Definitions

Academic Year — is the period of time, generally measured as the start of the fall Semester through the last date of final exams during the spring Semester.


Add/Drop Period — is the period of time, generally measured as the start of each Semester through 11:59 p.m. on the tenth (10th) calendar day of each Semester in which students have the capability to add, or drop, courses from enrollment without financial penalty.


Administrative Capability – is how BSMCON provides reassurance to the U.S. Department of Education (ED) that it is capable of administering Title IV Financial Aid funds with regards to requirements listed in 34 CFR § 668.16.


Book Voucher — is a voucher that is issued to students in conjunction with BSMCON’s online bookstore so that students have a financial resource to purchase books required by the academic program in advance of the applicable Semester and prior to disbursement of Title IV Financial Aid funds in accordance with ADM 4.06 Book Voucher policy.


Bursar — is the person responsible for the administration of Student Accounts, which includes, but is not limited to assessing Tuition and Fees, posting of Financial Aid to the Student Ledger Card, and collection of payment on Student Accounts.  


Business Office - collectively refers to the Director of Finance, Bursar and Senior Accountant, who are responsible for the timely and accurately reporting of financial transactions, which include, but are not limited to, Student Accounts.  


Cost of Attendance (COA) — is the anticipated cost that a student may incur during an Academic Year to attend college.  COA is required by Title IV Regulations and is used to determine a student’s eligibility for Title IV Financial Aid. COA typically includes costs for Tuition and Fees, books, course materials, supplies & equipment, living expenses, transportation, personal and professional credential (i.e., NCLEX) expenses.  Books, course materials, supplies & expenses refer to textbooks, other school supplies, uniform(s), laptop computer, printer, stethoscope, pen with light, watch with second hand, immunizations, criminal background check, drug screen, CPR certification, and shoes. Living expenses refer to (generally) the cost of housing, internet expense and three (3) meals per day. Transportation expense refers to (generally) the cost associated for a student to travel to/from home, BSMCON campus and place of employment. Personal expenses refer to clothes and entertainment. COA does not reflect the actual charges that a student will incur.  COA is published annually in the BSMCON College Catalog and on the website. 


Credit Balance – is created when payments or Financial Aid applied to a Student Account exceeds charges for Tuition and Fees (or Other Charges) during a specific Semester.


Credits Attempted — is the number of credits related to a course for which the student remains enrolled after the Add/ Drop Period has ended, regardless of completion or success within the course.


Credits Earned — is the number of credits related to a course for which the student remained enrolled after the Add/Drop Period and completed with a passing grade of “C”, “P” or higher.


Cumulative Grade Point Average (GPA) — refers to overall GPA which includes dividing the number of quality points earned by Credits Attempted, as further defined in ACA 3.06 College Grading System.


Date of Determination (DOD) – as determined by the Director of Records and Registration and recorded in the Student Information System (SIS) as the date which the Director of Records and Registration receives written communication from the student or electronic notification via the SIS that the student has dropped/withdrawn from a course(s) or permanently resigned from BSMCON. The DOD that a student withdrew should be no more than fourteen (14) calendar days after the student's LDA as determined by the institutions records within the SIS.


Dependency Status – refers to a student’s status in relation to receiving Title IV Financial Aid. If a student is Dependent, the parent’s financial information will be submitted on the FAFSA®. This is not required of an Independent student.  Federal Direct Loan annual and aggregate loan limits are subject to Dependency Status. 


Enrollment Intensity — is the percentage of Full-Time enrollment for which the student is enrolled, rounded to the nearest whole percent, in any given Semester. BSMCON considers Full-Time enrollment as twelve (12) or more credits per Semester. Beginning with the 2024-25 (prior) Academic Year, Enrollment Intensity (not Enrollment Status) is used in the calculation of a student’s Federal Pell Grant award. Enrollment Intensity only applies to Federal Pell Grant eligibility.


Enrollment Status — is indicative of how many credits a student is enrolled in during a Semester and is used in calculating Financial Aid awards (when applicable). Full-Time (12+ credits), Three-Quarter Time (9-11 credits), Half-Time (6-8 credits) and Less Than Half-Time (less than 6 credits).


