Financial Aid Information for Students Needing to Complete The 72 Hour Requirement for Pharmacy School++

Transcription

1 1 Financial Aid Information for Students Needing to Complete The 72 Hour Requirement for Pharmacy School++ Your Financial Aid Status Any student who has not completed the 72 hour requirement in undergraduate course work is still considered an undergraduate student with undergraduate eligibility and loan limits. Typically, many students within this category complete the 72 hour undergraduate course requirement after their fall semester and will become a graduate student in their spring semester. You will receive a 1 st year pharmacy budget, but you will not be offered graduate level loans until you complete the 72 credit hour requirement. Types of Financial Aid 1. Gift Aid a. Scholarships and grants 2. Self-Help a. Work Study b. Student loans Sources of Financial Aid 1. Federal Government Until you have completed your 72 credit hour requirement to become a Pharmacy student, you could potentially be eligible for gift aid from the Federal Government, such as the Pell Grant and the Supplemental Education Opportunity Grant. Your eligibility for these grants is determined by the FAFSA. Once you reach the 72 credit hour requirement, you will become a graduate student and the Federal government only offers self-help aid and does not offer gift aid. Graduate students are not eligible for grants such as the Pell Grant or the Federal Supplemental Education Opportunity Grant. Undergraduate and graduate students can potentially be eligible for Federal Work Study funds and student loans, which are types of self-help aid that the Federal government offers. Federal Work Study

2 2 The Office of Financial Aid offers Federal Work Study to students who have met the priority FAFSA filing date of March 1 and have enough need to be eligible. Your award letter will indicate whether you are eligible for Federal Work Study. Currently, the maximum amount of Federal Work Study that is offered is $2,000 at Samford. If you have been awarded Federal Work Study, please go to the Student Employment page of the Human Resources page to find a position: Student Loans The Federal government offers three federal loan options for undergraduate students who have not completed their 72 hour requirement to be a graduate student: Unsubsidized and Subsidized Stafford The Subsidized and the Unsubsidized Stafford are guaranteed loans as long as you were awarded one or both of these types of loans in your Award Letter, which comes to your Samford account by the end of June of each year The Subsidized Stafford loan is need based and is only offered to students who demonstrate enough need and are of undergraduate status The maximum amount in both Unsubsidized and Subsidized Stafford loan funds is $7,500 for dependent undergraduate students and $12,500 for independent undergraduate students for the year that the student has not reached their 72 hour credit requirement, but has been accepted into the Pharmacy program If the student completes the required 72 hours in the fall semester, the student will no longer be eligible for Subsidized Stafford loans in the spring semester or any following semester Depending on the student s eligibility determined by his or her FAFSA, the student could receive up to $5,500 in Subsidized Stafford loan funds if the student is a dependent undergraduate student and up to $5,500 if the student is an independent undergraduate student The aggregate lifetime loan limit for Stafford loans is $31,000 for dependent undergraduate students, of which no more than $23,000 can be in Subsidized Stafford loan funds The aggregate lifetime loan limit for Stafford loans is $57,500 for independent undergraduate students, of which no more than $23,000 can be in Subsidized Stafford loan funds Each year the interest rate for a new Subsidized and Unsubsidized Stafford loan is based off of the 10 year Treasury Note index plus an added percentage; the add-on percentage is 2.05% and there is a cap on the interest rate at 8.25% The interest rate for both the Subsidized and Unsubsidized Stafford loan for the academic year is 4.29%; this interest rate is fixed and is good for the life of the loan

3 Both types of Stafford loans have an origination fee of 1.073%, which is collected by the Department of Education before the loan disburses to Samford Perkins The Perkins loan is a guaranteed loan as long as you were awarded this type of loan in your Award Letter, which comes to your Samford account The Perkins loan is a need based loan and is only offered to students who demonstrate enough need as determined by their FAFSA The Perkins loan funds are limited, so we encourage students to fill out their FAFSA by the March 1 priority filing deadline in order to better ensure that the student receives this type of loan The maximum amount of Perkins loan funds that a student can typically receive at Samford is $3000 per year The interest rate is at a fixed 5% and is good for the life of the loan There is no origination fee The grace period on this loan is 9 months Interest does not accrue until the student s grace period ends and the student goes into repayment Parent Plus Loan This loan is in a parent s name The parent must put their information on the student s FAFSA in order to apply for this loan This loan is not a guaranteed loan because it is credit based If the parent is denied, the student could potentially be offered additional Unsubsidized Stafford loan funds Each year the interest rate for a new loan is based off of the 10 year Treasury Note index plus an added percentage; the add-on percentage is 4.6% and there is a cap on the interest rate at 10.5% The interest rate for the academic year is 6.84%, this interest rate is fixed and is good for the life of the loan This loan has an origination fee of 4.292%, which is collected by the Department of Education before the loan disburses to Samford The Federal government offers two federal loan options for Pharmacy students who have completed their 72 Hour Requirement: Unsubsidized Stafford Loan This is a guaranteed loan as long as you were awarded this loan in your Award Letter, which comes to your Samford account by the end of June of each year The maximum amount each year that a student can currently receive in this loan is $33,000 for their 1 st -3 rd year and $37,167 for their 4 th year The aggregate lifetime loan limit for Stafford loans is currently $224,000 for Pharmacy students, which includes both Subsidized and Unsubsidized Stafford loans received as an graduate and undergraduate student 3

