Financial Aid 101

Applying for Financial Aid

Students interested in receiving federal student aid must complete the Free Application for Federal Student Aid (FAFSA). The fastest and easiest way to apply is online at FAFSA on the Web at www.fafsa.ed.gov. If you do not have a Department of Education Personal Identification Number (PIN), you may request a PIN at www.pin.ed.gov. By using your PIN, you eliminate the need for a signature page. In addition, you should include your email address on the FAFSA in order to receive a response from the Federal Processor via your email within 24 – 72 hours. Students must meet eligibility criteria to be eligible for federal student aid. More information regarding financial aid processes, types of aid, tips on applying, online resources and other relevant data is available on the NSU financial aid website at www.nova.edu/cwis/finaid.

IMPORTANT: Students must reapply for federal student aid every year, beginning January 1 for the new academic year.

Financial Need

Financial need is determined as follows: Cost of Attendance minus Estimated Family Contribution (EFC) = financial need.

The cost of attendance (COA) is determined by the Office of Student Financial Assistance utilizing information from the program office with regard to tuition and fees, and books and supplies. The COA includes tuition and fees, books and supplies, room and board, transportation and miscellaneous expenses. The total aid for an academic year may not exceed the cost of attendance. The Estimated Family Contribution (EFC) is the amount of contribution you are expected to pay toward your education and is determined by the financial and other pertinent information provided on the FAFSA.

Types of Aid

There are several types of aid available to eligible Osteopathic Medicine students. They include the Federal Stafford Loans, Health and Human Services (HHS) loans, such as the Primary Care Loans, and Loans for Disadvantaged Students (LDS), HHS Scholarships for Disadvantaged Students (SDS), alternative/private loans and other external scholarships.

Federal Loans

If you are interested in applying for federal loans, which includes the Federal Subsidized and Unsubsidized Stafford loans, you must complete the FAFSA and meet all general eligibility criteria. Please click here for more information regarding Stafford Loans and make sure your understand the loan process.

The interest rate on the Federal Stafford Loan for 2006-2007 (July 1, 2006-June 30, 2007) academic year is a fixed rate of 6.8%.

Alternative/Private Loans

Private/alternative loans are not based on financial need, but generally require that the student or borrower have a satisfactory credit history. Actual eligibility for private/alternative loans will be determined after a credit check has been completed by the lender and the amount is certified by NSU. Several lending institutions and nonprofit organizations offer long-term, low-interest educational loans to students and their families. Students may apply for private educational loans in addition to or in place of federal loan programs.

Some lenders require a cosigner or require that the borrower meet debt-to-income ratio criteria. The terms for the loans vary, but many are comparable to the Subsidized and Unsubsidized Federal Stafford Loan programs. Students may be required to contact the lender directly, if instructed to do so. These loans are considered part of a student's financial aid package, and the total of these loans plus all other aid received cannot exceed the university's established financial aid budget for the student. For information regarding specific lenders, refer to the Guide to Alternative Loans. Please make sure your read the application process for applying for alternative loans.

Health and Human Services Loans and Scholarships – College of Osteopathic Medicine

Applicants from low to middle income families are encouraged to apply for the limited number of need-based, college specific scholarships and loans. In order to receive these loans, applicants must complete the Free Application for Federal Student Aid, provide their prior year tax forms, as well as their parents’ prior year tax forms, and complete the Health and Human Services (HHS) Application for Loans and Scholarships.

The following Health and Human Services loans and scholarships are available to eligible Osteopathic Medicine students:

• Primary Care Loans (http://bhpr.hrsa.gov/dsa/pages/pcl.htm)
  Awarded to students who demonstrate substantial need. Medical students receiving a PCL must agree to (a) enter and complete residency training in primary care within four years after graduation and (b) practice in primary care for the life of the loan. These loans carry a 6 percent interest rate. Repayment of interest and principal begins 12 months after graduation or when a student ceases to be enrolled at least halftime. The repayment period is 10 years. For eligibility criteria, click here. To be considered for a Primary Care Loan, you must apply for the FAFSA, submit a copy of your and your parent’s prior year tax forms, complete the HHS Loan and Scholarship Application and submit them to the Office of Student Financial Assistance at HPD.
  
  

• Loans for Disadvantaged Students (http://bhpr.hrsa.gov/dsa/sfag/Health_Professions/health_professions.html)
  The Loans for Disadvantaged Students program provides long-term, low-interest rate loans to full-time, financially needy (low income levels) Link to students from disadvantaged backgrounds, to pursue a degree in osteopathic medicine. Repayment of interest and principal begins 12 months after graduation or when a student ceases to be enrolled at least half time. The repayment period is 10 years. To be considered for the LDS, you must apply for the FAFSA, submit a copy of your and your parent’s prior year tax forms, complete the HHS Loan and Scholarship Application and submit them to the Office of Student Financial Assistance at HPD.
  
  
• Scholarships for Disadvantaged Students (http://bhpr.hrsa.gov/dsa/sfag/Health_Professions/health_professions.html)
  The Scholarships for Disadvantaged Students program provides scholarships to full-time, financially needy (low-income levels) ) students from disadvantaged backgrounds. An individual from a disadvantaged background is defined as one who comes from an environment that has inhibited the individual from obtaining the knowledge, skill, and abilities required to enroll in and graduate from a health professions school, or from a program providing education or training in an allied health profession; or comes from a family with an annual income below a level based on low income thresholds according to family size published by the U.S. Bureau of Census, adjusted annually for change