Financial Aid

Cost of Rochester

Types of Aid Available

How to Apply for Federal Aid

Common Questions

Nursing Students

The Financial Aid Office provides assistance to students enrolled at the School of Nursing who are interested in obtaining federal and/or alternative loans to help fund their education. Included on this website is information about the aid programs available through the University of Rochester's Financial Aid Office. All students are encouraged to discuss grant options such as tuition waivers, assistantships, scholarships, and/or fellowships with their academic department. The River Campus Financial Aid Office does not administer grants, scholarships, or fellowships for students at the School of Nursing.

Cost of Rochester

The cost of attendance is comprised of our estimates of the direct costs you will pay to the University and the indirect educational costs that you will incur.  Direct costs include tuition and mandatory fees, while indirect costs include estimates for off-campus rent, food, books, transportation between a local residence and campus, and personal expenses.  Items such as car payments, credit card payments, moving expenses, job search expenses or other non-educational expenses cannot be included in the cost of attendance per federal guidelines. 

Provided below is the 2013-2014 cost of attendance information for your program.  The direct costs of tuition and fees are variable depending on your program.  Remember that indirect costs account for items such as housing and meals, regardless of where you will be living while enrolled at Rochester and are  estimates only.  These costs will be variable depending on your budgeting during the academic year. 

The costs provided are broken down per term unless otherwise noted:

Direct Costs 2014-2015
For more detailed information regarding all direct costs, including on-campus housing at Rochester, review the Bursar’s Office website.

Indirect Costs (estimated indirect costs)
Graduate Students:
Estimated room:    $3,150
Estimated board:    $1,688
Estimated Books, Supplies & Misc:     $2,905
   
Accelerated  Program for Non-Nurses:  
Estimated room:     $2,250
Estimated board:       $1,290
Estimated Books, Supplies & Misc:   $2,985
   
RN to BS:  
Estimated room:   $3,375
Estimated board:   $1,935
Estimated Books, Supplies & Misc:     $3,195

Types of Aid Available

Grant Assistance:
Each academic department reviews applications for grant and scholarship assistance.  Amounts are awarded by the specific department  to which you have applied for admission and are incorporated into your financial aid package once determined. 

Tuition Benefits:
Employer tuition benefits may be available to you.  Contact your employer’s benefits office for details.  You are required to notify your financial aid counselor of any expected tuition benefits.

Outside Scholarships:  Please see SON Financial aid Information & Opportunities for a list of scholarships
The strength of the candidates who attend the University often makes our students excellent candidates for outside scholarships.  Be sure to look to family employers, local foundations, clubs, and community agencies for scholarship opportunities.  Students are required to notify our office of any outside scholarships that will be received during the academic year. Outside scholarships reported to our office will appear as an anticipated credit on the student bill until October each academic year.  At that time, any outside scholarship that has not been received by the University will no longer appear as a credit.     

Federal Direct Student Loans
Federal student loans are available to students who are:

  • US citizens or permanent residents
  • Matriculated
  • Enrolled at least half time (6 credit hours per term) in a degree-seeking program
  • Of any age

Please note: Audited courses do not count in determining enrollment status.

Federal student loans are the most beneficial loan options to students and their families and should be pursued before supplemental loans.

Loan Types
A subsidized loan is awarded on the basis of financial need. You will not be charged any interest while you are in school (enrolled at least half time) or during deferment, as the federal government subsidizes (pays) the interest during these periods.  Subsidized loans are only available to undergraduate students.

An unsubsidized loan does not depend on financial need. You will be charged interest from the time the loan is disbursed until it is paid in full. You may pay the interest if you choose while you are still in school or during any deferment periods; if allowed to accrue, it will be capitalized (added to the principal balance) at the beginning of the repayment period, thereby increasing the total cost of your loan.

