The mission of the Financial Aid Office of Middle Tennessee School of Anesthesia is to assist students and families in obtaining funds and planning for personal financial needs associated with attendance at MTSA.
Student Financial Planning
Enrollment in a 28-month continuous course of full-time study during a period of extremely limited financial income may place immense strain on students and their families. Financial difficulties can have an adverse effect on academic endeavors. Applicants are advised to plan their sources of financial support very carefully PRIOR to entry into the program, since most students are able to work very little, if at all, throughout the program. In light of this 28-month period of drastically decreased income, applicants who are accepted to MTSA should plan to adjust their lifestyles accordingly.
Although the Admissions Committee prefers that applicants be financially stable, the following information should prove helpful in financial planning:
- Students who intend to return to their own locality to work after graduation are encouraged to seek sponsorship from anesthesia groups or hospitals in that area. Students should be aware that such sponsorship must be disclosed to the Student Finance Office, and it may affect eligibility for Grad Plus or alternative loans, as discussed below.
- Part-time employment by a student is permissible only if prior approval has been obtained from the Dean. Failure to maintain satisfactory grades and clinical performance levels will give cause for permission for part-time employment to be denied or withdrawn. It is advised that students do not work during the first four quarters. After this period, a suggested maximum is two shifts per week.
- Students are encouraged to investigate various civic, religious and government agencies in their state of residence to determine if there are grant or scholarship funds available for graduate level studies. Such funds are limited, but are available in certain instances. Students should be aware that such scholarship funding must be disclosed to the Student Finance Office, and it may affect eligibility for Grad Plus or alternative loans, as discussed below.
NOTE: Anesthesia students may NOT be employed by title OR by function as nurse anesthetists during the 28-month program.
In May, prior to enrollment in July, admitted applicants are REQUIRED to attend an Orientation Workshop at MTSA. ALL admitted applicants are required to have a personal initial entrance interview appointment with the Student Finance Department. Those who reside in the Nashville/Middle Tennessee vicinity need to schedule these appointments on days other than the annual Orientation Workshop or the day immediately after it. Those who do not reside in the Nashville/Middle Tennessee vicinity and have traveled a greater distance to attend the annual Orientation Workshop should schedule their personal initial financial entrance interview appointment on the afternoon of the Orientation Workshop or on the day immediately after it. In addition to thorough information regarding the student financial assistance process, admission, academic and other information pertinent to new student enrollment is covered in detail. Accepted applicants or current students who desire further information or counseling in regard to loans, grants, or financial planning are invited to contact MTSA to schedule an appointment with the Student Finance Department (firstname.lastname@example.org).
To be considered for financial assistance, students must complete the Free Application for Federal Student Assistance (FAFSA) two times during the 28-month program at MTSA. The FAFSA must be completed and updated, to be eligible to continue to receive any additional funding throughout the remainder of the program. When applying for Financial Aid, the MTSA School Code is 007783-00.
Financial Assistance Programs
Federal Stafford Loan
The maximum amount of $20,500 may be borrowed once per loan period, for a total of four times. All $20,500 is available through an unsubsidized Stafford Loan. The student is responsible for the interest that accrues on an unsubsidized Stafford Loan during the time the student is enrolled. Since the unsubsidized Stafford Loan is not based on financial need, all students who have completed the FAFSA will qualify for unsubsidized funds. Disbursement of each Stafford Loan check is made in equal payments.
A master promissory note (MPN) must be completed before funds can be certified. Access to MPN is found at www.studentloans.gov. One MPN covers the entire 28 months for unsubsidized Stafford funds.
Some limited grant assistance may be available to MTSA students. MTSA makes application annually to the Health Resources and Services Administration (HRSA). Any funds received from HRSA are distributed to currently enrolled students.
Grad Plus and Alternative Loans
Additional loan funds may be available to MTSA students through the Grad Plus and alternative loan programs offered. This information is discussed in detail during the required Orientation Workshop in May, prior to enrollment in July, or may be obtained from the Student Finance Office (email@example.com). Students must complete the FAFSA and apply for the unsubsidized Stafford Loan prior to consideration for any Grad Plus or alternative loan funds. Any sponsorship received by the student must be disclosed to the Student Finance Department (firstname.lastname@example.org), and will be considered as a resource amount, thus reducing eligibility for additional funds.
