In the spirit of Christ and the example of Francis of Assisi, the Mission of OSF HealthCare is to serve persons with the greatest care and love in a community that celebrates the Gift of Life.
The College of Nursing is approved by the United States Department of Education to participate in the federal financial aid programs. The following programs are offered at the college:
The Department of Education is in the process of finalizing the regulations. Financial aid information reflects preliminary guidance from the National Association of Student Financial Aid Administrators (NASFAA), which is working closely with the Department to clarify policy details. Final interpretations may change once official updates are issued.
On July 4, 2025, HR 1 – Public Law No. 119–21, informally called the “Big Beautiful Bill” or OBBB (One Big Beautiful Bill), was signed into law. This legislation brings significant changes to how higher education is financed.
Below is a summary of the key updates expected to take effect for the 2026-2027 academic year.
Key Changes (Effective 2026-2027):
The Department of Education is in the process finalizing the regulations. The information provided here reflects preliminary direction from the National Association of Student Financial Aid Administrators (NASFAA), which is working closely with the Department to clarify policy details. Final interpretations may change once official updates are issued.
Federal Direct Graduate PLUS Loans Being Discontinued
Beginning July 1, 2026, new graduate students will no longer be able to borrow Federal Direct Graduate PLUS Loans.
Students who were enrolled in a graduate program for the 2025-2026 year or earlier may continue to borrow Graduate PLUS Loans for up to three additional years (2026-2027 through 2028-2029), or until they complete their current program – whichever comes first.
Eligibility for continued Graduate PLUS borrowing will end if students:
To qualify for the three-year extension, a student must have received at least one Direct Loan (Unsubsidized or Graduate PLUS) during or before 2025-2026.
New Unsubsidized Graduate Loan Limits
Effective July 1, 2026 (excluding undergraduate loan amounts):
| Annual (academic year) Limit | Aggregate (lifetime) Limit | |
| Graduate Students | $20,500 | $100,000 |
Parent PLUS Loan Limits
Undergraduate Subsidized and Unsubsidized loan limits remain unchanged. However, Parent PLUS Loans for dependent undergraduates will have new limits:
Parents who borrowed Parent PLUS Loan in 2025-2026 or earlier* may continue under the current (higher) limits for up to three more years – through 2028-2029 or until their student graduates, whichever comes first.
Students lose extended eligibility if they have any gap in enrollment during those three years. For example, if a student is enrolled through fall 2027, but does NOT enroll in spring 2028, they would not be eligible for 2025-2026-level limits when returning to their program in fall 2028.
*Limited guidance provided thus far indicates that undergraduate students will remain eligible for legacy provisions if they change their major.
Part-Time Enrollment and Loan Eligibility
Starting in 2026-2027, Federal Direct Loans must be prorated for students enrolled less than full-time.
Changes to Federal Loan Repayment
For loans disbursed after July 1, 2026:
For loans disbursed before July 1, 2026:
Borrowers should contact their loan servicer or review guidance from Federal Student Aid regarding repayment options.
Pell Grant Changes
Current College of Nursing programs are not impacted by the recent changes to Pell grant eligibility.
Updated Information
The College of Nursing will continue to monitor legislative changes and will update this information as official guidance from the Department of Education becomes available.
Thank you for your patience as we work to interpret and share new developments with our students!
Resources
Saint Francis Medical Center College of Nursing (SFMC-CON) requires first time borrowers (at the College of Nursing) to participate in an online student loan entrance counseling session. The College of Nursing computer lab is open 24 hours a day, seven days a week and is located on the 2nd floor. If you choose not to come on campus, online student entrance counseling may be completed on any computer with Internet access.
Instructions
Saint Francis Medical Center College of Nursing participates in the Direct Loan Program for all student/parent Federal Staford and PLUS Loan needs. The lender is the US Department of Education.
Please visit www.studentaid.gov to learn more about the Direct Loan Program. The Student Finance Office will work with you to avoid any disruption to student loan access.
If you have questions/concerns, please email the Student Finance Office contact us at (309) 655-4119 or (309) 624-9932.
If you will be borrowing loans for the first time at the College of Nursing, you will be required to complete the following:
The school's cohort default rate is the percentage of a school's borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan Program loans during a federal fiscal year and default or meet other specified conditions during a 3-year period after the student starts repayment. Below is a comparison of the College of Nursing's (CON) 3-year cohort default rates to the national average.
| Cohort Default Rate | CON | National Average |
| FY 2021 | 0% | 0% |
| FY 2020 | 0% | 0% |
| FY 2019 | 1% | 3% |
| By Gender | Percentage* |
| Female | 25% |
| Male | 2% |
| By Race/Ethnicity | Percentage* |
| White, non-Hispanic | 19% |
| American Indian | 0% |
| Asian or Pacific Islander | 1% |
| Two or More | 0% |
| Black | 3% |
| Hispanic | 3% |
| By Financial Category | Percentage* |
| Pell Grant Recipients | 23% |
*Student Body Diversity data is based upon full-time enrollment at Saint Francis Medical Center College of Nursing as of the official reporting date in the Fall.
Subsidized
Unsubsidized
| Fall 2025 | Spring 2026 | Summer 2026 |
| August 19, 2025 | January 20, 2026 | May 19, 2026 |
| September 9, 2025 | February 18, 2026 | June 9, 2026 |
| October 14, 2025 | March 24, 2026 | |
| November 18, 2025 | April 21, 2026 |
The purpose of "Exit Counseling" is to provide you with information about your rights and responsibilities with regard to your federal student loan(s). Whenever you drop below half time status (Undergraduate students 6 hours, Graduate students 4.5 hours) or withdraws from a semester, you must complete an exit interview even if you are planning to re-enroll for a future semester. Your six month grace period on any current loans starts the day you drop below half time status. Once your grace period is over, you will start repaying the loans you have borrowed. If you have federal loan history where you have already used your grace period, repayment on those loans starts immediately.
Upon notification of your drop to less than half time status or withdrawal, we will send exit counseling information to your home address. The contents of the packet are as follows: