Western University of Health Sciences Financial Aid Western University of Health Sciences
Financial Aid

Department of Education

Stafford Loans – Department of Education

Loss of Subsidized Loan Eligibility for Graduate and Professional Students 

The Budget Control Act (BCA) of 2011 (Pub. L. 112-25) was signed into law on August 2, 2011. This Act makes two changes to the William D. Ford Direct Loan (Direct Loan) Program.

Effective for loans made for periods of enrollment (loan periods) beginning on or after July 1, 2012, graduate and professional students are no longer eligible to receive Federal Direct Subsidized Loans (the portion of the loan that the interest does not accrue while the student is enrolled at least half-time). The terms and conditions of Direct Subsidized Loans received by any student for loan periods beginning before July 1, 2012, for either graduate or undergraduate study, are not affected by this change. (Please see the chart below for program specific Stafford loan amount eligibility.)

 1314- 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 2013/2014 academic year the interest rate is 5.41% (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 2014/2015 academic year may differ based on what the 10-Year T-Bill will be by the end of May 2014.   

 

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 2013/2014 academic year the interest rate is 6.41% (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 2014/2015 academic year may differ based on what the 10-Year T-Bill will be by the end of May 2014.

 

 All budgets 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

$42,722

Third Year

$47,167

Fourth Year

$44.944

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

$37,167

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

$42,722

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

$47,167

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

 

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.


  

Interest rates on new Stafford In-School loans made after July 1, 2006 is 6.8% fixed.

 


 

 Federal Perkins Loan

 

 The Perkins loan is a low interest subsidized federal loan for eligible undergraduate and graduate students and subject to availability of funds.  The amounts vary, depending on financial need and federal allocation to our school.  The Perkins undergraduate loan maximum is $20,000.00 and graduate students have a $40,000.00 loan maximum.  The Perkins loan has a fixed interest rate of 5%.

 


  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)

Students must be meeting SAP standards as defined by your college to receive finanacial aid.  Please go to the college catalog for your programs SAP policy and procedures.  Western University College Catalog