A MPN and Grad Plus application must be completed before funds can be certified. Access to MPN is found at Studentloans.gov. This MPN for Grad Plus must be completed at the beginning of each loan period.
The various military programs offer financial assistance to students in exchange for service following completion of the program. For benefits related to service, visit www.benefits.va.gov/gibill/
Prior to disbursement of funds, all students must complete the entrance counseling process. This is done by accessing http://studentloans.gov/ and completing the Entrance Interview process. MTSA is notified of the student’s completion of the process. Prior to graduation, all students who have obtained student loans during their studies at MTSA must complete a personal Exit Interview process. This is done by accessing https://www.nslds.ed.gov/nslds/nslds_SA/ and completing the Exit Interview process. MTSA is notified via email of the student’s completion of the process.
MTSA is very proud of its extremely low default rate, which is currently 0%, and this is expected to continue. In connection with this, the exit interview stresses loan repayment for students who are recipients of Stafford Loans.
Electronic Funds Transfer Policy and Process for Students accepting Financial Aid
The Student Finance Department utilizes an electronic funds transfer (ETF) system to disburse student financial assistance funds into students’ personal banking accounts. Therefore, to receive student financial assistance funds, students are required to have a personal bank account. Any personal information provided by the applicant or student will be held in confidence and only used for management of the EFT system. EFT provides a benefit to students, enabling them to receive their financial assistance funds directly into their personal banking accounts without the need to personally deposit these funds via a paper check deposit during banking hours.
- MTSA will receive the financial aid disbursement from the Department of Education and/or private loan source.
- Tuition and fees are deducted from each student’s financial aid disbursement and posted to each student’s School account.
- Tuition and fees are moved to MTSA’s operating account.
- Remaining Financial Aid monies will be moved via EFT to each student’s personal bank account by posted distribution dates, as directed by the MTSA Authorization Agreement for Electronic Funds Transfer. Distribution date is also the day tuition is due.
- Any change in bank information MUST be given to the Business Office no later than two weeks prior to the disbursement date, by completing a new MTSA Authorization Agreement for Electronic Funds Transfer with the Financial Aid Office/Business Office.
- If a bank change is made close to a disbursement, MTSA may not be able to guarantee the student’s funds to be available at disbursement date. A bank change may include, but is not limited to a bank merger, bank name change, bank sale, personal account update, etc.
- Student accounts are maintained in the Business Office and are available to the student for information purposes.
- Student’s final decision regarding the distribution amount must be finalized in writing within the time frame setup by Student Finance Office (usually three-four weeks prior to disbursement date).
Financial Aid Office Vision
The Financial Aid Office will be an essential service of Middle Tennessee School of Anesthesia as a leader in academic and professional excellence in graduate nurse anesthesia education. The Financial Aid office works with students to secure financial aid that is administered according to nationally established policy for educational purposes.
Financial Aid Office Core Values
- Excellence: The Financial Aid Office seeks excellence in all of its endeavors and is committed to continuous improvement.
- Integrity: The Financial Aid Office will represent Middle Tennessee School of Anesthesia’s ethic of honesty, integrity, and trust.
- Service: The Financial Aid Office is committed to providing the highest quality service to our students in pursuit of their academic goals in a timely manner.
- Ethics: The Financial Aid Office will considerately serve the students at Middle Tennessee School of Anesthesia in a reliable and responsible manner.
Financial Aid Office Goals
- Provide initial guidance in the application process of obtaining financial aid.
- Assist students in securing adequate funding from lenders to meet their educational/living expenses.
- Provide students with adequate financial aid, in a fiscally responsible manner, by adhering to all federal, state, and school regulations.
- Provide ongoing financial aid counseling for students and their families.
- Ensure good stewardship of financial aid funds.
- Provide Middle Tennessee School of Anesthesia administration with necessary information to make informed decisions about financial aid funding for its students.
- Maintain respect, communication, and understanding with students and families by encouraging collaboration within MTSA and its communities of interest.