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Types of Financial Aid

Financial aid is money to help pay for college or career school. Grants, work-study, loans and scholarships help make college or career school affordable.

SoutheastHEALTH College of Nursing & Health Sciences offers a comprehensive program of financial assistance for students needing supplemental financial support for their educational expenses. To apply for federal and state need-based aid, a student must complete a Free Application for Federal Student Aid (FAFSA®).

Federal Grants

Federal Pell Grant

A Federal Pell Grant is a need-based grant available through the U.S. Department of Education.

  • To apply, students need to complete the FAFSA.
  • Eligibility is based on the Expected Family Contribution (EFC) and enrollment status.
  • Award amounts are prorated for less than full-time enrollment.
  • Awards range from $692-$6895 for the 2022–2023 academic year.

Federal Supplemental Educational Opportunity Grant (FSEOG)

FSEOG is a grant for undergraduate students with exceptional financial need. This grant is awarded on a first-come, first-serve basis.

  • To receive FSEOG, you must fill out the FAFSA.
  • FSEOG does not typically need to be repaid.
  • Eligible students must have need, not have a bachelor's degree, and be making Satisfactory Academic Progress.

Iraq and Afghanistan Service Grant

The Iraq and Afghanistan Service grant is available to students who had a parent or guardian who died as a result of military service performed in Iraq or Afghanistan after the events of 9/11.

  • To receive, students must meet all Federal Pell Grant eligibility requirements, except for an eligible Expected Family Contribution (EFC).
  • Recipients must have been under the age of 24 or enrolled in college at least part-time at the time of death.

Federal Work-Study

Federal Work-Study provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the student's course of study.

State Grants

The Missouri Department of Higher Education and Workforce Development (MDHEWD) provides a variety of financial assistance programs to help students and their families pay for college. These are grants that do not have to be repaid. Students must be Missouri residents and be making Satisfactory Academic Progress, as defined by SoutheastHEALTH College of Nursing & Health Sciences.

  • Access Missouri Financial Assistance Program—need-based grant program awarded to undergraduate students who file a FAFSA prior to Feb. 1, have an EFC less than $12,000, and are full-time. Annual awards are determined by MDHEWD but can range from $1,000-$2,850.
  • Bright Flight Program—students must score a 31 on their ACT and be enrolled full time. Awards up to $3,000.

Outside Scholarships

Many nonprofit and private organizations offer scholarships to help students pay for college or career school.

Scholarships are available through the SoutheastHEALTH Auxiliary and SoutheastHEALTH Foundation.

Check out other outside scholarship opportunities with ways to apply and deadlines.

Scholarship Search Engines

How to Avoid Scholarship Scams

Never pay to apply for a scholarship. If a company promises you a scholarship or grant in exchange for a “processing cost,” “redemption fee,” or other upfront payment, walk away.

Signs of a Scholarship Scam

  • You have to spend money to get money
  • They want bank account or credit card information
  • It's guaranteed
  • You can't find the information anywhere else
  • You win a contest you don't remember entering
  • It sounds too good to be true

Federal Loans

Federal Stafford Loans are available to students through the U.S. Department of Education. Students interested in obtaining loans to assist with education costs should apply through the FAFSA. Students must be enrolled at least half-time (6 hours) to be eligible. Students must also complete Entrance Counseling and a Master Promissory Note prior to receiving funds. These are loan funds and must be repaid. Eligibility varies.

  • Subsidized Federal Stafford Loan: Need-based loan program where the U.S. Department of Education pays the interest for you while you are enrolled at least part time.
  • Unsubsidized Federal Stafford Loan: Loan program available to all students regardless of need. Interest on this loan will start to incur once the student receives loan funds. The student may choose to make interest payments while in school or defer (and accumulate) the interest until repayment.

Annual Student Loan Acknowledgement, Entrance Counseling and Master Promissory Note (MPN)

Before any loans can be disbursed, students receiving loans are required to complete Annual Student Loan Acknowledgement, Entrance Counseling and sign a Master Promissory Note (MPN). These items are available at Students will use their FSA ID and password to log in to complete the Entrance Counseling and sign the MPN. Confirmation will be automatically sent to the College.

