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Types of Financial Aid

Federal Work-Study

The Federal Work-Study Program provides jobs for students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to your course of study. Students may work up to 15 hours per week during the school year, and rates of pay are based on the type of position and the skill level required. Federal work study is not a loan.

Health Professions Student Loans

One of the Health and Human Services Loan programs, HPSL, is available to full-time students attending ICO who demonstrate family financial need. These are subsidized loans with an interest rate of five percent, these loans are subsidized–the government pays the interest during periods of eligible enrollment, grace or eligible deferment.

If you want to apply for the HPSL program, you also need to submit parental income information on your FAFSA. As a graduate student, you are considered to be an independent student for financial aid and parent data is only used to determine eligibility for HPSL. Students generally have a 12-month grace period available upon graduation and up to 10 years to repay the loan if it is not consolidated.

Direct Unsubsidized Loans

Direct Unsubsidized Loans have a fixed interest rate of 5.84 percent for 2015-16. There is a six-month grace period upon graduation (or ceasing to be enrolled at least half-time.) You will have between 10-30 years to repay your loan depending on which repayment plan you choose.

Unsubsidized loans are not awarded on the basis of need. You’ll be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accumulate, it will be capitalized after graduation–that is, the interest will be added to the principal amount of your loan and additional interest will be based upon the higher amount.

Generally, health professions graduate students can borrow up to $40,500 each nine-month academic period. The actual loan amount you receive is based on your need and any other forms of assistance you may be receiving. The lifetime loan limit from all Direct Unsubsidized Loans is $224,000. The graduate loan limit includes any Direct Subsidized or Unsubsidized Loans received for undergraduate or prior graduate study.

Direct Graduate PLUS Loans

This is an unsubsidized federal student loan that can be used to cover additional attendance need costs. Interest accrues while in school and unpaid interest capitalizes upon repayment (similar to Direct Unsubsidized Loans). The interest rate of Direct Graduate PLUS Loans is 6.84 percent for 2015-16. The origination fee is 4.288 percent.

Sample Award

The above loan types, once combined, can make a huge difference to a student’s financial obligation. We want ICO to be an affordable, attainable option for applicants. Check out this sample award to see how financial aid can bring you to ICO:

Estimated Federal Assistance 1st Year 2nd Year 3rd Year 4th Year
   Campus Employment $2,011 $2,741 $4,040 $929
   HPSL Loan $3,000 $3,000 $2,000 $1,500
   Federal Direct Loan $40,500 $40,500 $47,167 $47,167
   Federal Direct Graduate PLUS $12,000 $13,000 $20,000 $8,000
$57,511 $59,241 $73,207 $62,096