Entrance Counseling — is an electronic counseling session that includes borrowing information such as loan terms and conditions, debt management strategies, repayment obligations, etc.  Entrance Counseling is required to be completed by first-time student borrowers prior to disbursement of any Federal Direct Loan funds.   


Exit Counseling – is an electronic counseling session with emphasis on repayment requirements and debt management strategies. Exit Counseling information is provided to student borrowers who fall below Half-Time Enrollment Status or upon graduation. 


FAFSA® Processing System (FPS) — is the U.S. Department of Education’s (ED) application data processing center. FPS processes information from the Free Application for Federal Student Aid (FAFSA®) and produces two (2) reports: FAFSA® Submission Summary (FSS) which is distributed to students and Institutional Student Information Record (ISIR) distributed to institutions (BSMCON). FPS replaced the Central Processing System (CPS) beginning with the 2024-25 (prior) Academic Year.


FAFSA® Submission Summary (FSS) — is a summary of information from the student's FAFSA® submission. The student receives a FSS, and the institution (BSMCON) receives an Institutional Student Information Record (ISIR). FSSs and ISIRs contain the same information in different formats. FSS replaced the Student Aid Record (SAR) beginning with the 2024-25 (prior) Academic Year in accordance with the FAFSA® Simplification and FUTURE Acts, as amended.


Federal Direct Parent PLUS Loan — is a loan in which the parent of a dependent, undergraduate student is the borrower to help pay for a child/student’s COA.  Federal Direct Parent PLUS Loans are authorized by Title IV of the Higher Education Act of 1965, as amended.


Federal Direct Subsidized Loan — is a loan for students who demonstrate financial Need in which an interest subsidy is provided, meaning interest does not accrue on the principal amount of the loan until the student completes his/her academic program. Students must be enrolled at least Half-Time (6 credit hours per Semester) to be eligible for a Federal Direct Subsidized Loan. Current Academic Year Aggregate Federal Direct Subsidized and Unsubsidized Loan Limits are provided in the table below.

Federal Direct Subsidized Loans are authorized by Title IV of the Higher Education Act of 1965, as amended.  


Federal Direct Unsubsidized Loan — is a loan for students that is not based on financial Need and does not provide any interest subsidy. Students must be enrolled at least Half-Time (6 credit hours per Semester) to be eligible for a Federal Direct Unsubsidized Loan. Current Academic Year Annual and Aggregate Federal Direct Subsidized and Unsubsidized Loan Limits are provided in the table below. Federal Direct Unsubsidized Loans are authorized by Title IV of the Higher Education Act of 1965, as amended. 


Federal Pell Grant — is a federal grant that provides Need-based funds to low-income undergraduate and certain post-baccalaureate students to promote access to postsecondary education. Beginning with the 2024-25 (prior) Academic Year in accordance with the FAFSA® Simplification and/or FUTURE Acts, as amended, students may qualify for a Federal Pell Grant in one (1) of three (3) ways: 1. Maximum Pell Grant (Max Pell), 2. Minimum Pell Grant (Min Pell), or 3. Calculated Federal Pell Grant. Federal Pell Grant award amounts are dependent on the student’s SAI, COA, Enrollment Intensity, and whether the student attends for a full Academic Year or less. The 2025–26 Maximum Pell Grant is $7,395. Year-Round-Pell is offered to students who meet certain eligibility requirements.


Federal Supplemental Educational Opportunity Grant (FSEOG) — is a Need-based grant available to undergraduate students who are also Federal Pell Grant eligible. FSEOG is a Camus-Based Program authorized by Title IV of the Higher Education Act of 1965, as amended. FSEOG funds are packaged to students with the highest Need and regardless of Enrollment Status (or Enrollment Intensity). Academic Year 2025-26 FSEOG awards range from $100–$4,000.


