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Department of Education

Department of Education

 

  •   Loan Programs and Interest Rates

Federal Subsidized Stafford Loan: No longer available to graduate professional students.

 Federal Unsubsidized Stafford Loans: are available to undergraduate and graduate students from the Direct Loan Program and guaranteed by the federal government. However, the federal government does not pay the interest while the student is in school.

Effective July 1, 2013 interest rates have changed to a “variable-fixed” rate. The rate would be fixed until the loan is paid in full. Interest rates will be established on July 1, for the upcoming academic year. For the 2016/2017 academic year the interest rate is 5.31% (T-bill + 3.60%) which starts accruing interest as soon as the funds are disbursed to the university. Please remember, that the interest rate for the 2017/2018 academic year may differ based on what the 10-Year T-Bill will be by the end of May 2017.   

 Increased Annual Unsubsidized Loan Limits: Western University participated in the Health Education Assistance Loan (HEAL) program before its phase out in 1998. As a result, the school may award the increased unsubsidized amounts to students who are enrolled full-time in a health professions discipline that was eligible under the HEAL program and is accredited by an approved accrediting agency. Because the increased annual unsubsidized Stafford Loan limits are intended to replace funds that would have been available previously under the HEAL program, the annual loan limits for the increased unsubsidized amounts are the same as the HEAL program annual loan limits.

Grad PLUS Loan: are available to graduate students from the Direct Loan Program and guaranteed by the federal government. However, the federal government does not pay the interest while the student is in school.

Effective July 1, 2013 interest rates have changed to a “variable-fixed” rate. The rate would be fixed until the loan is paid in full. Interest rates will be established on July 1, for the upcoming academic year. For the 2016/2017 academic year the interest rate is 6.31% (T-bill + 4.60%) which starts accruing interest as soon as the funds are disbursed to the university. Please remember, that the interest rate for the 2017/2018 academic year may differ based on what the 10-Year T-Bill will be by the end of May 2017.

 Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness benefits, which other student loans are not required to provide. Please go to our Repaying Your Student Loans page on this site for more information on repayment plans.

 Federal Direct loans are available to students regardless of income.

 

  • The maximum annual Unsubsidized Stafford loan limits as per the Department of Education per program are as follows for the 2016/2017 academic year:

 

Unsubsidized amounts are subject to change.

Doctor of Veterinary Medicine (DVM) Program

 

Unsubsidized

First Year

$42,722

Second Year

$42,722

Third Year

$42,722

Fourth Year

$44,944

Doctor of Osteopathic Medicine (DO) Program

 

Unsubsidized

First Year

$44,944

Second Year

$44,944

Third Year

$47,167

Fourth Year

$47,167

ISAC

$47,167

Biomedical Sciences 

 

Biomedical Sciences Annual Limit

$20,500

 Masters in Medical Sciences

 

Medical Sciences Annual Limit

$20,500

Doctor of Pharmacy (PharmD) Program

 

Unsubsidized

First Year

$34,389

Second Year

$34,389

Third Year

$34,389

Fourth Year

$37,167

 

 

Master in Pharmaceutical Sciences Annual Limit

$20,500

 

 

International PharmD First Year

$37,167

International PharmD Second Year

$34,389

International PharmD Third Year

$37,167

 

 

Doctor of Physical Therapy (DPT and Advance DPT) Programs

 

Unsubsidized

Annual Limit

$20,500

Doctor of Podiatric Medicine

 

Unsubsidized

First year

$44,944

Second year

$42,722

Third Year

$47,167

Fourth Year 

 $47,167

ISAC

$47,167

Doctor of Optometry

 

Unsubsidized

First Year

$44,944

Second Year

$47,167

Third Year

$42,722

Fourth year

$47,167

Doctor of Dental Medicine

 

Unsubsidized

First Year

$47,167

Second year

$47,167

Third year

$47,167

Fourth Year

$42,722

Master of Science in Health Science (MSHS) Program

 

Unsubsidized

Annual Limit

$20,500

Master of Physician Assistant (MSPA) Program

 

Unsubsidized

First Year

$20,500

Second Year

$20,500

Master of Science Nursing/Family Nurse Practitioner (MSN/FNP) Programs

 

Unsubsidized

Annual Limit

$20,500

Master of Science in Nursing (MSN) Program

 

Unsubsidized

Annual Limit

$20,500

Family Nurse Practitioner (FNP) Program

 

Unsubsidized

Annual Limit

$20,500

Master of Science in Nursing Entry (MSN-E) Programs – ADN & DNP Programs

 

Unsubsidized

MSNE Annual Limit

$20,500

DNP & ADN Annual Limit

$20,500

  • The Grad PLUS Loan will be awarded to students with an unmet need to fill the gap in their budget (please refer to your award letter for your actual award eligibility amounts). 

