Office of Student Financial Services
The Office of Student Financial Services provides comprehensive, individualized counseling about how to finance your nursing education at PSON. The school offers various types of financial aid assistance and makes award decisions based either on merit or on financial need, and does so without regard to race, sex, color, creed, age, national origin, handicap, veteran status, marital status, or sexual orientation.
PSON adheres to rigid criteria in awarding scholarships and awards federal financial aid assistance based on verified financial need, as determined using federally approved guidelines. The school ensures that all regulations and requirements pertaining to the Title IV Federal Direct Loan Program, as well as Federal and State Grant programs are rigorously followed. Institutional scholarships are awarded based on the availability of funds and criteria that may include academic standing and/or demonstrated financial need. The School regularly refers to reference materials from the U.S. Department of Education, the Higher Education Services Corporation and their websites in order to ascertain that the procedures implemented satisfy program requirements.
Staff for the Office of Financial Services include:
Melissa Vargas, Ed. D., Assistant Director of Financial Aid
Phillip Parke, Bursar
Financial Aid Eligibility
To determine eligibility for federal financial aid, the Financial Aid Office evaluates student data from the Free Application for Federal Student Aid (FAFSA).
Federal regulations are followed to award students any aid. All appropriate verification rules and data match issues must be resolved before awarding any aid. All records are reviewed for consistency with Federal and State regulations.
Cost of Attendance 2024 - 2025
Note: The educational and living expense budget represent typical expenditures. Students may experience higher or lower expenses depending on personal choices.
Tuition and Fees are subject to change without notice by the college administration.
Financial assistance is awarded to students at Phillips School of Nursing based on demonstrated financial need and/or academic ability.
Financial need is determined through the use of Federal methodology calculations, which are based on data submitted by the student on his/her Free Application for Federal Student Aid (FAFSA).
Institutional funds are limited and based on availability.
How To Apply or Renew Your Financial Aid
Federal School Code: 006438
NYS TAP Grant Code: 6445
To be awarded any type of financial aid at PSON, you must complete the Free Application for Federal Student Aid (FAFSA), which may be found at 2024-25 FAFSA Form
Applications for any type of scholarship support will not be processed until the FAFSA has been submitted.
Scholarship applications and the FAFSA have to be received by the school prior to the announced scholarship deadline date. The scholarship deadline date varies based on the start of the semester. For confirmation on the scholarship deadline date, contact the Office of Financial Aid at finaid@pson.edu.
Federal Education Assistance Programs
The federal government offers grants, scholarships, and loan programs to qualified nursing students in need of financial assistance.
HRSA Nursing Workforce Diversity Scholarship
Provides eligible students with a scholarship and monthly stipend. These scholarships are awarded to help increase nursing education opportunities for students from educationally or economically disadvantaged backgrounds, including racial and ethnic minorities, underrepresented among registered nurses. Specific criteria is established for eligibility; for more information contact the Office of Financial Aid.
HRSA Nurse Corps Scholarship Program
Provides scholarships to nursing students in exchange for a minimum two-year, full-time service commitment (or part-time equivalent), at an eligible health care facility with a critical shortage of nurses (MSHS is an eligible health care facility). Funds support nursing school tuition and eligible fees; an annual payment for other reasonable costs to cover expenses for books, clinical supplies, and instruments; and a monthly stipend to cover living expenses. Learn more
Federal Nursing Student Loans
Low-interest loans are available for undergraduate and graduate students with exceptional financial need. Loans are made with government funds through a school's financial aid office, and the school acts as the lender. Please contact the Office of Financial Aid for more information regarding this program.
Direct Subsidized and Unsubsidized Loans
Subsidized and unsubsidized loans are federal student loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. The U.S. Department of Education offers eligible students at participating schools direct subsidized loans and direct unsubsidized loans (also referred to as Stafford Loans or Direct Stafford Loans). Learn more
Alternative Education Loans/Private Educational Loans
It is highly recommended that you complete the Free Application for Federal Student Aid (FAFSA) and apply for any federal student loans that you may be eligible for prior to applying for a private loan. Private loans should only be considered after federal sources of financial aid have been utilized.
Private loans are not a part of the federal student aid program and do not adhere to the same regulations and terms as the federal student loan program. Private loans are offered to students by private organizations and have different approval and repayment requirements. Private loans are credit based loans, offer different interest rates, and may require a co-signer in order to apply or get approved for the loan. The Mount Sinai Phillips School of Nursing does not review or determine credit worthiness of an applicant and does not recommend any particular lender but encourages students and families to review and compare each lender, their terms and conditions, including but not limited to, interest rates and repayment options, prior to selecting a lender. Interested applicants can complete comparative loan shopping by searching Mount Sinai Phillips School of Nursing on the ELM Select website, at https://www.elmselect.com/v4/school/880/program/1/lender-results
Additional resources:
Loan limits, interest rates, and repayment
Other types of federal student aid
Financial aid resources for Native Americans
New York State Financial Aid Assistance Programs
NYS TAP Grant School Code: 6445
The New York State Tuition Assistance Program (TAP) helps eligible New York residents pay tuition at approved schools in New York State. Depending on the academic year in which you begin study, an annual TAP award can be up to $5,665. Because TAP is a grant, it does not have to be paid back.