Federal Work Study (FWS) — is a program that provides jobs for students who demonstrate financial Need as a means to help pay for a student’s COA.  FWS provides students with part-time employment either on-campus or in a community service position up to twenty (20) hours per week. FWS students are considered BSMH associates and are employed as a PRN status and receive eligible benefits as such. The total Work Study award depends on the application date, the level of the student’s Need, and BSMCON’s FWS allocation. FWS funds are not paid until earned in the form of a paycheck. Students receive payment based on the BSMH Payroll schedule (bi-weekly basis). Positions are available on-campus and off-campus. On-campus jobs are usually located on the BSMCON campus and provide assistance with BSMCON operations. Off-campus jobs are usually located off the BSMCON campus to provide community-based or public-interest duties at a private, not-for-profit organization or public agency. FWS students, as PRN associates of BSMH, are eligible to receive the BSMH Employee Discount and BSMH Guild Tuition Benefits. FWS is authorized by Title IV of the Higher Education Act of 1965, as amended.  


Financial Aid — is any source of financial funding to defer a student's Cost of Attendance (COA). Examples of Financial Aid may include, but are not limited to, Title IV Financial Aid - Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), Federal Work Study (FWS), Federal Direct Loans (Subsidized, Unsubsidized, and Parent PLUS), Scholarships, Third Party Payors, etc.  


Financial Aid Appeal — is the process by which students who fail to meet any of the SAP requirements and are placed on Financial Aid Suspension may petition the Financial Aid Office for reconsideration of the students’ eligibility to access Title IV Financial Aid.


Financial Aid Office — collectively refers to the Director of Financial Aid, Financial Aid Specialist and Financial Aid Counselors, who are responsible for the timely and accurate awarding, scheduling, and reconciliation of Financial Aid.  


Financial Aid Probation — is the status assigned to students who have submitted a Financial Aid Appeal and the Student Financial Aid Appeal Committee has rendered a decision to approve the appeal and reinstate the student’s Title IV Financial Aid eligibility for one (1) Semester.


Financial Aid Status — is a status assigned with respect to students’ eligibility to access Title IV Financial Aid. Financial Aid Statuses include Financial Aid Warning, Financial Aid Suspension, and Financial Aid Probation.


Financial Aid Suspension — is the status assigned to students who have been placed on Financial Aid Warning and fail to meet SAP requirements in the subsequent Semester. Students placed on Financial Aid Suspension are not eligible to receive Title IV Financial Aid.


Financial Aid Warning — is a status assigned to a student who does not achieve a minimum cumulative GPA of 2.0 in all coursework or does not complete 67% of all Attempted Credits for a time period not to exceed one Semester.


Financial Refund — denotes that some form of payment has taken place between the student (or related party initiated by or on the behalf of the student) and BSMCON for which a subsequent event occurs that results in the payment being returned to the student (or related party), as further defined in ADM 5.01 Financial Refund policy.   


Free Application for Federal Student Aid (FAFSA®) — is an application completed by students (and parents) to apply for federal student aid.


Grade Level — is a component of the FAFSA® and is directly related to the amount of Federal Direct Loans that a student can borrow.  Grade Level 1 (Freshman) is 0-29 Credits Earned.  Grade Level 2 (Sophomore) is 30-59 Credits Earned.  Grade Level 3 (Junior) is 60-89 Credits Earned and Grade Level 4 (Senior) is 90 or greater Credits Earned.  For Federal Financial Aid purposes, Grade Levels 3 & 4 are combined. Grade levels are based on Academic Classification that includes the number of credit hours completed, including transferred credits. The Academic Classification table is included in Chapter 1 of the College Catalog.


Institutional Eligibility — refers to the establishment and maintenance of eligibility of an institution (BSMCON) to be permitted to administer Title IV Programs as established in 34 CFR § 668.16. 


Institutional Student Information Record (ISIR) — is a summary of information from the student’s FAFSA® submitted to BSMCON. ISIRs and FSSs contain the same information in different formats.


Last Date of Attendance (LDA) – as determined by the Director of Records and Registration and recorded in the Student Information System (SIS), is the last date of an academically-related activity in a course, such as attendance in a course, or completion and submission of a course assignment, exam, tutorial, clinical experience, skills lab, or simulation experience.


