Financial Aid Programs

Federal Title IV Grants

Hondros College participates in the Federal Title IV Grant Programs. Grants are considered gift aid and do not have to be repaid.  Most grant aid is based on some type of need-based eligibility requirement; therefore, you must complete the FAFSA to apply for most grants. Although grants are a very desirable source of financial aid, the availability of grants is generally limited to the neediest students. Below are the grants available from the federal government.

Federal Pell Grant
Federal Pell Grants are awarded based upon the analysis of the FAFSA, cost-of-attendance, and enrollment status (full-time or part-time).  Pell Grants are awarded only to undergraduate students who have not earned a bachelor's degree or professional degree. A maximum of 600% of Pell can be used in a lifetime. Depending on how students attend school, this would be 6 years of full-time Pell awards.  Pell Grants often provide a foundation of financial aid to which other aid is added for the neediest students.

The United States Department of Education uses a standardized formula, established by Congress called the Federal Needs Analysis Methodology, to evaluate the information you report on the FAFSA.  The formula produces an Expected Family Contribution (EFC).  The EFC number can range from zero to 99,999 or higher.  Your Student Aid Report (SAR) contains this number and will tell you if you are eligible for a Pell Grant.  You can get a booklet called the EFC Formula Book, which describes how a student's EFC is calculated, by writing to:

Federal Student Aid Programs
P.O. Box 84
Washington, DC 20044

The maximum Pell Grant for 2015-2016 is $5,775 if you have a zero EFC.  The maximum Pell award can change each year based upon Congressional funding levels.  However, if you are eligible for a Pell Grant based upon your EFC number, you are guaranteed to receive it.  For the 2015-2016 school year, full-time students with an EFC from zero to $5,198 qualify for some Pell Grant.  Those with EFCs of 5199 or higher are not eligible for a Pell Grant, but could be eligible for other types of aid.

Federal Supplemental Educational Opportunity Grant (SEOG)
The Federal Supplemental Education Opportunity Grant (SEOG) is for undergraduate students with exceptional financial need.  Preference is given to Pell Grant recipients with a zero EFC.

Financial Aid/Scholarship Fraud
Every year, millions of high school graduates seek creative ways to finance the rising costs of a college education. In the process, they sometimes fall prey to scholarship and financial aid scams. Congress has enacted the College Scholarship Fraud Prevention Act of 2000 (CSFPA). This CSFPA enhances protection against fraud in student financial assistance by establishing stricter sentencing guidelines for criminal financial aid fraud. It also charged the Department, working in conjunction with the Federal Trade Commission (FTC), with implementing national awareness activities, including scholarship fraud awareness site.

According to the FTC, perpetrators of financial aid fraud often use these telltale lines:

  • The scholarship is guaranteed or your money back.
  • You can't get this information anywhere else.
  • I just need your credit card or bank account number to hold this scholarship.
  • We'll do all the work.
  • The scholarship will cost some money.
  • "You’ve been selected by a 'nation foundation' to receive a scholarship" or "You're a finalist," in a contest you never entered.

To file a complaint, or for free information, students or parents should call 1-877-382-4357.

Federal Title IV Loans

Federal Student Loans at Hondros College

Hondros College understands that managing the cost of education may be a challenge for many families.  In addition to federal grants and scholarships there are several student loan options available to students and their families.

Hondros College participates in the William D. Ford Federal Direct Loan Program. When you borrow from the Direct Loan Program, the loan money comes from the federal government directly to the College to cover your educational expenses.  The loan proceeds are applied to your student account toward your tuition, fees and other approved charges.  Once your student account is paid in full, any remaining loan funds are issued in a refund to the student.

Students who complete the FAFSA may receive a Federal Direct Student Loan.  This loan may be subsidized, unsubsidized or a combination of both.  This loan is in the student's name and is repaid by the student.  Eligibility is determined by the total cost of attendance, the results of the FAFSA, and other financial aid resources.  Students must be enrolled and attend at least half time (six credit hours) to be eligible for a student loan.

Subsidized Loan — This is a need based loan.  The government pays the interest while the student is in school at least half time.

Unsubsidized Loan — This is a non-need based loan.  The student is responsible for the interest from the time of disbursement until the loan is paid in full.  The student may pay the interest while in school or the interest may be capitalized (added) to the principle loan amount.  Students are encouraged to pay the interest while in school to help keep their total loan debt lower.

Interest Rates

The interest rate on the Direct Loan is a fixed rate for the life of the loan.