Award Notifications

Students will be notified via Western University email of their award letter notice. All subsequent awards or changes to the award will generate an additional or revised award letter notice.

Students may accept all or a partial amount of their award. When accepting your loans, students should always accept the loan with the lowest interest rate first (unsubsidized) and then the Grad PLUS Loan. Scholarships will always be taken into consideration first when awarding the student.

Western University is a graduate /professional university and is not eligible for Pell Grants.

Overawards

Federal regulations prohibit students from being awarded beyond the cost of attendance established for their program. An overaward occurs when a student receives resources (such as scholarships or grants) in addition to federal funding and the combined award exceeds the student’s financial need established by the cost of attendance. Federal regulations require that overawards be eliminated as they are discovered. Overawards that are found before financial aid has been disbursed must be eliminated prior to any disbursement by reducing financial aid.

Students will be notified when they are overawarded and funds are being reduced or canceled to eliminate the overaward.

A borrower who has reached his or her aggregate borrowing limit may not receive additional loans. Once the loans are repaid, in full or in part, the borrower may apply for additional Stafford loans. Outstanding loans include student loans received while the student completed undergraduate and graduate work. In the case of Consolidation loans, the outstanding amounts of any underlying Stafford loans are counted towards the loan limits. The total loan debt a student may have outstanding from all Stafford loans differs depending on their program.

  • $138,500 for the MSHS, DPT, MSPA, MSBS, MSMS and all Nursing programs, no more than $65,500 of this aggregate amount may be in the form of subsidized loans.
  • $224,000.00 for the DO, Dental, Podiatry, Optometry, PharmD and Vet Med programs.

    Rights and Responsibilites of Student Loan Borrowers – Federal Direct Loan Program

 rights and responsibilities 


Federal Work Study (FWS)

The FWS program provides funds for part-time jobs which allow students to earn money needed to pay for educational expenses. FWS awards are a form of federal financial aid. In order to be eligible students must have completed a current FAFSA, have remaining “unmet need”, be a permanent or U.S. citizen, be in good academic standing and be enrolled at least half-time. Positions could be available on or off campus. Students are encouraged to find positions that provide work experience in their field of study or provide valuable service to the community.


Loan Cancellation 

You May cancel or reduce the amount of your loan by writing to your school’s financial aid office or lender before your lender sends your money to your school.  There are also two ways to cancel all or part of your loan after your loan money is sent to your school. You may contact the school within 14 days of the date the school informs you they have applied your loan to your account or you can pay back all or a part of your loan within 120 days of the date your lender sends your loan money to your school.

 


• Satisfactory Academic Progress (SAP)

As per federal regulations and institutional policies, financial aid recipients must meet all Satisfactory Academic Progress (SAP) standards as established by each college in order to continue to receive financial aid. SAP is measured at the end of each payment period to ensure that the student is making reasonable academic progress to meet graduation requirements.

The standards of measurements in assessing satisfactory academic progress are:

Qualitative – Cumulative grade point average – Students are required to maintain a minimum cumulative GPA throughout their program while attending WesternU.

Quantitative/Pace – Pace is the rate at which a student completes requirements for their educational goal and is calculated by dividing the number of cumulative units completed by the number of cumulative attempted. Students must progress through their program to ensure that they will graduate within the maximum timeframe (as specified by each college).

Financial Aid Warning Policy (Title IV and Title VII) –

If a student is not making Satisfactory Academic Progress (SAP) they will be placed on “Financial Aid

Warning” status for the next payment period and continue to receive financial aid for that period.

Financial Aid is any financial assistance offered to the student for paying for their education, such as loans, scholarships, Federal Work-Study, Grants and stipends (based on the criteria of the stipend). Students who fail to make SAP by the end of that payment period lose financial aid eligibility.

It is the policy of the Financial Aid Office (FAO) that once a student has been placed on academic probation for not meeting SAP standards as defined by the college, the Financial Aid Office will automatically place the student in a Financial Aid Warning status. During the next academic term if the student does not meet SAP standards and the college places the student on academic suspension the student will no longer be eligible for financial aid. If the student appeals the academic suspension and the appeal is approved, financial aid will be reinstated. If the student is directed to audit courses; those courses will not be covered by financial aid. Students that are required to repeat coursework are encouraged to meet with a financial aid counselor with respect to their financial aid eligibility.

If you are considering taking a leave of absence or any time off from class, you should meet with a financial aid counselor first to find out how this may affect your financial aid.