4 Each year the interest rate for a new Unsubsidized Stafford loan is based off of the 10 year Treasury Note index plus an added percentage; the add-on percentage is 3.6% and there is a cap on the interest rate at 9.5% The interest rate for the academic year is 5.84%; this interest rate is fixed and is good for the life of the loan This loan has an origination fee of 1.073%, which is collected by the Department of Education before the loan disburses to Samford Grad Plus Loan This loan is in the student s name This loan is not a guaranteed loan because it is credit based Your eligibility is determined by the Department of Education If you have no credit history, you should still be eligible for the loan, however the Department of Education will determine your eligibility A student with averse credit may be denied the loan, but may be reconsidered if the student appeals the decision or obtains an endorser Each year the interest rate for a new loan is based off of the 10 year Treasury Note index plus an added percentage; the add-on percentage is 4.6% and there is a cap on the interest rate at 10.5% The interest rate for the academic year is 6.84%, this interest rate is fixed and is good for the life of the loan This loan has an origination fee of 4.292%, which is collected by the Department of Education before the loan disburses to Samford 2. State Government Alabama s state government offers the Alabama Student Grant for Samford students who meet both of these items of criteria a. Must be resident of Alabama b. Must have not yet completed a Bachelor s degree If you were a pre-pharmacy student at Samford or another institution and went straight into your 1 st year of pharmacy school at Samford without receiving a Bachelor s degree, you are eligible to receive the Alabama Student Grant as long as you are a resident of Alabama You can locate the form on the Office of Financial Aid s website: 3. Private/Outside Entities Outside Scholarships Many private/outside entities offer students the opportunities to apply for and receive outside scholarships. We post many outside scholarship opportunities on our social media pages: Private Loans You can also find these listings on our Instagram; our username is SamfordSFS 4

5 5 Many banks, credit unions, and other lending institutions offer private student loans to students. To compare private loan options, please go to for a loan comparison tool that will help compare each loan s terms and conditions. This comparison tool is not intended to display all of the private loan options, but to give you a starting point with some of the more well-known and larger private lending entities. Please note that if you are looking to receive a private loan, the loan will take at least 14 days to be disbursed to Samford due to the student having the right to cancel the loan with the lender during that timeframe. If a student is thinking about loan consolidation, please note that private and federal loans cannot be consolidated together. 4. Samford University All scholarships received from Samford as a pre-pharmacy student should carry over into your first two years of the pharmacy program as long as you maintain the terms and conditions of each scholarship. A student who transfers to another university and returns to Samford, will forfeit any institutional scholarships 5. McWhorter School of Pharmacy All pharmacy-specific scholarships for the Pharmacy program are awarded by the Pharmacy school. To learn more about the different types of scholarships that are offered, please contact Pharmacy Admissions by ing the Director of Admission, Bruce Foster, at cbfoster@samford.edu. The deadline for applying for these scholarships is typically April 1 st each year and students will receive information about how to apply online for these when they receive the offer of admission from the School of Pharmacy. 6. Personal Resources Personal resources such as a college savings fund, such as the 529 plan, can be used to help pay for tuition and fees. If you have a college savings fund similar to a 529 plan, please contact the Bursar s Office at More information regarding the Payment Plan is discussed in pages to follow. 5 Major Steps in Obtaining Financial Aid 1. Fill out the FAFSA (Free Application for Federal Student Aid) each year a. This document will help determine whether you qualify for financial aid b. Please go to to fill out your application c. The student and parent(s) income and information are needed on the FAFSA since the student has not earned 72 or more credit hours of undergraduate classes d. Please indicate on Year in College question as 3 rd year/junior e. Please indicate on Degree or Certificate question as 1 st bachelor s degree f. Please indicate no on the yes or no question regarding Graduate or Professional student status g. Applications are available January 1 of each year