2015-2016 Interest Rates

Loan

Interest Rate

Direct Subsidized Loans (Undergraduates)

4.29%

Direct Unsubsidized Loans (Undergraduates)

4.29%

Direct Unsubsidized Loans (Graduate or Professional Students)

5.84%

Loan Fees

For 2015-2016, the U.S. Department of Education will charge a loan fee of 1.068% for the Direct Subsidized and Direct Unsubsidized loans.

Loan Amounts

Loan amounts are based on the grade level, dependency status, academic major, and other financial aid resources of the student.

Promissory Note

All students who apply for a Federal Direct Loan are required to complete a Federal Direct Loan Master Promissory Note (MPN).  The MPN can be completed online at https://studentloans.gov/.  You will use your U.S. Department of Education’s FSA ID to log in and sign you Master Promissory Note, this is the same ID used to log into and sign the FAFSA.  If you have not yet signed up for the FSA ID, or you have forgotten the ID or password you can visit the following link to sign up or recover information https://studentaid.ed.gov/sa/fafsa/filling-out/fsaid

The MPN is your contract with the U.S. Department of Education.  By signing the MPN, you promise to repay your student loans.  The MPN is good for up to 10 years and you may receive additional loans using the same MPN.

Entrance Counseling

All students who are first-year borrowers with the Federal Direct Loan Program must complete entrance counseling.  Entrance counseling can be completed online.  Entrance counseling must be completed before the Financial Aid Office will certify your student loan.

Borrower's Rights and Responsibilities

You have the right to:

  • Written information on your loan obligations and information on your rights and responsibilities as a borrower.
  • A grace period and an explanation of what this means.
  • A disclosure statements, received before you begin to repay your loan, that includes information about interest rates, fees, the balance you owe, and the number of payments.
  • Deferment of repayment for certain defined periods, if you qualify and if you request it.
  • Forbearance, if you qualify and if you request it.
  • Prepayment of your loan in whole or in part any time without an early-repayment penalty.
  • A copy of your promissory not either before or at the time your loan is disbursed.
  • Documentation that your loan is paid in full.

You are responsible for:

  • Completing exit counseling before you leave school or drop below half time enrollment.
  • Repaying your loan even if you do not complete your academic program, you are dissatisfied with the education you received, or you are unable to find employment after you graduate.
  • Notifying your school and the Direct Loan Servicing Center if you move/change your address or change your name.
  • Making monthly payments on your loan after your grace period ends, unless you have a deferment or forbearance.
  • Notifying the Direct Loan Servicing Center of anything that might alter your eligibility for an existing deferment or forbearance.

Federal Direct Parent PLUS Loan

This is a non-need based loan available to the parents of dependent students.  This loan is a credit-based loan and is the responsibility of the parent.  The total amount a parent may borrower cannot exceed the total cost of attendance for their student.  The amount is determined by the total cost of attendance minus all financial aid resources.

Payment on the Parent PLUS loan begins 30-60 days after the final disbursement.  The parent may request an in school deferment while the student is enrolled at least half time.  The interest on the Parent PLUS loan begins accruing at the time of disbursement.

Master Promissory Note

All parents who apply for a Federal Direct Parent PLUS Loan are required to complete a Federal Direct Loan Master Promissory Note (MPN).  The MPN can be completed online at https://studentloans.gov/myDirectLoan/index.action.

You will use your U.S. Department of Education’s FSA ID to log in and sign you Master Promissory Note, this is the same ID used to log into and sign the FAFSA.  If you have not yet signed up for the FSA ID, or you have forgotten the ID or password you can visit the following link to sign up or recover information https://studentaid.ed.gov/sa/fafsa/filling-out/fsaid

The MPN is your contract with the U.S. Department of Education.  By signing the MPN, you promise to repay your loans.  The MPN is good for up to 10 years and you may receive additional loans using the same MPN.

Interest Rate

The interest rate for the Federal Direct Parent PLUS Loan is fixed at 6.84% for the life of the loan.

Loan Fees

The Federal Direct Loan Program charges a 4.272% loan fee on all Parent PLUS loans.

Federal Direct Loan Consolidation

A federal consolidation loan may help make payments more manageable for some by combining several federal student loans into one loan with one monthly payment.  You need to apply for loan consolidation and choose a standard, an extended, a graduated, an income-contingent or an income-sensitve repayment plan.  Depending on the amount of your debt, standard and graduated repayment plans have 10 to 30 year repayment periods. Is loan consolidation right for you?

Are your monthly payments manageable? If you have trouble meeting your monthly payments, have exhausted your deferment and forbearance options, and/or want to avoid default, a Direct Consolidation Loan may help you. Use the U.S. Department of Education's online calculator to find out what your monthly payments would be under each of the repayment plans.

