Financial Aid Overview

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Student Loan Programs

Federal Perkins Loan

Student must:

• Have exceptional financial need.
• Be a U.S. citizen or eligible non-citizen.
• Be enrolled in an eligible school.
• Be pursuing a degree or certificate.

Award:

• Up to $5,500 per year for undergraduate students.
• Up to $8,000 per year for graduate students.
• Maximum loan amount for undergraduate study is $27,500.
• Maximum loan amount for undergraduate and graduate study is $60,000.
• Interest rate is 5%.

Application:

• FAFSA.
• Deadline set by the school.

Federal Stafford Loan (subsidized)

Student must:

• Have financial need.
• Be a U.S. citizen or eligible non-citizen.
• Be enrolled at least half-time in an eligible school.
• Be pursuing a degree or certificate.

Award:

• Depends on year in college and whether considered dependent or independent student.
• Cannot exceed the cost of attendance minus other financial aid received.
• Interest rate is 5.6% for loans made between July 1, 2009, and June 30, 2010. The interest rate is scheduled to drop each year until it reaches 3.4% in the 2011-2012 school year.

Application:

• FAFSA.
• Federal Stafford Loan Master Promissory Note.

Federal Stafford Loan (unsubsidized)

Student does not have to show need but must:

• Be a U.S. citizen or eligible non-citizen.
• Be enrolled at least half-time in an eligible school.
• Be pursuing a degree or certificate.

Award:

• Depends on year in college and whether considered dependent or independent student.
• Cannot exceed the cost of attendance minus other financial aid received.
• Interest rate is 6.8%.

Application:

• FAFSA.
• Federal Stafford Loan Master Promissory Note.

Federal PLUS Loan (for parents of undergraduate students)

Parent must:

• Be the parent or stepparent of an eligible undergraduate student.
• Pass a credit check.

Student must:

• Be a U.S. citizen or eligible non-citizen.
• Be enrolled in an eligible school.
• Be pursuing a degree or certificate.

Award:

• Cannot exceed the cost of attendance minus other financial aid received.
• Interest rate depends on loan program from which parent borrows.

Application:

• FAFSA.
• Federal PLUS Loan Master Promissory Note.

Federal PLUS Loan (graduate and professional students)

Student must:

• Be a U.S. citizen or eligible non-citizen.
• Be enrolled at least half-time in an eligible school.
• Be pursuing a graduate or professional degree.
• Pass a credit check.

Award:

• Cannot exceed the cost of attendance minus other financial aid received.
• Student must exhaust all Stafford Loan (subsidized and unsubsidized0 before receiving a PLUS Loan.
• Interest rate depends on loan program from which student borrows.

Application:

• FAFSA.
• Federal PLUS Loan Master Promissory Note.

Nursing Student Loan

Student must:

• Have financial need.
• Be a U.S. citizen, national or lawful permanent resident.
• Be enrolled at least half-time in a nursing program.

Award:

• Set by the school.
• Interest rate is 5%.

Application:

• Contact the school.

Primary Care Loan

Student must:

• Have financial need.
• Be a U.S. citizen, national or lawful permanent resident.
• Be enrolled a college of allopathic or osteopathic medicine.
• Agree to complete residency training within four years after graduation.
• Agrees to practice in primary care for the life of the loan.

Award:

• Cost of attendance for first- and second-year students. Third- and fourth-year students may receive more.
• Interest rate is 5%. Reverts to 18% if student doesn't fulfill service requirements.

Application:

• Contact the school.

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