Master Promissory Note (MPN) – is a legal document completed by the student that is a promise to repay any loan(s) and accrued interest and fees to the U.S. Department of Education (ED).  The MPN lists and explains the terms and conditions of the loan and the borrower’s rights and responsibilities. 


Maximum Time Frame — is the measurement of maximum time, measured in credit hours (credits) that cannot exceed 150% of the published program length. BSMCON’s Maximum Time Frame is 180 credit hours (120 credit hours * 150%).


Need — Need, sometimes referred to as Financial Need, is determined by Title IV Regulations as a student’s COA less SAI. Need is the basis on which many Financial Aid awards are based.


Post-Withdrawal Disbursement — is a disbursement of earned (i.e., eligible) Title IV Federal Financial Aid that made after a student withdrawal. 


Professional Judgement — is a provision of law under Title IV – Higher Education Act of 1965, as amended, that allows Financial Aid administrators to make adjustments to Financial Aid eligibility based on a student’s special circumstance(s).  Professional Judgement is categorized into 1) Special Circumstances in which a financial situation (i.e., loss of a job) justifies the Financial Aid administrator to adjust certain elements in the COA or SAI calculation and 2) Unusual Circumstances in which a condition exists that justifies the Financial Aid administrator to adjust a student’s dependency status (from dependent to independent) based on unique situations (i.e. human trafficking, refugee or asylee status, parental abandonment, incarceration, etc.), which is commonly referred to as a dependency override. Instances of Professional Judgement are rare and additional documentation is required.   


Registration Bill — is the preliminary, or anticipated, financial transactions that are pending or scheduled that relate to a particular student and are specific to a particular Semester. The Registration Bill is comprised of three (3) sections: (i) Charges and Discounts, (ii) Financial Aid, and (iii) Payments. 


School Certifying Official (SCO) — is a representative of an educational institution or training establishment who is authorized to submit enrollment certification to DVA (U.S. Department of Veterans Affairs) for Veteran Affairs education benefits. Kelley Florian, Director of Financial Aid, is BSMCON’s SCO.


Semester — is the standard measurement used to group weeks of instructional time in the academic year. Semester is generally referred to as period of enrollment and includes fall, spring, and summer. For purposes of Title IV, Semester is also the term denoting a Payment Period.


Standard Period of Non-Enrollment (SPN) — is a leave of absence from BSMCON enrollment not to exceed two (2) consecutive Semesters as further defined by ADM 3.07 Leave of Absence or Permanent Resignation from the College.  


Student Accounts — collectively refers to a student specific record of all pending, scheduled or posted financial transactions over the duration of program enrollment. Student Accounts generally refers to transactions contained within the Registration Bill (generally pending or anticipated transactions) and Student Ledger Card (posted transactions). Further information can be obtained in ADM 4.04 Student Accounts policy. 


Student Aid Index (SAI) – is an eligibility index number that is used to determine the financial resources available to contribute to a student’s postsecondary education expense. SAI is calculated by the U.S. Department of Education (ED) FAFSA® Processing System (FPS) based on formulas that are established by law. SAI is calculated from information submitted in the Free Application for Federal Student Aid (FAFSA®), and federal tax information (FTI) that is retrieved directly from the Internal Revenue Service (IRS). SAI is reported to the student on the FAFSA® Submission Summary (FSS) and to BSMCON via the Institutional Student Information Record (ISIR). BSMCON uses the SAI, among other information, to determine Financial Aid eligibility and the amount for such award(s). SAI is not the amount of money that a student (or family) will, or is expected to, pay, nor is it the amount of Financial Aid that a student will receive. SAI replaced Expected Family Contribution (EFC) beginning with the 2024-25 (prior) Academic Year in accordance with the FAFSA® Simplification and/or FUTURE Acts, as amended. Unlike EFC, SAI may be a negative number, as low as ($1,500).