Exit Counseling

Students who are in their final semester before graduation, who withdraw, who are enrolled less than half-time (under 6 credit hours), or do not make Satisfactory Academic Progress must complete Exit Counseling at Students will use their FSA ID and password to log in. Confirmation will be automatically sent to the College.


For repayment information students will need to contact the Department of Education. Information regarding repayment and consolidation may be found at

  • Complete a Consolidation Loan Application and Promissory Note
  • Use the Repayment Estimator
  • Apply for an Income-Driven Repayment Plan
  • Co-sign spouse's Income-Driven Repayment Plan Request
  • Access Repayment Forms

Parent PLUS Loans

Direct Parent PLUS Loans are federal loans that parents of dependent undergraduate students can use to help pay education expenses. The individual applying for the loan must be the parent (biological, adoptive or, in some cases, stepparent) of a dependent undergraduate student enrolled at least half-time (6 hours). The parent borrower may not have adverse credit history and must meet the general eligibility requirements for federal student aid. The student must also meet these eligibility requirements as the beneficiary of the loan. Specific details relating to the terms of the Parent PLUS Loan program, as well as current interest rates and repayment options, can be found on the federal student aid website,

We recommend that you wait until after April 1 to apply for a PLUS loan for the next academic year. Applying too early for a PLUS loan could cause your credit check to expire before the loan is processed.

To apply for a Direct Parent Plus Loan the parent borrower must do the following:

  • Complete the FAFSA with your student.
  • Determine the amount to borrow based on your student's award notification and the Net Price Calculator.
  • Log on to the Federal Student Loan website and select the Parent Borrower tab. The parent will need to Apply for a PLUS Loan and complete the Loan Agreement for a PLUS Loan (MPN). The parent's FSA ID will need to be used to digitally sign the application.

Alternative (Private) Education Loans

Private loans are available for students who need additional aid. A separate application is required. Generally, a student must have a co-signer with a good credit history. Alternative loans are funded by banks, credit unions and other private lending institutions. Students who need additional funds to pay educational costs, and who have exhausted their federal Direct Loan eligibility and other funding resources, may consider borrowing an alternative (private) education loan. This option should be carefully considered.

Alternative loans:

  • Are nonfederal loans and do not have the same terms and conditions of federal loans
  • Cannot be combined with federal loans when you enter repayment (this means you cannot include them in a federal loan consolidation, and will have separate loan payments each month when you enter repayment)
  • May not offer flexible repayment plans
  • May have a higher interest rate than your federal loans
  • Do not offer public service loan forgiveness
  • May have a long repayment period, depending on how much you borrow each year you are in school
  • May require a separate payment each month on each loan you borrowed

Similar to home and car loans, lenders have flexibility in setting the interest rate, credit criteria that must be met, and repayment terms.

Lenders may require a co-signer. A co-signer signs the promissory note promising to repay the loan if you don't. After you enter repayment, some lenders offer a co-signer release. To determine your eligibility for a co-signer release the lender will require a specified number of on-time payments and will pull your credit score and history. Interest rates are directly related to the credit rating of you and/or your co-signer, so choose a co-signer who has a good credit score.

Choosing a Lender

Many factors vary among lenders, so it's in your best interest to research different alternative loan products and choose one that best fits your needs and circumstances both in the short and long term.

Things to compare among lenders:

  • Interest rates
  • Whether accruing interest is added to the principal amount of the loan while you are enrolled in school
  • Are there any fees associated with the loan? Ask about both up-front and backend fees.
  • Are payments required while you are in school? Some lenders require payments while you are in school and some do not. In the long term, it's in your best interest to make payments while you are in school, but this may not fit in your budget.
  • Does the lender offer a co-signer release? If so, what are the conditions you must meet in order to qualify?

List of Alternative Loan Lenders

SoutheastHEALTH College of Nursing & Health Science's FASTChoice Preferred Lender List is a tool for you to compare the benefits and services of lenders that offer private loans. The College does not endorse or promote any lenders that offer private alternative loans. A list of lenders is provided based on product, performance and customer service. The College of Nursing & Health Sciences does not have any agreements with these lenders, nor do we receive any benefits from the use of their private loans by our students. The lenders names are provided in random rotating order. If you wish to use an alternative loan lender that is not on this list, you have the right to do so.