The easiest way to apply for TAP is through the FAFSA. New York State residents attending New York State schools will link directly to the TAP application from the FAFSA submission confirmation page.
Didn't Apply for TAP through the FAFSA? You Can Still Apply.
If you exited the FAFSA before completing the TAP application – and you filled in your New York State address and a New York State college on the FAFSA – HESC will automatically receive your information in about three days. HESC will then send you an email or postcard with directions to complete the TAP application online.
NY TAP eligibility and amounts are determined strictly by NY STATE HESC. The Office of Financial Aid at PSON adheres to the regulations established by HESC when awarding NY TAP.
PSON and Other Scholarships
PSON and Other Scholarships
The Mount Sinai Phillips School of Nursing (PSON) offers students the opportunity to apply for internal scholarships to assist with their cost of attendance. These scholarships are made possible by PSON establishing and maintaining relationships with donors and outside organizations. Applications must be submitted with all required documents before being reviewed by the PSON Scholarship Committee. Students who submit a completed scholarship applications by the announced deadline date will be considered for all available scholarship opportunities. Scholarship applications are considered completed when the scholarship committee receives the 1) scholarship application, 2) FAFSA, and 3) personal statement.
There are a limited number of institutional scholarships available at PSON. Scholarships are awarded based on academic and/or financial need.
- The LCU Fund for Women’s Education, which provides housing stipends for students with a minimum GPA of 3.0 and demonstrated financial need
- Employees of the Mount Sinai Health System and their immediate family (spouse or children) are entitled to a 10 percent tuition discount (effective Fall 2019) upon submission of appropriate documentation (e.g., work ID or a letter from the department/human resources).
To be awarded financial aid at PSON, students must complete the following:
Free Application for Federal Student Aid (FAFSA)
A student’s application will be processed ONLY if all required documents are received by the deadline dates. If your application is not completed by the required deadline dates, your request for aid will be rejected. Please note that a Deferred Payment Plan may be arranged with the Bursar’s Office.
Private Scholarships
Students are always looking for funds that will replace the loans portion of their financial aid packages. The web has many sources of information about scholarship funds. When searching for scholarships use the key words “Nursing Scholarships.” It is suggested to start researching for scholarships December to February. Most deadlines to submit completed scholarship applications are between March and May annually.
PSON is not directly associated with any of these organizations; however, we strongly urge all students to review the criteria of all scholarships and apply to those for which you appear eligible.
Guide to Financial Aid and Scholarships for Nurses
Below are links to popular scholarship search engines. Military students are encouraged to search their respective branch website for scholarship opportunities.
The SallieMae Fund
Fastweb - Financial Aid Scholarships SearchNurse Journal Guide to Financial Aid and Scholarships
U.S. Department of Labor
Tuition Payment Procedures
Tuition bills are emailed to students prior to the beginning of each semester. Unless a payment plan is in place, all appropriate tuition and fees are expected to be paid in full prior to the beginning of each semester. Tuition and all other fees are to be paid at the Office of Financial Services on the main floor. Student invoices are available to view online on the Phillips School of Nursing Student Portal. The following steps can be taken to access the invoice online:
- Click Financials tab
- Click Billing Detail Summary link
Students can submit payments using the following methods:
- Credit Card - Visit the Billing Detail Summary, under the Financials tab, on your PSON Student Portal. Modify payment amount, if necessary. Click on Submit Payment.
- Check or Money Order made payable to Phillips School of Nursing and mail to:
Phillips School of Nursing
148 East 126th Street
New York, New York 10035
Phillips School of Nursing does not accept cash as a form of payment. Any fees associated with returned checks will be applied to the relevant student account. A late fee of $100.00 is charged to and an administrative hold is placed on the student account for bills not paid on or before the due date of the bill.
The recommended option to pay for any direct expenses (tuition, fees, etc.), is to utilize the Phillips School of Nursing Student Portal.
- Full payment – this is the regular and preferred payment option with all tuition and fees paid prior to the start of the program.
- Deferred Payment Plan – Deferred payment arrangements must be made with the Bursar’s Office one week prior to the start of classes. A one-time fee of $25 is charged to set-up a deferred payment plan. A $50 late fee is charged for EACH installment paid after the due date.
