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 6.8 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 payment plan you establish.
- An unsubsidized loan is 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. Note: If your interest is capitalized, it will increase the amount you have to repay. If you choose to pay the interest as it accumulates, you'll repay less in the long run. In addition, the amount of interest you pay may be tax deductible.
Stafford Loan Limits – Health Professions Students
Generally, as a graduate student, you can borrow up to $40,500 each nine month academic period.
The actual amount of loan you receive is based on your need and any other forms of assistance you may be receiving. Generally, the total lifetime debt you can have outstanding from all Stafford Loans combined is $224,000 as a professional student. The graduate debt limit includes any Stafford Loans received for undergraduate or prior graduate study.
The Federal Perkins Loan Program
A Federal Perkins Loan is a low-interest (5 percent) loan 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 9 month grace period upon graduation (or ceasing to be enrolled at least half-time).
Federal Perkins Loan Limits
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 you can borrow as a graduate/professional student is $60,000, including any Federal Perkins Loans you borrowed as an undergraduate). (As of August 14, 2008)
The Health Professions Student Loan Program
This program is part of the Health and Human Services funding programs. It is a federal loan program available to full-time students attending participating schools who demonstrate family financial need. The HPSL loan is a fixed interest (5%) subsidized loan where the government pays the interest during periods of eligible enrollment, grace or eligible deferment.
In addition to completing the FAFSA, the Health Professions student loan program requires institutions to take parental information into consideration when selecting recipients. It is recommended that students who are interested in applying for the HPSL loan complete the parent section of the FAFSA each year. Note: the parent information is only used to determine eligibility for the HPSL program - it does not influence a student’s eligibility for any of the other financial aid programs offered by the College.
Students generally have a 12-month grace period available upon graduation and up to 10 years to repay the loan if it is not included in consolidation loan.