Financial Aid Programs

Federal Pell Grants

Federal Pell Grants help fund post-secondary education for undergraduate students who have not previously earned a bachelor’s degree. The amount of Federal Pell Grant funds you may receive over your lifetime is limited by federal law to be the equivalent of six years of Pell Grant funding. Since the maximum amount of Pell Grant funding you can receive each year is equal to 100%, the six-year equivalent is 600%. For many students, these grants provide a foundation of financial aid to which aid from other sources may be added. Pell Grant-eligible students who have Title IV funds awarded in excess of school charges are eligible for a refund. (Effective July 1, 2016, all students awarded Title IV funds in excess of school charges are eligible for a refund.) The refund should be made by the seventh day of class to obtain books and supplies. HCN meets this requirement by refunding the student his or her Title IV credit balance by the seventh day of class. If a student has not yet established eligibility to receive Title IV funds because of outstanding verification requirements, or unresolved conflicting information, etc., this requirement does not apply. For further information, contact Nursing Student Accounts.

Federal Supplemental Educational Opportunity Grants (FSEOG)
Federal Supplemental Educational Opportunity Grants (FSEOG) provide supplemental funds to undergraduate students with exceptional need, with priority given to Federal Pell Grant recipients. To be eligible for FSEOG, students must be enrolled in an undergraduate program and have not previously earned a bachelor’s degree or first professional degree. Exceptional need is defined as the lowest EFC per federal-need-analysis methodology. Because FSEOG funds are limited, students should apply for these grants by completing their FAFSA® as early as possible. FSEOG awards range from $480 to $900 per academic year. Exceptional need is defined as the lowest EFC per federal-need-analysis methodology, along with a student’s remaining demonstrated financial need.

Federal Title IV Loans


Direct Subsidized, Direct Unsubsidized and Direct PLUS Loans obtained through the Direct Loan Program® are acquired directly from the U.S. Department of Education. Students who receive a student loan of any type have a legal obligation to repay the loan. The student’s degree of success at Hondros College of Nursing does not alter this obligation. Terms and conditions of Federal Student Loans (Direct and Direct PLUS Loans) are listed on the Master Promissory Note signed by the borrower accepting the loan. To view a sample Master Promissory Note, go to

Institutions are required to inform the student or parent that Direct Stafford loans will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by the student/parent, guaranty agencies, lenders, and institutions determined to be authorized users of the data system. As required by the Higher Education Opportunity Act, HCN has established and abides by a Title IV Code of Conduct. The following link provides HCN’s Title IV Code of Conduct:


Undergraduate students may be eligible for the Direct Loan Program. These are low-interest loans that offer a range of flexible repayment options. Repayment can also be deferred while the student is enrolled at least half-time. Loan amounts are based on a number of factors, including the number of credit hours taken each term and grade level as follows:

Federal Direct Subsidized Loans: Available to undergraduate students who demonstrate financial need and otherwise meet the eligibility criteria. The federal government pays the interest on the loan while the student continues to be enrolled at least half time, and while not exceeding the 150% subsidized loan eligibility requirement.

Federal Direct Unsubsidized Loans: Available to undergraduate and graduate students, regardless of financial need. The student is responsible for the interest accrued on the loan. The student may allow the interest to accumulate over the loan period, but Hondros College of Nursing suggests that the student pay the interest while in school. The amount borrowed may not exceed the cost of attendance minus other aid per academic year. The aggregate limit for dependent students is $31,000, up to $23,000 of which can be Federal Direct Subsidized Loans. The limit for independent students (and dependent students whose parents cannot borrow a Federal Direct PLUS Loan) is $57,500, up to $23,000 of which can be Federal Direct Subsidized Loans.

Students requesting to use Direct Loans will be required to complete a Master Promissory Note (MPN) and Entrance Counseling (EC), if they are first-time borrowers. Both can be completed at Students begin repaying the loan after ceasing to be enrolled at least half time. Additional information on repayment, interest rates and loan fees for Federal Direct Loans is available at Monthly payments are based on aggregate borrowing, though the minimum monthly payment is $50 for each loan. Repayment is usually completed within 10 years. Students who leave school or drop below half-time status are contacted by their loan servicer to establish repayment schedules. Students must notify the college and their lender of a change in address.


Federal student aid regulations require that all borrowers complete loan exit counseling for their Federal Direct Loans. Students must complete loan exit counseling when they are graduating, leaving Hondros College of Nursing, or enrolling for fewer than six credit hours. Loan exit counseling notifications are provided to all identified students, and students may visit to complete the process.

This loan allows parents of undergraduate students who are dependent by federal definition to borrow the maximum of educational costs less financial aid per academic year (3 quarters). Additional information on interest rates and loan fees for Federal Direct Loans is available at A credit check is performed to establish creditworthiness. Any credit refund created by a Federal Direct PLUS loan will be paid to the parent.

Disclosure for Direct Subsidized Loans and Direct Unsubsidized Loans

Estimated Repayment Information for Federal Direct Loans

The example below demonstrates Standard 10-year Repayment Plan. The minimum monthly payment amount is $50 in this case, but may be more depending on how much you borrow.

