Financing Your Health Professions EducationFINANCIAL AID OVERVIEW

Hannah Hast, M.S. | Financial Literacy Counselor

What is FINANCIAL AID?

More limited for graduate

students than undergraduate

students

FAFSA is required to

determine loan eligibility

Majority of aid from Student

Financial Services is in

loan form

Private vs. Federal

Interest rates could be fixed or variable

Repayment terms usually limited to 5, 10, 15, and 20 year terms only

Deferment and forbearance may be offered, check with the lender

No loan forgiveness available

Can’t be converted to a federal loan

Fixed interest rates

Eight different repayment options including income driven plans and 10 and 25 year repayment terms (some provide interest subsidies)Ability to postpone or lower monthly payments

Multiple forgiveness options available

Refinance to a private loan to potentially get a better interest rate

Private Student Loans Federal Student Loans

TYPES of f e d e r a l FUNDINGFederal Direct

Unsubsidized StaffordFederal Direct

Graduate PLUS

Fixed Interest Rate = 6.08% until 7/1/2020

Origination Fee = 1.059% until 10/1/2020

Will accrue interest while in school

Not credit based

Has annual and aggregate limits

Fixed Interest Rate = 7.08% until 7/1/2020

Origination Fee = 4.236% until 10/1/2020

Will accrue interest while in school

Credit based

Can borrow up to the cost of attendance

UNSUBSIDIZED STAFFORD loan LIMITS

Annual Loan Limit Aggregate Loan Limit1st year 2nd year 3rd year 4th year

Biomedical Science $20,500

$138,500

School of Graduate and Postdoctoral Studies $20,500 $20,500

Physician Assistant $20,500 $20,500

Pathologists’ Assistant $20,500 $20,500

Psychology (MS) $20,500 $20,500

Physical Therapy $20,500 $20,500 $20,500

Nurse Anesthesia $20,500 $20,500 $20,500

Psychology (PhD) $33,000 $37,167 $37,167 $37,167

$224,000College of Pharmacy $33,000 $33,000 $37,167 $37,167

Chicago Medical School $40,500 $40,500 $47,167 $47,167

Dr. William M. Scholl College of Podiatric Medicine $40,500 $47,167 $47,167 $47,167

COST of ATTENDANCE

Financial Aid

Package

Direct Costs

Indirect Costs

• Tuition• Student Fees• Housing

• If living on campus• Health Insurance

• If not waived

• Books and Supplies• Housing/Utilities

• If living off campus• Transportation• Personal/Miscellaneous

Expenses

INTEREST RATES and ORIGINATION FEES

INTEREST RATES AND ORIGINATION FEES

May Start Students August Start Students

Interest Rates Origination Fees Interest Rates Origination

Fees

Direct Unsubsidized Stafford 6.08% 1.059% July 2020 1.059%

Direct Grad PLUS 7.08% 4.236% July 2020 4.236%

HOW to APPLY

Financial Aid packets

emailed to students

FAFSA(school code:

001659)

Complete Federal Direct

Loan requirements

Complete Credit Check

BORROW ONLY what YOU NEED

• Origination cost for unneeded money• Interest cost accrued on unneeded money• Affects of capitalization on unneeded money• Possibility of extra money spent on wants, not necessities

WHAT YOU SAVE

Credit

• Determines if you are credit worthy• How likely you are to pay back what you owe in a timely manner• GRAD PLUS LOAN IS DEPENDENT ON ADVERSE CREDIT

Discover.com

CHECK your CREDIT

In order to qualify you must not have any of the following items on your credit report:

• you have one or more debts with a total combined outstanding balance greater than $2,085 that are 90 or more days delinquent as of the date of the credit report

• or that have been placed in collection or charged off (written off) during the two years preceding the date of the credit report

• Any of the following within the preceding five years of the date of the credit check: default, bankruptcy, discharge, foreclosure, repossession, tax lien, wage garnishment, write-off of a Title IV debt, open collection.

UseAnnualCreditReport.com

to get your free annual credit report

Request ing Fr ee Credit Reports

Ensure creditinformation is accurate

Locate private educational loans

www.annualcreditreport.com

Equifaxwww.equifax.com | 800-685-1111

Experianwww.experian.com | 888-397-3742

TransUnionwww.transunion.com | 800-888-4213

Request a free credit report every 12 months

SCHOLARSHIPS

Start Early Scholarship searching is a year-round sport

Think outside the

box

Consider your family, lifestyles, interests, hobbies, religion, and race.

Look in your

communityDon’t overlook non-online opportunities.

Apply frequently

The more you apply, the more likely you are to receive one.

Maximize your

eligibility

Every scholarship for which you are eligible is worth applying for.

Scholarship Database

Visit our Scholarship Database as a start to your scholarship search.

Student Financial Services —WE’RE HERE to HELP

HEALTH SCIENCES BUILDING | Room L.724847-578-3217, hannah.hast@rosalindfranklin.edu