Education: An Investment in Your Future
At Samuel Merritt College, we are committed to helping make graduate education possible. Your education is an important investment in your career and personal growth. Financing your education is possible with a combination of financial assistance and some creative planning. We suggest you begin thinking about alternative resources to investigate and budget management strategies to consider before, during and after your enrollment.
Financial aid is available to masters and doctoral degree candidates in the form of student loans [1]. The Federal Subsidized Stafford Loan provides up to $8500 annually. This variable interest rate loan has a 10 year repayment, and repayment is deferred until after graduation. The Federal Unsubsidized Stafford Loan provides up to $10,000 annually. The interest rate is variable and has a 10 year repayment. Repayment of both principal and interest may be deferred until after graduation.
Several major lending institutions offer alternative loans to assist with additional educational expenses. Students with creditworthy cosigners may borrow up to the cost of education for the year less any other aid being received. In some cases, educational expenses may be tax-deductible. Costs are deductible if the education is either required for continued employment by law or the individual's employer, or maintains or improves the skills required in the individual's current trade or business. If you think this might apply to you, be sure to contact a tax advisor.
In addition, the Federal government has enacted the Taxpayer Relief Act of 1997, which provides higher education tax incentives for eligible students:
- Hope Scholarship Credit - Up to $1,500 credit per student, per year
- Lifetime Learning Credit - Up to $1,000 credit per family, per year
- Student Loan Interest Deduction - Up to $1,000 deduction for tax year 1998
- Education Individual Retirement Accounts - Up to $500 deposit per year into a tax-free Education IRA account.
- IRA Withdrawals to Pay Higher Education Expenses - Withdrawals of up to 10% without penalty
Applying for Financial Aid
To apply for financial aid, students must complete the "Free Application for Federal Student Aid" (FAFSA). This application is available in early December through several sources including the U.S. Department of Education's FAFSA Express [2]. The application will require basic financial information about the student and her/his family. There is no fee for processing the application. Please follow the instructions included with the application and list Samuel Merritt College in your list of colleges. If you need a FAFSA, please contact our Financial Aid Office for a copy. (Samuel Merritt's Title IV code is 007012.)
Once your FAFSA has been completed and processed, we will be able to offer you a financial aid award package. Loan application materials will be included in the mailing and should be completed and returned to the Financial Aid Office for final processing. Student loan disbursements are made at the beginning of the fall and spring terms. An additional disbursement will be scheduled at the beginning of the summer term for those students enrolled during that period.
The Financial Advantage of Education
Compensation for nurses in California, and nationwide, continues to be competitive. On average, annual wages for nurses in California range from $62,350 for nurse practitioners to $73,900 for anesthesiology. Nationwide, these figures are $54,000 for nurse practitioners to $73,750 for anesthesiology. Average yearly salaries for supervisors and nurse executives are reported as $56,975 for a head nurse in California to $88,891 for a top-level nurse executive. The national range is a bit lower, from $50,627 for head nurses to $84,823 for top-level nurse executives.
According to the 1997 AAPA Physician Assistant Census, the median total income from a primary employer in 1997 for those working full-time was $61,021, and the average was $63,910. For full-time PAs graduating in or after 1996, the average was $53,572.
As reported by the American Occupational Therapy Association (AOTA), full-time occupational therapists averaged $47,095 annually.
Physical therapists with three years experience and working 40 hours per week, averaged annual salaries of $43,500 in schools, $46,500 in hospitals, $56,000 in clinics, and $60,000 in long-term care facilities or home health care.
A Wise Investment, Done Wisely
The financial aid staff at Samuel Merritt College believes that our job is not just to help you finance your education, but to help you do so wisely. From time to time we offer educational sessions on debt management issues such as loan consolidation, credit card debt and other money management topics. To view slides from the latest presentation, click here [3] (PDF, 1.78Mb).
We Are Here To Help
At Samuel Merritt College we offer individual financial aid counseling, so please do not hesitate to contact us for an appointment. Our office hours are Monday through Friday, 8:30 a.m. to 5:00 p.m. Telephone 510.869.1550.
Internet Resources
- California Student Aid Commission [4]
- U.S. Department of Education's FAFSA Express [5]
- U.S. Department of Education's Student Guide to Financial Aid [6]
- The Financial Aid Information Page [7]
- FastWeb [8]