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.
Stafford Loans are unsubsidized and the interest rate is fixed at 5.41 percent. 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–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 debt accrued from all Stafford Loans combined maxes out at $224,000. The graduate debt limit includes any Stafford Loans received for undergraduate or prior graduate study.
Federal Perkins Loans are low-interest (five percent) loans for graduate students with exceptional financial need. The loan is made with government funds, with a share contributed by the school. You must repay this loan to your lender. Perkins Loans have a nine-month grace period upon graduation (or ceasing to be enrolled at least half-time).
Depending on the year in school, your level of need, and the funding level of the school, you can borrow up to $8,000 for each year of professional study. The total amount graduate students may borrow is $60,000, including any Perkins Loans borrowed as an undergraduate.
One of the Health and Human Services funding programs, HPSLs are available to full-time students attending participating schools who demonstrate family financial need. These are subsidized loans Fixed at five percent interest, these loans are subsidized–the government pays the interest during periods of eligible enrollment, grace or eligible deferment.
In addition to completing the FAFSA, students applying to the HPSL program are required to submit parental income information to the schools to which they apply. Students interested in applying to the HPSL program are encouraged to complete the parent section of the FAFSA each year. Please note that parental information is used only to determine HPSL eligibility; it does not influence a student’s eligibility for any other financial aid program.
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.