In an effort to help students start the search for an alternative loan lender and make informed decisions, the College of Nursing & Health Sciences Financial Aid Office, in a formal review process, annually reviews loan products from various lenders. Many factors are used to evaluate each loan product and lender. Changes in technical support, lack of adequate client service, or low loan volume may result in removal from the list. Lenders are reviewed comparatively but not limited to the following criteria:

  • Customer service combining a student-centered mission with customer-centered business practices
  • School-focused support processes
  • Benefits available to borrowers at the time of repayment
  • Default rates—national, state, and institutional
  • Policy on the sale or sharing of borrower information with other parties
  • Demonstrated security of borrower information
  • Web-based application and services
  • Proactive customer communication, including easy access to a borrower’s current and cumulative borrowing and estimated repayment information
  • Timely and responsive processing with excellent problem-resolution service
  • Knowledgeable customer service representatives
  • Provide a seamless continuum in processing payments, handling inquiries and maintaining careful records

The Application Process

  1. Determine the amount you need to borrow for the entire year. Borrow only what you need and evaluate if you can reduce or cut out some of your monthly expenses to avoid overborrowing.
  2. Choose a lender.
  3. Apply with that lender. Most lenders have an online application. If you are applying with a co-signer, they will need to complete an online application as well. Your application is not complete and will not be processed until everything has been submitted to the lender.
  4. The lender may require proof of income or other documents to complete your application.
  5. The lender will provide to you an Approval Disclosure, Applicant Self-Certification form and Acceptance of Loan Terms form. The Applicant Self-Certification and Acceptance of Loan Terms must be signed (electronically or via paper) and returned to the lender.
  6. Your lender will notify the Financial Aid Office that you have completed the application. The lender requires us to verify you are eligible to receive the loan. This is called certification.
  7. The Financial Aid Office certifies the loan, adds the loan to your financial aid package and sends the certification information to your lender.
  8. The lender sends you a Final Disclosure. After a regulatory waiting period (typically 14 days), the lender sends the funds to the College.
  9. The College disburses the funds to your student account.

Other State Aid

Fast Track Workforce Incentive Grant

The Fast Track Workforce Incentive Grant is a new financial aid program for adults administered by the Missouri Department of Higher Education and Workforce Development. The grant addresses workforce needs by helping adults pursue a certificate, degree or industry-recognized credential in an area designated as high need. Grant recipients must maintain Missouri residency and work in Missouri for three years after graduation to prevent the grant from becoming a loan that must be repaid with interest.

  • Individuals who are 25 years or older or individuals who have not been enrolled in any school within the last two years can participate.
  • The grant will serve students who have not earned a bachelor's degree and are planning to enroll part time or full time.
  • Individuals who make no more than $80,000 filing jointly, or no more than $40,000 per year, filing any other tax status.
  • For more information, please visit

SoutheastHEALTH Employees

Tuition Reimbursement
All regular employees working 24-32 hours per week (0.6 – 0.8 FTE) and attending SoutheastHEALTH College of Nursing are eligible for $3,500 of tuition reimbursement assistance per fiscal year. All regular employees working 36-40 hours per week (0.9 – 1.0 FTE) are eligible to apply for up to $5,000 of tuition reimbursement per fiscal year. For additional please contact Educational Services at or 573.651.5547.

Career Program
Available to SoutheastHEALTH employees who work a minimum of 1,248 hours (0.6 FTE status or greater) in the last year who are pursuing an eligible program. For additional information please speak with Career Development Specialist Anita Smith 573.331.6597 or, MBA, BSN, RN, in Educational Services.

Tuition Discount
Southeast Missouri Hospital College of Nursing and Health Sciences offers 20% discount on tuition to SoutheastHEALTH’s benefit eligible employees (0.6 FTE and above). For additional information, please contact Southeast Missouri Hospital College of Nursing and Health Sciences at 573.334.6825.