6 h. Samford s priority funding deadline is March 1 of each year i. Samford s priority processing deadline is July 1 of each year j. The FAFSA must be renewed each year to be considered for federal financial aid 2. Turn in additional documentation as needed a. If you need to turn in any additional documentation, you will receive a missing information letter in your Samford account b. All documentation must be turned in and processed before we can offer any federal financial aid c. Documentation that is sometimes required is a copy of a signed social security card, or a copy of a birth certificate, and/or originals of citizenship paperwork 3. Check your Samford account in June for your award letter a. You will receive this by the end of June and within this will be instructions for how to go online and accept your loans 4. Accept your loans online in Banner a. Once you follow the award letter instructions, you will be able to see all types of financial aid that you were offered including scholarships and loans b. Scholarships are already automatically accepted for the students, so students will only need to accept their loans c. Whatever amount of loan funds the student chooses will be divided evenly between fall and spring semester 5. Complete entrance counseling and sign master promissory notes a. Entrance counseling walks you through basic information on loans, such as loan repayment and how to create and maintain a budget b. Please complete entrance counseling and sign promissory notes at c. A promissory note will also need to be signed for each loan you accept, by signing this document online; you are agreeing to pay back your loan within the repayment terms d. If you were offered the Perkins loan, you will receive a link to sign a promissory note in your Samford account e. Once you complete entrance counseling, you will not need to complete this again while you attend Samford, since the entrance counseling is good for ten years f. Once you complete a Stafford or Perkins promissory note, you will not need to complete this again while you attend Samford, since the promissory note is good for ten years g. A promissory note for the Parent Plus or Grad Plus loan must be completed each year due to promissory note being tied to the exact amount of funds you accept Understanding your Budget Each university has a cost of attendance that they must uphold for each type of student. The cost of attendance includes tuition, fees, and living expenses. The cost of attendance is the maximum amount of financial aid that a student can receive for the fall and spring semester, which includes both loans and scholarships. The cost of attendance is to give students an estimate of what it will cost to attend their first year at Samford. The only items that will actually be charged to the student s account will be tuition and fees. 6

7 7 We advise the student to create their own budget and determine if they actually need to borrow the maximum amount. We always advise students to only take out as much loan funds as they need. On the following page, you will be able to see the breakdown of the budgets for both students who live on and off campus for their first year at McWhorter. Cost of Attendance for the Academic Year 1 st Year Pharmacy Budget-On Campus for Tuition $35,414 Room and Board $10,234 Fees $550 Books & Supplies $1,000 Transportation $1,200 Personal & Misc. $2,913 Loan Fees $889 Total Budget: $52,200 1 st year Pharmacy students who are living on campus can have a maximum amount of $51,000 in financial aid, which can include both scholarships and loans.

8 8 1 st Year Pharmacy Budget-Off Campus for Tuition $35,414 Room and Board $15,350 Fees $550 Books & Supplies $1,000 Transportation $1,750 Personal & Misc. $2,949 Loan Fees $987 Total Budget: $58,000 1 st year Pharmacy students who are living off campus can have a maximum amount of $55,800 in financial aid, which can include both scholarships and loans. Payment Full payment of fall term tuition and fees is due August 17, unless you sign up for the Payment Plan (see below). Samford accepts payment by cash, check, money order, cashier s check, Visa, Master Card, Discover, and American Express. Your scholarships and other financial aid sources for the corresponding semester will post 10 days before your classes begin each semester. If you do not see all expected financial aid posted, please contact the Office of Financial Aid at If you chose to take loan funds out that exceeded your tuition and fee charges, you will receive a refund check. If you have completed all requirements for financial aid, have taken out loans that exceeded your tuition and fees, and have not received a refund check by the first day of class, please contact the Bursar s Office at Refunds are typically available the first day of classes as long as the student s charges have been paid in full before that date by loan funds. You can set up to have your refund check directly deposited to your bank account, if you choose. Please see instructions below on how to set up direct deposit. How to Sign Up for Direct Deposit Visit Click on the e-bill login link under Payment Options Once you login, click on erefunds in the top menu Click on Add under Actions Type in your checking or savings account information

9 9 Your refund will continue to be deposited into this account each time you are eligible for a refund, so please make sure this information is up to date if your bank account information changes Payment Plan There are three different options to pay over the course of five, four, or three months each semester. There is a $75 enrollment fee each semester. Eligibility Requirements Must be registered or planning to register for the upcoming fall or spring semester No outstanding or past due balance from any prior terms Current term charges must be in excess of $1,000 Enroll in the plan during the specified enrollment period For more detailed information about the payment plan, please visit: or contact the Bursar s Office at Repayment As long as a student maintains at least half time enrollment status at a college or university, their loans will remain in an in-school deferment status. Once a student drops below the half time enrollment status due to graduating or not being enrolled in enough hours, the student will no longer be eligible for the in-school deferment status and will have a six month grace period before their student loans go into repayment. Once the six month grace period is finished, the student will be responsible for paying any principle and interest on the federal student loan(s) on a monthly basis. Once the nine month grace period is finished, the student will be responsible for paying back any principle and interest on the Perkins loan on a monthly basis. The student s loan servicer will automatically enroll each student in the Standard Repayment plan, which has equal monthly payments over the course of 10 years. The student can request a different payment plan option, but he or she will need to do so with their loan servicer. A student can find out who their loan servicer is by logging onto the National Student Loan Data System s website:

10 10 How to Contact the Office of Financial Aid We are open Monday-Friday from 8:00-4:30, unless the University is closed for a holiday or inclement weather. Address: Samford University ATTN: Office of Financial Aid 800 Lakeshore Drive Birmingham, AL Telephone: or toll free at Fax: ofa@samford.edu or your Financial Aid Advisor, Melissa Belflower, at mbelflow@samford.edu ++This worksheet is not intended to replace or replicate actually contacting your financial aid advisor. Please note that financial aid laws, policies, and guidelines change on a regular basis and we advise you to always contact your advisor for the most up to date information regarding your financial aid.