Tuition/Fees & Financial Aid
Financial Aid Verification: The Financial Aid Officer conducts 100% verification of ALL financial aid applications for federal aid. The Free Application for Federal Student Aid (FAFSA) must be completed to conduct verification and determine eligibility. You may complete the FAFSA at www.fafsa.ed.gov. Also, a copy of the base year’s income tax return and W-2 form(s) are REQUIRED. Other documents may be required depending on the individual situation and type of aid. Financial aid will not be disbursed to the student until verification is completed.
DRMC School of Health Professions students may be eligible for financial aid including the following:
Pell Grant Program – Eligibility is determined on the basis of financial need as determined by the U.S. Department of Education. No repayment is required.
Federal Direct Loan - Effective July 1, 2010, the school will participate exclusively in the William D. Ford Federal Direct Loan Program, in which borrowers obtain loan funds directly from the U.S. Department of Education. This change was mandated by the United States Congress when they passed the Health Care and Education Affordability Reconciliation Act of 2010.
Subsidized loans (based on need) and Unsubsidized loans are available to eligible students. Repayment begins six months after last day of attendance. Repayment is managed directly through the U.S. Department of Education. PLUS loans are available to parents of dependent students to cover Cost of Attendance minus other aid awarded.
The Department of Education has a website that will serve as a portal for Direct Loan borrowers to manage their Direct Loans. Borrowers will use the StudentLoans.gov web site to:
- Complete Entrance Loan Counseling
- Complete a Direct Loan Electronic Master Promissory Note
- View electronic loan correspondence such as disclosure statements
- Link to other tools and resources
To apply for a Direct Loan
- File the FAFSA (Free Application for Federal Student Aid) at www.fafsa.ed.gov.
- Contact the Financial Aid Officer to obtain a Loan Request form.
- Complete online entrance counseling and sign an electronic Master Promissory Note (MPN). These may be completed at www.studentloans.gov. You will use your PIN that you used for your FAFSA to electronically sign the note.
Federal Direct PLUS Loan—Parents of dependent students may apply for a PLUS Loan to cover Cost of Attendance minus other aid awarded (including federal direct loans). Students must first file the FAFSA and apply for the maximum Federal Direct Loan.
Debt Management and Financial Literacy
Managing debt is very important, while in school and after your education is completed. There are several key steps that you can take to ensure successful debt management:
- Know your lender/servicer. You can always review your federal student loan history on the website of the National Student Loan Data System (NSLDS): www.nslds.ed.gov. Keep in mind that if you have a federal student loan prior to July 1, 2010, it may be sold in the secondary market, although in many cases the loan servicer may not change. Federal loans after July 1, 2010, will have the US Department of Education as the lender and guarantor. The Department will assign your loan to a servicer once in repayment.
- Borrow responsibly. Borrow only what you reasonably need to meet your costs of education here at DRMC.
- Maintain financial literacy.Understand the consequences of managing money and credit by engaging one of the many options for financial literacy:
Health Focus of Southwest Virginia – Awarded to students who demonstrate a need and are approved by the Health Focus of Southwest Virginia Scholarship committee. If program is not completed, repayment is required. Repayment is managed through Health Focus of Southwest Virginia.
Mary Marshall Scholarship (nursing) – A General Assembly & Board of Nursing Scholarship awarded to Virginia students based on GPA and need. This scholarship requires the recipients to work in the state of Virginia for a period of time after graduation and licensure. Repayment is required if not working in Virginia. Repayment is managed through the Mary Marshall Scholarship.
Contact the Financial Aid Officer for information on other scholarships that may be available.
Student Nursing Assistance Program (SNAP) – This program pays the entire two years of tuition cost for recipients. The recipients are chosen at the discretion of the Student Loan Committee based on the following criteria: greatest financial need, greatest chance to succeed in the nursing program, and the greatest possibility of accepting a RN position at DRMC. A contract must be signed to work off the balance at DRMC. If the graduate does not work as a RN at DRMC, this scholarship becomes a loan and the recipient must repay the balance with interest as stated in the contract. Please contact the Financial Aid Officer for further details.
Other – The School is approved for participation in programs such as Workforce Investment, Trade Act, and Veterans’ Benefits when students eligible for such programs are accepted by the School. Any repayment is managed through the individual agency.