Interest Rate and Fees


Academic Year

Undergraduate Student
Subsidized Loan Interest Rate

Graduate Student
Direct Loan Interest Rate

2008-09

6.0%

6.8%

2009-10

5.6%

6.8%

2010-11

4.5%

6.8%

2011-12

3.4%

6.8%

2012-13

3.4%

6.8%*

2013-14 3.86% 5.41%

*Please note that the federal government will only offer unsubsidized loans to graduate students beginning on July 1, 2012.

The interest rate for undergraduate unsubsidized, graduate subsidized, and graduate unsubsidized Direct Student Loans is fixed at 5.41%. In 2011-2012 there is an origination fee of 1% charged on federal loans, minus a 0.5% rebate, to net a 0.5% origination fee. This fee will be subtracted from the amount borrowed, and will be reflected in the disbursements issued to the University (for example, a $5,500 loan will be disbursed for $5,473). The rebate is honored provided the student makes 12 consecutive on-time payments once the loan first enters repayment. Beginning on July 1, 2012, the net origination fee will increase to 1% charged on all federal subsidized and unsubsidized loans.

Federal Nursing Loan Program
The Nursing Loan is a university-based federal loan available only to undergraduate and graduate nursing students who demonstrate high financial need. It has a fixed 5% interest rate, and no origination fee is charged. Interest does not accrue while the student is matriculated and enrolled at least half time. Funds are limited, so priority is given to those students who complete their financial aid applications on time and demonstrate the greatest financial need.

Parent PLUS Loan
Parents can borrow a PLUS Loan to help pay for a student's educational expenses as long as the student is:

  • considered to be a dependent
  • enrolled at least half time (at least 6 credit hours per term)
  • matriculated in a degree-seeking program

Credit approval is required to receive the loan. Parents can borrow up to the cost of attendance minus any financial aid the student is receiving. The interest rate is a fixed 6.41%.

Parent PLUS applications can be submitted online. Click the green Sign In button to complete the PLUS Request Process. Parents must submit the application using their federal PIN. (If needed, please see the “Apply for PIN” link, located under “Tools and Resources” on that website).

Parents should avoid applying any earlier than 90 days before the start of the semester for which the loan is needed. Credit approvals are only viable for that amount of time. If the loan is applied for too early, the credit approval will become invalid and a new PLUS application will need to be submitted online for processing.

Once the application is submitted online, the Financial Aid Office will be notified electronically regarding the amount requested and whether the loan was approved or denied. Please note that the loan amount requested is assumed to be for the entire academic year. If your needs change after the PLUS loan application is submitted, please contact your counselor.

Graduate PLUS Loan
Graduate students can borrow a PLUS Loan to help pay for their education expenses as long as they:

  • have already applied for their annual federal Direct Student Loans and are matriculated in a master's or PhD program; certificate programs are excluded
  • are enrolled at least half time (at least 6 credit hours per term)

Graduate PLUS applications can be submitted online. Click the green Sign In button to complete the PLUS Request Process. Students must have a federal PIN and have already submitted a FAFSA in order to submit a Graduate PLUS application.

Students should avoid applying any earlier than 90 days before the start of the academic year. Credit approvals are only viable for that amount of time. If the loan is applied for too early, the credit approval will become invalid and a new PLUS application will need to be submitted online for processing. Please also factor in time for the Financial Aid Office to review your submitted FAFSA, which must occur before your Graduate PLUS application can be processed.

Once the application is submitted online, the Financial Aid Office will be notified electronically regarding the amount requested and whether the loan was approved or denied. Please note that the loan amount requested is assumed to be for the entire academic year. The PLUS loan will be set up across all the terms in which you are, or plan to be, enrolled at least half time during the academic year. The total of your PLUS loan and other financial aid cannot exceed the cost of attendance for each eligible term.
If your needs change after the PLUS loan application is submitted, please contact your counselor.

State Educational Loans
The following states offer educational loans for their residents: Alaska, Connecticut, Maine, Massachusetts, New Jersey, and Vermont.

