Types of financial aid

1. ELIMINATION OF FEDERAL DIRECT SUBSIDIZED LOAN FOR GRADUATE AND  PROFESSIONAL STUDENTS
The Federal Direct Subsidized Loan will no longer be available for graduate and professional  students for loan periods beginning on or after July 1, 2012.  The overall amount that graduate and professional students can borrow remains unchanged.

Beginning July 1, 2012, the upfront interest rebate will no longer be offered on any Federal Direct Loans. Federal Direct Lending will deduct a 1% origination fee on Federal Direct Subsidized and Unsubsidized Loans, and a 4% fee on Federal Direct Parent PLUS and Graduate PLUS Loans.

Students should monitor their federal student loan borrowing history at www.nslds.ed.gov.  Your FAFSA PIN is required, and should always be kept safe.

Need-based loans

Federal subsidized Stafford loan

Requirements:

1. 2012-2013 renewal/FAFSA application

2. Conditions of financial aid

3. Supplemental eligibility form

4. Signed master promissory note

5. No previous student loan default problems

6. Maintain half-time student status

7. Have not exceeded annual/aggregate limits

8. Enrolled in an accredited degree or certificate program

Amount: Between $4,500 and $8,500* per academic year depending on academic status.

*IMPORTANT NOTE for the 2012-13 academic year: Graduate and professional students are no longer eligible to receive Federal Direct Subsidized Loans beginning with loans for periods of enrollment on or after July 1, 2012.

Additional information: Interest is a fixed 6.80 percent and is deferred while the student attends school for at least half time. Repayment begins after a six-month grace period following graduation or a drop to less than half-time enrollment. Financial aid funds are disbursed on an enrollment period basis in equal installments, and will be credited to the student's account. This loan is interest free as long as you remain at least a half-time student in an accredited degree or certificate program.

Legislation allows a loan fee, which helps to reduce the cost of making the low-interest loans, of a 1 percent origination fee from each subsidized and Unsubsidized disbursement.

For Example:

• A student borrows a $4,500 Federal Direct Subsidized Stafford Loan for the 2012-2013 academic year. Subtract from $4,500 the 1.0% loan fee ($45). The net amount of loan funds the student will receive is $4,455.00.

Graduation deferments for borrowers depends on meeting specific criteria, the loan type, and the date in which the loan was received.  For questions on deferments contact your servicer.  You may visit NSLDS for students (http://www.nslds.ed.gov/nslds_SA/) to find out your servicer's information.

Perkins (formerly NDSL, National Direct Student Loan)

Requirements:

1. 2012-2013 renewal/FAFSA application

2. Conditions of financial aid

3. Supplemental eligibility form

4. Signed master promissory note

5. No previous student loan default problems

6. Maintain half-time student status

7. Have not exceeded annual/aggregate limits

8. Enrolled in an accredited degree or certificate program

Amount: Determined by a computer calculation, based on need.

Additional information: These are long-term loans. There are separate lifetime and annual limits for graduate and undergraduate students. Interest on this loan for continuing borrowers is at a rate of 5 percent and is deferred while the student attends school. There is a nine-month grace period following graduation before repayment. Regardless of independent status, LLU requires that parents' income information be included on the FAFSA application.

As of 7/1/93, deferment provisions for a Perkins loan are the same as the deferment provisions for the federal subsidized Stafford loan.

Loma Linda University loan(s)

Requirements:

1. 2012-2013 renewal/FAFSA application

2. Conditions of financial aid

3. Supplemental eligibility form

4. Signed promissory note

5. No previous student loan default problems

6. Maintain half-time student status

7. Have not exceeded annual/aggregate limits

8. Enrolled in an accredited degree or certificate program

Amount: Determined by computer calculation, based on need.

Additional information:

Non need-based loans

Unsubsidized federal Stafford loan

Requirements:

1. 2012-2013 renewal/FAFSA application

2. Conditions of financial aid

3. Supplemental eligibility form

4. Signed master promissory note

5. No previous student loan default problems

6. Maintain half-time student status

7. Have not exceeded annual/aggregate limits

8. Enrolled in an accredited degree or certificate program

Amount: Depending on eligibility, an Undergraduate student may receive both subsidized and unsubsidized federal Stafford loans totaling the applicable Stafford loan limit set by Congress. However, if the student does not qualify for the full amount permitted under the subsidized Stafford loan program, that amount may be converted into an unsubsidized Stafford loan.

Important note for the 2012-13 academic year: Graduate and professional students are no longer eligible to receive Federal Direct Subsidized Loans beginning with loans for periods of enrollment on or after July 1, 2012, instead they eill recieve all Stafford loan funds as Unsubsidized up to the annual loan limits. The annual Stafford loan limit for graduate and professional students remains unchanged.

Additional Information: This loan has the same terms and conditions as subsidized Stafford loans, except interest will accrue while the student is in school and only when the money is disbursed. Accrued interest may be added to the principal amount of the loan.

Legislation allows a loan fee, which helps to reduce the cost of making the low-interest loans, of a 1 percent origination fee from each subsidized and Unsubsidized disbursement.