3.76% Fixed Interest Rate

Balance at Repayment Number of Payments Estimated Payment Amount
$1,000 21 $50
$5,500 120 $55
$10,000 120 $100
$15,000 120 $150
$20,000 120 $201
$25,000 120 $251
$30,000 120 $301
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 Innovation and Opportunity Act (WIOA)

The Workforce Innovation and Opportunity Act (WIOA) was signed into law as Public Law 113-128 on July 22, 2014. WIOA supersedes the Workforce Investment Act of 1998 and amends the Adult Education and Family Literacy Act, the Wagner-Peyser Act, and the Rehabilitation Act of 1973.

Trade Adjustment Assistance Program (TAA)

is Trade Adjustment Assistance (TAA) how do I file?
The Trade Act program provides a variety of re-employment services and income support to assist individuals who have become either unemployed or had hours reduced as a result of increased imports from, or shifts in production to, foreign countries. TAA services may be expanded to secondary workers of businesses or suppliers to the primary company, firm, or petitioning workers who filed the TAA petition.

Veterans Education Benefits

receive a Certificate of Eligibility (COE), in the mail. Bring this to the VA certifying official at your school.

Student Veterans Responsibilities
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


  • 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

Federal Work Study (FWS)

Student Employment is an important source of financial aid for students. At Hondros College Nursing, the Work Study Program provides meaningful work experiences that develop desired attitudes and habits through varied job experiences resulting in self-confidence and self-sufficiency. The work experience is intended to compliment the students’ educational process and to enhance future employment.

Whenever possible the work experience is related to the students’ educational program and career objectives. Student employment not only accommodates students’ needs, but also provides services necessary to the daily operation of the College.

The Work Study Program provides employment opportunities on campus and at approved off-site locations. Work Study employment is federally funded. Work Study positions are on a first come first served basis, and you can initially earn up to $9,000 for an award period. Pay rate will vary based on position.

NEW - Federal Work-Study Experiment Site Initiative Program

Hondros College of Nursing (HCN) has been chosen to participate in a Federal Work-Study - Experimental Site Initiative Program by the U. S. Department of Education. The program aims to increase paid employment opportunities for work experience related to a student’s academic program. The FWS-ESI initiative begins in the Spring 2021 quarter.


Program Eligibility Requirements for the FWS-ESI Program

  • Students must complete a current year FAFSA and be eligible for federal work-study
  • Students must be in compliance with HCN’s Satisfactory Academic Progress Policy
  • Students may work during breaks between quarters
  • Students can earn a wage equal to the industry standard based on assignment
  • Positions are available with multiple community partners such as:
    • Danbury Assisted Living
  • Students must attend New Student Employee Orientation session”
Financial Aid Code of Conduct

To comply with the 2008 Higher Education Opportunity Act, enacted August 14, 2008, the Hondros College of Nursing adopts the following Financial Aid/Student Loan Code of Conduct to serve as the guiding principles in ensuring the integrity of the student financial aid process. All HCN employees who have responsibilities with respect to educational loans are required to comply with this Financial Aid/Student Loan Code of Conduct.

  1. The College shall not enter into any revenue-sharing arrangement with any lender.
  2. No officer or employee of the College who is employed in the Financial Aid Office or who otherwise has responsibilities with respect to education loans, or agent who has responsibilities with respect to education loans, shall solicit or accept any gift (any gratuity, favor, discount, entertainment, hospitality, loan, or other item having a monetary value of more than a de minimus amount) from a lender, guarantor, or servicer of education loans.
  3. An officer or employee who is employed in the Financial Aid Office of the College or who otherwise has responsibilities with respect to education loans, or an agent who has responsibilities with respect to education loans, shall not accept from any lender or affiliate of any lender any fee, payment, or other financial benefit (including the opportunity to purchase stock) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.
  4. The College shall not for any first-time borrower, assign, through award packaging or other methods, the borrower’s loan to a particular lender; or refuse to certify, or delay certification of, any loan based on the borrower’s selection of a particular lender or guaranty agency.
  5. The College shall not request or accept from any lender any offer of funds to be used for private education loans (as defined in section 140 of the Truth in Lending Act), including funds for an opportunity pool loan, to students in exchange for the College providing concessions or promises regarding providing the lender with:
    1. A specified number of loans made, insured, or guaranteed under this title;
    2. A specified loan volume of such loans; or
    3. A preferred lender arrangement for such loans
  6. The College shall not request or accept from any lender any assistance with call center staffing or Financial Aid Office staffing.
    1. Assistance will be permitted for the following instances:
      1. Professional development training for financial aid administrators;
      2. Providing educational counseling materials, financial literacy materials, or debt management materials to borrowers, provided that such materials disclose to borrowers the identification of any lender that assisted in preparing or providing such materials; or
  7. Any employee who is employed in the Financial Aid Office, or who otherwise has responsibilities with respect to education loans or other student financial aid of the College, and who serves on an advisory board, commission, or group established by a lender, guarantor, or group of lenders or guarantors, shall be prohibited from receiving anything of value from the lender, guarantor, or group of lenders or guarantors, except that the employee may be reimbursed for reasonable expenses incurred in serving on such advisory board, commission, or group.

    In addition to the items above, as a member of the National Association of Student Financial Aid Administrators (NASFAA), the College also follows the standards established in NASFAA’s Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals.

This code of conduct has been adopted to address participation in the Title IV loan program as well participation a preferred lender arrangement.