- A minimum payment of at least one third of tuition and fees is required on or before the start of classes. The tuition balance will be deferred if a payment plan has been established.
All financial aid paperwork, including loan applications, must be approved before the start of each semester. If financial aid does not cover the tuition charges in full, the student may combine above options to complete the payment obligation.
Cancellation of Classes for Non-Payment
In accordance with state law, payment for tuition and fees is due prior to the start of the term. Students registering in the billing period must pay tuition and fees or defer their bill by signing a Deferred Payment Agreement with the Bursar’s Office on the Main Floor. Accounts not paid, or not deferred by the due date, may result in cancellation of registration and may impact a student’s progression with the program. Past due prior term balances cannot be deferred or paid with financial aid for future terms.
Students whose schedules are canceled may find it difficult or impossible to re-register for the same courses because their seats may have been taken by students on wait lists. Students who register after the billing period and students who have been cancelled who were originally registered during the early registration process must pay estimated tuition and fees or provide proof that they are financial aid recipients prior to being able to access registration.
Refunds Checks
Financial Aid Refunds: Refunds of credit balances caused by financial aid exceeding student account charges will be refunded to the student by check. When the refund check is ready at the Office, an email notification will be sent to the student to pick up any refunds at the Bursar’s Office. Refund checks cannot be disbursed until the first day of classes for the semester. Once the semester has begun, refund checks are usually available for students to pick up at the Office of Financial Services within approximately 10 to 14 business days after the aid is placed on the student account.
Parent Plus Loans: Refunds of credit balances caused by parent plus loans exceeding student account charges will be refunded to the parent by check mailed to the address provided by the parent. If the student wishes to pick-up the Plus Loan refund check, the borrower must notify the Bursar’s Office in writing.
Non-Financial Aid Refunds: If a student account has a credit balance for reasons other than financial aid, the refund will not be generated until after the Add/ Drop period for the semester. This includes overpayments where personal payments combined with financial aid exceed the balance, credit balances due to dropped classes, and other overpayments.
In most cases, credit balances are refunded directly to the student. However some exceptions apply, for example when the credit is due to a potential over-award of financial aid, the credit may be held until the Scholarship Committee has reviewed the account. If financial aid is determined to exceed the federal definition of need, the over-award will be refunded to the appropriate financial aid fund. In the case of posting errors, the Office of Financial Services will reverse the error.
Tuition Liability Schedule for Fall, Spring and Summer Semesters:
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Week 1 and/or prior- 100 percent refund (no charge)
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Week 2- refund tuition only, no fees (charge all fees only)
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Week 3- 70 percent refund (charge 30 percent)
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Week 4- 50 percent refund (charge 50 percent)
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Week 5- 0 (full charge)
Satisfactory Academic Progress
Federal Regulations require that students must meet certain academic criteria to continue receiving financial aid. Students’ academic standing is reviewed at the end of every semester. For certain cases students not meeting the standard may be given a one term financial aid probation semester and receive aid. If the standard is not met at the end of that term no further aid will be awarded. Students should contact the Office of Financial Services for full details of the standard.
The following charts delineate the school’s standards of satisfactory academic progress for the ABSN and the RN-BSN Programs for the purpose of determining eligibility for financial aid:
ABSN FULL TIME STUDENTS
| 1st Year of Program | Credits Earned | Required Cumul- ative GPA |
2nd Year of Program | Credits Earned | Required Cumu- lative GPA |
| 1st Semester | 13 | 2.30 | 1st Semester | 54 | 2.30 |
| 2nd Semester | 26 | 2.30 | |||
| 3rd Semester | 42 | 2.30 |
RN-BSN FULL TIME STUDENTS
| 1st Year of Program | Credits Earned | Required Cumu- lative GPA |
2nd Year of Program | Credits Earned | Required Cumu- lative GPA |
| 1st Semester | 12 | 2.30 | 1st Semester | 37 | 2.30 |
| 2nd Semester | 24 | 2.30 | 2nd Semester | 44 | 2.30 |
Net Price Calculator
Please read. This net price calculator is intended to provide an estimate of your potential financial aid package at PSON. Note: This estimator does not take the place of actually applying for financial aid.
Applicants must correctly follow the school’s financial aid application process and meet the published deadlines to be considered for financial aid. Note that costs and financial aid estimates are subject to change. The results of this estimator are not actual offers of aid, and may be substantially different from the official aid offered by PSON.
The school may not be held liable for any errors, omissions or damages. The estimated awards provided by this reference tool are based upon the assumption that the student will complete the FAFSA accurately and all other data entered are true at the time of the estimate.
Note: Any information that you provide on this site is confidential. The Net Price Calculator does not store your responses or ask for personal identifying information of any kind.