For Example:

• A student borrows a $2,000 Federal Direct Unsubsidized Stafford Loan for the 2012-2013 academic year. Subtract from $2,000 the 1.0% loan fee ($20). The net amount of loan funds the student will receive is $1,980.

Annual combined maximum for subsidized and unsubsidized Stafford loans:

The annual limit is a combination of subsidized and unsubsidized Stafford loans.

Undergraduate limit

• Sophomore, under age 24, $6,500
• Sophomore, age 24+, $10,500
• Junior/senior, under age 24, $7,500
• Junior/senior, age 24+, $12,500

Graduate

• Dental, up to $47,167
• Medical, up to $47,167
• Pharmacy, public health, and clinical psychology, $33,000
• All other graduates, $20,500

Grants and external scholarships

Federal Pell Grant

Pell Grants are awarded solely on demonstrated financial need to every eligible undergraduate student who hasn't already earned a bachelor's or professional degree. Pell Grants don't need to be repaid. The funds can be used for tuition, fees, and living expenses. You can even receive a Pell Grant if you're attending college less than half time.

When you file the FAFSA, you are automatically considered for a Pell Grant. For the 2012-2013 award year, Pell Grants for full-time students ranged from $555 to $5,550. The amount of your Pell Grant will depend on your financial need, your college costs, and whether you're attending college full time or part time. You may not receive Pell Grant funds to attend more than one college at a time.

Check with the Office of Financial Aid to see if you qualify for a Pell Grant.

Federal supplemental educational opportunity grants (SEOG)

These grants are offered to undergraduate students who have exceptional financial need, with priority given to Pell Grant recipients.  Currently the maximum award is $550 per enrollment period.  Unlike Pell Grants there's no guarantee every eligible student will receive one. In addition, funds are limited. These grants don't need to be paid back.

Cal Grant

The Cal Grant Program is a state-funded educational opportunity grant program to assist students in paying for a college education. It provides grant funds to help pay tuition/fees for California residents at qualifying institutions. If you didn't receive an Entitlement Cal Grant award you can apply for a competitive award using the 2012/2013 FAFSA and a GPA verification form (found at http://www.csac.ca.gov/pubs/forms/grnt_frm/gpaform.pdf) The deadline to submit both the FAFSA (all corrections need to be completed by the March deadline) and GPA verification form deadline is March 2, 2012.

To be eligible for a Cal Grant you must:

• Be a US citizen or resident alien
• Have met U.S. Selective Service requirements
• Have a Valid Social Security number 
• Be a California resident as of March 2, 2011
• Not have a prior bachelor's degree and be in an undergraduate program leading to a degree or certificate
• Be at least half time
• Not have family income and assets above the income and asset ceilings

Cal Grant income and asset ceilings 2012 to 2013

Income	Cal Grants A & C	Cal Grant B
Dependent and independent students with dependents*
Family size
Six or more	$92,600	$50,900
Five	$85,900	$47,100
Four	$80,100	$42,100
Three	$73,700	$37,900
Two	$72,000	$33,600
Independent
Single, no dependents	$29,400	$29,400
Married	$33,600	$33,600
Assets
Dependent and independent students with dependents*
	$62,000	$62,000
Independent	$29,500	$29,500

* Applies to independent students with dependents other than a spouse.

National medical fellowship (NMF)

To qualify, an applicant must be a US citizen from one of the following underrepresented minority groups as defined by NMF: American Black, Mexican American, American Indian, and mainland Puerto Rican. NMF is a nonprofit organization that provides grants-in-aid for first- and second-year students judged by NMF to be in need of financial assistance. Application may be obtained from the National Medical Fellowships Inc., 5 Hanover Square, 15th Floor, New York, New York 10004.

National public health scholarships

The federal government sponsors the national public health service scholarships. These very competitive awards carry a service commitment after a medical residency in an underserved area in the United States. The award covers full tuition, fees, books, and supplies plus a stipend for living expenses. Early submission is recommended.

Armed forces health professions scholarships

These scholarships are available to a limited number of applicants. The scholarship provides full payment of direct (tuition, fees, books, etc.,) educational costs and a stipend for living expenses. Each carries a service commitment. Students interested in applying for these programs are encouraged to discuss options at the Office of Financial Aid before making a commitment. You may obtain descriptive brochures and applications for these programs by contacting the respective armed forces recruiter.

Free scholarship search web sites

CollegeBoard.com--Paying for college
http://www.collegeboard.com/student/pay/index.html

Cost effective college
http://www.costeffectivecollege.com/frameset.htm

FastWeb--free scholarship searches
http://www.fastweb.com/

Scholarships.com--free scholarship searches
http://www.scholarships.com/

Student Aid on the Web Scholarship Search
https://studentaid2.ed.gov/getmoney/scholarship/v3browse.asp

Mach25 database--free scholarship searches
http://www.collegenet.com/mach25/app

Finaid--The Smart Student Guide to Financial Aid
http://finaid.org

The Debt Free Grad--The student's online source for financial advice
http://www.debtfreegrad.com/

Federal work study

The federal work study program is a federally-funded employment program.

Employment opportunities are available to students who have demonstrated financial need according to the renewal/FAFSA application. Awards are need-based and are part of the student's financial aid package. A student may inquire about employment after arriving on campus at the Office of Financial Aid.

[Top]