Student Financial Planning
(Guidelines likely to change for Class of 2011–2013)
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 . For example, based on state and federal regulations, the following budget items, among other things, are NOT permitted to be covered by federal financial assistance programs: health club membership dues and fees, manicures, pedicures, salon hair appointments, etc.
Although the Admissions Committee prefers that applicants be financially stable, the following information should prove helpful in financial planning:
- Some anesthesia groups are willing to sponsor students attending MTSA. For additional information, contact the Student Finance Office. 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.
- 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grades and clinical performance levels will give cause for permission for part-time employment to be denied or withdrawn.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, church and state agencies in their state of residence to determine if there are grant or scholarships 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 entrance interview appointment to occur 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 ( email@example.com ).
To be considered for financial assistance, students must complete the Free Application for Federal Student Assistance (FAFSA) ( www.fafsa.ed.gov is a free website; other websites charge a fee) three times during the 28-month program at MTSA. The FAFSA must be completed multiple times, 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.
Following are some of the financial assistance programs available to MTSA students:
Federal Stafford Loan
- The maximum amount of $20,500 may be borrowed during periods 1/2, 3/4, and 5/6. Up to the amount of $8,500 is available for a subsidized Stafford Loan. The Federal government pays the interest on behalf of the student during the time the student is enrolled in the program for a subsidized Stafford Loan. The amount of the subsidized Stafford Loan is based on the needs analysis information received by MTSA from the FAFSA information. All $20,500 (minus any subsidized funds received) 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 even if they do not qualify for the subsidized Stafford Loan. Disbursement of each Stafford Loan check is made in equal payments.
- A master promissory not (MPN) must be completed before funds can be certified. Access to MPN is found at Studentloans.gov.
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 ( firstname.lastname@example.org ). Students complete the FAFSA and apply for the full subsidized and 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 ( email@example.com ), 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.
- The various military programs offer financial assistance to students in exchange for service following completion of the Program. Additional information is available through the Student Finance Office ( firstname.lastname@example.org ).
- Prior to disbursement of funds, all students must complete the Entrance counseling process. This is done by accessing http://studentloan.gov/ and completing the Entrance Interview process. MTSA is then 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 http://nslds.ed.gov/nslds_SA/ and completing the Exit Interview process. MTSA is then 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 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 in one transaction.
- 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.
- 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.
- Students’ final decision regarding the distribution amount must be finalized in writing with the Student Finance Office, no later than two weeks prior to the distribution date.