll full-time, first-time students are not required to have a net price calculator under the HEOA

Click here to access the AAS Net Price Calculator

Click here to access the GBS Net Price Calculator

Other resources for managing your personal finances

360 Degrees of Financial Literacy: Another AICPA resources specifically addressing the needs of college students and recent graduates.

America Saves: A not-for-profit site dedicated to helping people save money, reduce debt, and gain wealth.

Personal Finance: Short personal finance videos, covering budgeting, interest, investments, housing, and taxes to help you understand day to day finances.

ECMC’s FAB site: Basic information on a wide range of topics from finances and insurance to managing your records and avoiding fraud or identity theft.

feedthepig.org: An AICPA site that helps you manage your money, credit, and debt.

Guide to Credit Cards: A Federal Reserve System site that explains credit cards, from interest rates and fees to repayment options (also has some Spanish content).

Identity Theft: This Federal Trade Commission (FTC) site has information about preventing identity theft and recovering from identity theft should you ever become a victim for it.

Mint: This is an easy way to keep track of your spending by having your bank account activity analyzed. You can sign up for a free secure account and sync the information on your account between your computer and mobile devices.

Money Management Checklist for College Students

Paycheck City: Paycheck City is a web-based paycheck calculator you can use to calculate your net (or “take home”) pay. It will help you better understand your paycheck and determine your budget for the week, month, or year.

Your Credit Report: You are entitled to 3 FREE credit reports annually. Your credit history can be reported to any or all of these credit agencies:

Financial Aid Stat’s at HFCN

The mission of the Financial Aid Office at HFCN is to increase opportunities for student access to and success in higher education by helping students find, obtain, and make the best use of their financial resources.

The following is statistically information on the percentage of financial aid received by student’s at HFCN. The grid is based on 2019-2020 full-time enrolled students.

2019-2020 Estimated Tuition per Semester

$7,080* plus applicable fees for GBS & BS Programs

$5,119 plus applicable fee for AAS Program

% Student receiving any Grants and/or Scholarship

85%

% Student who receive Pell Grant

36%

1199

HOSPITAL LEAGUE/DISTRICT 1199, TRAINING AND UPGRADING FUND
Tuition reimbursement is available to 1199 members who are enrolled in an approved program of studies. For eligibility requirements, amount of assistance, and procedures, contact 1199/SEIU League Training and Upgrading Fund, 300 West 43rd Street, New York, NY 10036, before applying to the College.

Tuition Reimbursement Policy
Members of 1199 may receive tuition assistance for matriculated courses only. However, the Nursing Prerequisite courses do not qualify for tuition reimbursement and financial aid.
To have a reimbursement form completed by the financial aid office, students must complete their course/courses of study for the inquiring reimbursement term.
If you are interested in the 1199 tuition reimbursement program and need additional information, please visit the 1199 Tuition Reimbursement website at https://www.1199seiubenefits.org/city-tuition-reimbursement/.

Process
The financial aid office will process 1199 forms. Once processed, we will send the completed forms directly to the 1199 tuition reimbursement office. Students must drop off their 1199 forms at the front desk in Student Services. Upon successful submission, students will receive a confirmation email acknowledging that their form has been sent to the 1199 tuition reimbursement office.

Please complete the student top portion of the 1199 form with the correct and precise information.