Student Financial Aid Appeal Committee — is the committee tasked with reviewing and rendering a decision on a student’s Financial Aid Appeal. The committee is comprised of no less than three (3) BSMCON associates, of which no less than two (2) must be BSMCON Financial Aid Office associates. The remaining associates are selected by the Director of Financial Aid.


Student Information System (SIS) — is the information system used to manage and/or administer student data including, but not limited to, application, admission, registration, Financial Aid, Student Accounts, academic records, etc.  


Student Ledger Card — collectively refers to student specific records of all final (posted) financial transactions that occur over the duration of all Semesters (program enrollment).


Third-Party Payor — is an entity that remits payment to BSMCON on behalf of a student. Examples of a Third-Party Payor include, but are not limited to, VA529 Plans, Veteran Affairs, employer provided tuition benefit plans such as EdAssist, UPS, Bon Secours Mercy Health (BSMH) Tuition Benefits, etc.


Title IV Credit Balance — is a negative (credit) balance that occurs when there is an excess of Title IV Funds when applied to Tuition and Fees (or Other Charges) assessed to the Student Account within a Semester.


Title IV Financial Aid — is federal financial aid authorized by Title IV of the Higher Education Act of 1965, as amended.  Title IV Financial Aid programs that BSMCON participates in includes Federal Pell Grant, Federal Work Study (FWS), Federal Supplemental Educational Opportunity Grant (FSEOG) and Federal Direct Loans (Subsidized, Unsubsidized and Parent PLUS).   


Title IV Regulations — are requirements imposed under Title IV of the Higher Education Act of 1965, as amended, that institutions must comply with to participate in Title IV programs. Title IV Regulations generally include those found in 34 CFR 668-690 and include the FAFSA® Simplification and FUTURE Acts.


Tuition and Fees — are charges incurred for academic instruction (Tuition) and other fees related to student learning resources, technology, White Coat ceremony, campus activities, student benefit funds and graduation activities (Fees).


Verification — is the process by which an applicant's FAFSA® information is selected by FPS or BSMCON to be verified as accurate (true and complete within certain parameters) or inaccurate, as further defined by ADM 4.03 Federal Financial Aid Verification and Conflicting Data policy. 

ANNUAL FEDERAL DIRECT LOAN LIMITS

DEPENDENT STUDENTS (EXCLUDING STUDENTS WHOSE PARENTS CANNOT OBTAIN A FEDERAL DIRECT PARENT PLUS LOAN) ANNUAL BASE AMOUNT MAY BE ALL SUBSIDIZED, ALL UNSUBSIDIZED OR A COMBINATION OF BOTH ANNUAL UNSUBSIDIZED AMOUNT, ABOVE BASE AMOUNT ANNUAL LOAN LIMIT
Freshman undergraduate $3,500 $2,000 $5,500
Sophomore undergraduate $4,500 $2,000 $6,500
Junior and Senior undergraduate $5,500 $2,000 $7,500
INDEPENDENT STUDENTS (AND DEPENDENT STUDENTS WHOSE PARENTS CANNOT OBTAIN A FEDERAL DIRECT PARENT PLUS LOAN) ANNUAL BASE AMOUNT MAY BE ALL SUBSIDIZED, ALL UNSUBSIDIZED OR A COMBINATION OF BOTH ANNUAL UNSUBSIDIZED AMOUNT, ABOVE BASE AMOUNT ANNUAL LOAN LIMIT
Freshman undergraduate $3,500 $6,000 $9,500
Sophomore undergraduate $4,500 $6,000 $10,500
Junior and Senior undergraduate $5,500 $7,000 $12,500

AGGREGATE FEDERAL DIRECT LOAN LIMITS

FEDERAL DIRECT SUBSIDIZED LOANS FEDERAL DIRECT COMBINED LOANS (SUBSIDIZED & UNSUBSIDIZED)
Dependent Students (excluding students whose parents cannot obtain a Federal Direct Parent PLUS Loan) $23,000 $31,000
Independent Students (and Dependent students whose parents cannot obtain a Federal Direct Parent PLUS Loan) $23,000 $57,500