State educational loans:

  • are available to both undergraduate and graduate students (and possibly to parents and relatives), as long as the student is matriculated and enrolled at least half time in a degree program
  • are credit-based and offer interest rates and terms that may be competitive with PLUS loans and alternative loans
  • may have both fixed and variable interest rates available, depending on the state

To research the different states that provide these loan options, please review the Financial Aid Office’s website.

Alternative Loans
These educational loans are offered by several banks and educational lenders as a supplement to (not a replacement for) federal student loans. Alternative loans may also be referred to as private educational or supplemental loans, as they are not affiliated with federal or state loan programs.

International students will most likely need to secure a private/alternative loan with a U.S. cosigner. If you do not have a U.S. cosigner, please try to obtain a loan through a bank in your native country, especially if they offer students loans in the United States.

Alternative loans:

  • feature variable interest rates based on the LIBOR or PRIME rate
  • may have additional fees of up to 9.5% of the requested loan amount
  • require credit approval
  • may be deferred
  • often allow a 6-month grace period before students begin repaying
  • must be accounted for in the student's aid package

Please note: The following types of students should speak to a financial aid counselor first before pursuing alternative loans:

  • non-matriculated
  • students seeking to pay past-due balances
  • students not meeting satisfactory academic progress
  • students denied on previous alternative loan applications due to poor credit

For more information on alternative loans, visit the Financial Aid Office’s website.

How to Apply for Federal Aid

To qualify for federal student loans, a student must be:

  • matriculated
  • enrolled in a degree-granting program
  • enrolled at least half time (6 credit hours per term)
  • U.S. citizen or permanent resident

All students applying for federal loans must complete the FAFSA online at www.fafsa.ed.gov.  Our federal school code is 002894. Students applying for alternative loans should apply directly with the lender of their choice.

Application Deadlines
Use the information below to determine the required deadline for your application materials based on when you will be starting your program at the University of Rochester.  You’ll need to file a 2014-2015 FAFSA if you enter during any of the following terms:

If you are starting in one of the following terms, you’ll need to complete a 2014-2015 FAFSA, which is available after January 1, 2014:

  • Fall 2014 term: May 1, 2014
  • Spring 2015 term: December 1, 2014
  • Summer 2015 term: February 1, 2015

If you apply after the start of a term, please allow up to 2 – 4 weeks for processing of your application to determine your eligibility for aid.  Keep in mind that there is additional processing time needed to set up loans for first time borrowers through the federal government. It’s recommended that you apply for aid well before you will actually need the loan funding to ensure that the Financial Aid Office has enough time to process your application.

Keep in Mind
It is important to pay attention to the academic year dates when applying for federal or alternative loans.  For financial aid purposes, an academic year starts in the fall semester/quarter and extends through the summer of the following year.  Depending on when you will be enrolling in your program, multiple applications may be required.

For example, if you start a program in the summer term, you will need to complete 2 FAFSAs, as your enrollment will cross two academic years.  You’ll need to complete one FAFSA for the summer term, the end of one academic year, and one FAFSA for the fall term, the beginning of a new academic year.  This process applies to both federal aid and alternative loan applications.

Common Questions

Q: How is my eligibility for aid determined?
A: We subtract the expected family contribution and any other sources of financial aid, including tuition waivers and benefits, from our cost of attendance to determine your maximum loan eligibility.

Q: What direct and indirect costs are covered by financial aid?
A: The cost of attendance is comprised of our estimates of the direct costs you will pay to the University and the indirect educational costs that you will incur.  Direct costs include tuition and mandatory fees, while indirect costs include estimates for rent, food, books, a personal allowance, and transportation between a local residence and campus.  Items such as car payments, credit card payments, moving expenses, job search expenses, conferences or other non-educational expenses cannot be included in the cost of attendance per federal regulation.