Too many monthly payments driving you crazy? If you send payments to more than one lender every month, and want the convenience of a single monthly payment, consolidation may be right for you. With a Direct Consolidation Loan, you will have a single lender — the U.S. Department of Education — and a single monthly payment.

What are the interest rates on your loans? If you have variable interest rates on your Federal education loans, you may want to consolidate. The interest rate for a Direct Consolidation Loan is fixed for the life of the Direct Consolidation Loan. The rate is based on the weighted average interest rate of the loans being consolidated, rounded to the next nearest higher one-eighth of one percent and cannot exceed 8.25 percent. Use the U.S. Department of Education's online calculator to find out what your weighted average interest rate would be if you consolidate your loans.

How much are you willing to pay over the long term? Like a home mortgage or a car loan, extending the years of repayment increases the total amount you have to repay. How many payments do you have left on your loans? If you are close to paying off your student loans, it may not be worth the effort to consolidate or extend your payments. Check out the U.S. Department of Education's website for more information on loan consolidation.

Private Education Loans

Private education loans are private loans available through lending institutions to help bridge the gap between your educational costs and available federal and state grants and federal student loans.  These loans are credit based loans that require you to have established credit or a co-signer.  Private education loan programs differ from lender to lender, so it is important that you know the terms and conditions of the loan and your rights and responsibilities as a borrower.  Always apply for Federal Stafford loans first.

For information on private education loans (alternative loans), please see FASTChoice.

The lenders and loan options presented have been selected for the excellent terms and benefits they provide to borrowers.

Hondros College of Nursing uses strict criteria based on your interests and not those of our institution, to determine which lenders and loan options to present. We have identified only those lenders who will provide you with exceptional customer service, excellent incentives (e.g., low interest rates, no origination fees, and loan principal reductions, timely processing, and electronic funds transfer capabilities when possible).

We annually review all the information provided to ensure that the benefits lenders offer continue to adhere to our criteria. Loan options that no longer adhere to our criteria are removed and new loan options that meet our criteria are added.

You are free to select any lender and loan option, including those not presented. If you choose a loan option that is not presented, please follow the provided instructions to complete the application process. Application processing will not be delayed unnecessarily if you choose a loan option not presented.

We maintain professional relationships with all lenders. Our officials are prohibited from accepting financial or other benefits in exchange for displaying lenders and loan options in FASTChoice. These include: receiving compensation to serve on any lender board of directors or advisory boards; accepting gifts including trips, meals, and entertainment; allowing lenders to staff our institution's financial aid office; allowing lenders to place our institution's name or logo on any of their products; and owning lenders' stock (for those college officials who make loan decisions for our institution).

Workforce Investment Programs

Workforce Investment Act (WIA)

In 1998, Congress passed the Workforce Investment Act to reform federal job training programs and creates a new, comprehensive workforce investment system. The reformed system is intended to be customer-focused, to help Americans access the tools they need to manage their careers through information and high quality services, and to help U.S. companies find skilled workers. WIA aims to improve the quality of the workforce and enhance the productivity and competitiveness of the nation. For more information visit the Ohio Department of Job and Family Services website.

Trade Adjustment Assistance Program (TAA)

The TAA program helps workers who have lost their jobs as a result of foreign trade. The TAA program offers a variety of benefits and services to eligible workers, including job training, income support, job search and relocation allowances, a tax credit to help pay the costs of health insurance, and a wage supplement to certain reemployed trade-affected workers 50 years of age and older. For more information visit the Office of Workforce Development website.

Veterans Education Benefits

General Information
Certification of benefits is a service provided by the Financial Aid Manager in the Financial Aid Office. The office serves as a liaison between Hondros College students and the U.S. Department of Veteran Affairs. We assist student veterans with the processing of VA forms for educational benefits, advise student veterans concerning certain procedural requirements, and certify enrollment of Hondros College student veterans to the Department of Veterans Affairs. New applicants should determine which chapter you will receive educational benefits using the chapter information provided below. Bring a copy of your DD-214 (discharge papers) to the Financial Aid Manager in the Financial Aid Office.

VA Chapter Information

Montgomery GI Bill - Chapter 33
On June 30, 2008, President Bush signed into law H.R. 2642, Supplemental Appropriations Act of 2008, which contained a provision establishing a new GI Bill, entitled “Post-9/11 Veterans Educational Assistance Act of 2008, Chapter 33.”  For detailed information, go to www.gibill.va.gov.

