Financial Aid Types for Doctor of Nursing Students
Mary Baldwin creates customized financial aid packages that reward academic and extracurricular accomplishments and address financial needs. These packages may include:
Scholarships
Scholarships are financial awards given to students based on their academic achievements, talents, or other criteria. They can be offered by MBU, various organizations, institutions, or private donors. Scholarships do not have to be repaid, making them a popular form of financial aid.
If you have any questions, talk to an MBU advisor today.
A $1,000 annual discount is available to students honorably discharged from military service. Spouses and dependents may also qualify. Students must be enrolled in at least six credits per qualifying semester to receive $500 up to the annual limit. Proof of military service is required. This discount may be used toward undergraduate or graduate classes. Learn more about VA benefits at MBU.
In addition to MBU’s generous scholarship options, there are dozens of scholarship opportunities available to students. Check with your employer and any community or religious organization to which you belong to see if they offer tuition assistance, or talk to an MBU advisor for more info. Students, you should NEVER pay for a scholarship search!
F.A Davis Scholarship: $1,000 scholarship. Scholarship deadline is April 15. More information found here.
Grants
Grants are similar to scholarships in that they are financial awards that do not require repayment. However, grants are typically based on financial need rather than academic merit. They are often provided by government agencies, institutions, or private foundations to help students cover educational expenses.
MBU advisors can help you find available grants, but the best place to start is by submitting a Free Application for Federal Student Aid (FAFSA) to find out what grants you may be eligible for.
Virginia residents taking at least 12 credit hours are eligible for a tuition assistance grant of $5,000 for the 2023-2024 academic year. Military and dependents stationed in Virginia are also eligible. The deadline to apply is July 31st. Apply here.
Tuition Equity Provision for High School Completers
Virginia residents who are not US citizens (or whose parents are not US citizens) but meet the below criteria may qualify for VTAG under the Tuition Equity Provision if:
- The student does not have a current valid student (F), trainee (H3), exchange visitor (J), or vocational (M) visa;
- The student attended high school in Virginia for at least two years;
- The student completed high school requirements (high school graduation or completed GED) in Virginia, on or after July 1, 2008; and
- The student, or if dependent, the dependent student’s parents, file Virginia income taxes for at least two years.
An application is required to determine eligibility under this provision and can be found here.
Loans
Loans are a type of financial aid that students or their families can borrow to cover educational expenses. Unlike scholarships, grants, or work-study, loans need to be repaid over time, often with interest. Loans can be obtained from the government (federal loans) or private lenders, and the terms and interest rates may vary.
For the Fall 2023 and Spring 2024 semesters, approximately 66.5% of all enrolled students at MBU (undergraduate and graduate students combined) have used federal student loan funding. MBU’s most recent federal student loan default rate is 0%, while the national average is 0%.
Loan repayment options:
Health sciences students may qualify for Health Resource and Services Administration loan repayment benefits. Please see the NHSC website for more details.
Federal Loans
Most students are eligible for Federal Direct Loans, and eligibility is determined by completing the Free Application for Federal Student Aid (FAFSA). There are two types of federal student loans available to graduate students:
- Direct Unsubsidized loans begin to accrue interest immediately. Borrowers are not required to make payments while in school but may make payments at any time. You do not need to demonstrate financial need for an Unsubsidized loan, and the maximum amount per academic year is $20,500 as a graduate student.
- Direct Graduate PLUS loans begin to accrue interest immediately. Borrowers are not required to make payments while in school but may make payments at any time. A credit check is required for this type of loan for any adverse credit history. The maximum amount that can be borrowed is the total cost of attendance minus other financial aid received.
More information about federal loans can be found here.
Private/Alternative Loans
If you have used all of your federal loan eligibility you may want to consider applying for an alternative loan. An alternative loan is a student loan that may be borrowed through an outside lending institution to assist with education-related expenses such as tuition, housing, travel, and books. Alternative loans are based on credit, so loan applications are based on the credit of the student (and, if applicable) the cosigner. The Financial Aid Office strongly recommends that students exhaust all federal aid options before applying for alternative loans. We also caution students to be aware that alternative loans are credit-based, often carry variable interest rates, and cannot be consolidated with federal loans.
Mary Baldwin University is pleased to offer a list of lenders for review using the FastChoice lender selection and application tool. On this site, you will be able to compare the lenders on our list side by side, check out their benefits, interest rates, and terms. When you choose a lender, you can apply right from the site. You can access the FastChoice lender selection here. Please note, Mary Baldwin is happy to use any loan from any lender, provided that they are willing to lend to a student at Mary Baldwin. Students may apply for a loan with any lender they choose.
MBU wants to ensure you graduate with as little debt as possible.
Whenever possible, we want you to finance your education through scholarships, grants, and other forms of funding you won’t have to pay back. MBU advisors can also help you with any questions you have regarding loans to help you minimize your student loan debt after you graduate.
Additional Financial Support Options
Just as we create customized financial aid packages, we also provide additional opportunities that can enhance your financial aid journey. These options may include:
Employer Tuition Reimbursement
Some employers offer tuition reimbursement programs as a benefit to their employees. Under this arrangement, an employer agrees to reimburse a portion or all of an employee’s educational expenses, usually with certain conditions such as maintaining a specific grade point average or pursuing a degree related to their job.
There are additional opportunities available for veterans and students interested in studying abroad. Explore more, find answers to some Frequently Asked Questions, or talk with an MBU advisor to learn how we make an MBU education affordable for you!