Q: What needs to be completed for my federal loans to disburse?
A: First time borrowers of a Federal Direct Loan at the University of Rochester must fulfill requirements for both an electronic master promissory note (eMPN) and an entrance counseling session. These requirements must be completed before loan proceeds can be credited to a student's account. The entrance counseling session will inform borrowers of their rights and responsibilities. The eMPN is a formal contract between the student and the federal government. Students will be notified via email if they must complete these requirements and will be directed to their FAOnline account to begin the sessions. Returning students who have received federal loan funding at the University before are not required to complete these requirements again.

Q: Will my tuition bill reflect my financial aid?
A: Once your financial aid eligibility has been determined, your loan information will be reflected on your University billing statement. Please note that if you do not complete your federal loan requirements in a timely manner, your financial aid will be canceled from your bill and you will be responsible for the balance owed. Our office will send notifications prior to canceling your aid.

Q: How do I receive a refund for my living expenses?
A: If a student receives aid (including loans) in excess of the direct costs payable to the University of Rochester (direct costs include tuition and fees), the Bursar's Office will issue a credit balance refund. A refund is NOT available earlier than 10 days before the first day of classes each term. Orientation sessions are not considered the start of classes. Credit balance refunds are only available after financial aid funds have disbursed to the student’s account. Although financial aid resources can be used for living and book expenses, students should be prepared to cover their costs at the beginning of each term out of savings, until financial aid funds have been applied to the account. Our office strongly recommends that you bring money to campus with you to help pay for your rent, food, books, supplies, and personal expenses as financial aid is not always available to help with these items. 

Please note: If you are not registered for the same number of credit hours that were used to determine your eligibility for aid, your funds will not disburse. Click here to contact your counselor to report a change in your credit hours.

Q: Can I receive an increase in my award?
A: Your cost of attendance includes the direct costs that appear on your bill (tuition and fees) and the indirect costs that do not appear on your bill. If you feel that your cost of attendance does not reflect your circumstances correctly, it is recommended that you meet with your financial aid counselor to discuss your concerns and options.  Appeals for increases to the cost of attendance are not guaranteed to be approved and are reviewed on a case-by-case basis.  Remember that items such as car payments, credit card payments, moving expenses, job search expenses or other non-educational expenses cannot be included in the cost of attendance. 

Q: How do I defer my previous student loans?
A: Our school submits enrollment information to the federal government in order to place federal loans on deferment. Students should contact any other loan servicers that they have borrowed with to receive information on how to defer those loans.

Q: I will be moving to Rochester to start my Nursing program.  How much does housing typically cost in Rochester and where should I look to find out my housing options?
A: The University of Rochester does provide housing for students.  Visit the Residential Life website for further details on these options.  They also provide information on off-campus housing.  Remember that the Financial Aid Office estimates what typical housing costs should be for students.  Budgeting will be an important factor in determining what your indirect costs will be while you are attending Rochester.

Important Points

  • Please review the Satisfactory Academic Progress policy for graduates students.
  • A graduate student’s cost of attendance is based on the credit hours for which they will be enrolled during the academic year.  The Financial Aid Office estimates the credit hours for graduate students based on their program of study.  If registration varies from these estimates, students should email their counselor directly with the correct registration.  At the beginning of each term, our office reviews students to confirm that their actual credit hours match these estimates.  If there are any discrepancies in credit hours, students will receive an email asking them to confirm their actual registration for the term.  Students can review what credit hours were used to determine their eligibility for aid by reviewing the Important Messages tab in FAOnline.
  • FAOnline is our online student financial aid system that allows students to access their financial aid at any time and from any location. 
    • Using FAOnline allows students to: Review financial aid packages, review the status of any document needed for an aid application, download and print documents that are required for a financial aid application, receive notification when a change has been made to a financial aid package, and stay informed about financial aid deadlines and requirements for each academic year. 
    • Students must know their UR student ID number to log into the system.
  • In order to have your student loan funds available at the start of the fall semester, you should submit your application materials to the Financial Aid Office by May 1. The FAFSA can be completed for the new academic year after January 1. If you apply after the start of the academic year, please allow up to 2–4 weeks for processing of your application to determine your eligibility for aid.