Information for emergency advance payments on your GI Bill. The VA has set up a Web site to help vets apply for the emergency advance payments on their GI Bill.  The Web site can be found at this link: http://www.gibill.va.gov/advpay.htm

Montgomery GI Bill - Chapter 30
Entered Active Duty after June 30, 1985. Completed at least 2 years continuous active service; contributed $1200 to the program; received a high school diploma or GED; and received an honorable discharge.

Reserve GI Bill - Chapter 1606
Any person who enlists, re-enlists, or extends an enlistment in the Selective Reserve for not less than 6 years, in addition to any other period of obligation after June 30, 1985 and completed high school or GED, IADT, 180 days of service in the selective reserve and is satisfactorily participating in required training in the selective reserve.

Activated Reservists After September 11, 2001 - Chapter 1607
Certain reservists who were activated after September 11, 2001 may either be eligible for education benefits or eligible for increased benefits.

Dependent Educational Assistance - Chapter 35
This portion of 38 U.S.C authorizes educational benefits to dependents and survivors of certain veterans who have serious disabilities as the result of their service (100% disabled), or who have died of a service-connected cause, were a prisoner of war, or missing in action.

Vocational Rehabilitation - Chapter 31
Veterans who have been declared disabled by the Department of Veterans Affairs due to service related injury.

Veterans Retraining Assistance Program (VRAP)
Click here for more information on this program.

VA Forms
These forms may be obtained at the Department of Veterans Affairs education forms website.

22-1990 Application for Education Benefits
Students under all chapters, except Chapter 35, who are enrolling for VA benefits for the first time. Chapters 30 and 33 must attach a copy of DD-214. Chapter 1606 must attach a copy of Notice of Basic Eligibility (NOBE - DD-2284) and Kicker papers if eligible.

22-5490 Application for Survivors' and Dependents' Education Assistance
Students under Chapter 35 who are applying for VA benefits for the first time.

22-1995 Request for Change of Program or Place of Training
Students under all chapters, except Chapter 35, who are transferring VA benefits to Hondros College as well as for current Hondros College student veterans who want to change their major.

22-5495 Request for Change of Program or Place of Training
Students under Chapter 35 who are transferring VA benefits to Hondros College as well as for current Hondros College student veterans who want to change their major.

Education Benefit Payment Rates
The amount of your monthly payment will be determined by the amount of credits you are enrolled in, applicable to your degree program. Rates are posted and updated by the VA. Rates can be found on their web page at http://www.gibill.va.gov/GI_Bill_Info/rates.htm.

Student Veterans Responsibilities
The Department of Veterans Affairs and the Financial Aid Manager at Hondros College closely monitor each student veteran's enrollment status and academic program. The student's educational benefit is based upon the number of credit hours applicable to his/her academic degree program.

Student veterans at Hondros College have the following responsibilities:
Notify the Financial Aid Manager in the Financial Aid Office within 30 days of the following changes in your enrollment status.

  • Terminate attendance
  • Change credit hours
  • Withdraw or stop attending a course
  • Attend a course but receive an Incomplete (I) grade
  • Change educational program
  • Change address or phone number

Reminders:

  • You must maintain satisfactory progress to retain benefit.
  • You are prohibited from receiving educational benefits for auditing a course.
  • You will not receive benefits for repeated courses, unless they are graduation requirements.
  • You must be formally admitted as a degree-seeking student.
  • You must submit a degree audit for your intended major. The degree audit must include all courses that you are required to complete for your major. You will only be certified for courses that are required for completion of your selected degree (per degree audit).
  • Do not register in courses for which you have previously received a passing grade/credit (even if taken at another institution).

As a recipient of educational benefits:

  • You are eligible for payment of remedial courses if placement test scores justify the need
  • Any overpayments incurred are your responsibility and not the responsibility of the Financial Aid Office at Hondros College

Department of Veterans Affairs Regional Office
Eligibility and payment questions should be directed to the Department of Veterans Affairs Regional Office at:
Department of Veterans Affairs
Regional Office
400 South 18th Street
St. Louis, MO 63103
1-800-827-1000
http://www.va.gov/directory/guide/facility.asp?ID=249

Federal Work Study

Federal Work-Study is part of the financial aid package providing jobs for undergraduates with financial need, allowing them to earn money to help pay educational expenses. Students should never work more than 8 hours in one day or 20 hours in one week, other than periods of non-attendance (i.e. times when classes are not in session).

In order to be employed in a Work-Study job, you must have a Work-Study award. Please contact the financial aid office to check your eligibility.