Financial
Aid

Types of financial aid

The following information regarding sources of financial aid is only for citizens and eligible non-citizens. International students, as per federal regulations, are not eligible for Title IV funding.

U.S. Citizens and eligible non-citizens who wish to apply for financial aid need to complete the Free Application for Federal Student Aid (FAFSA), available at www.fafsa.ed.gov.  Most students who are eligible for federal aid are also eligible to be considered for need-based financial aid from Loma Linda University.  In order for us to determine eligibility for need-based aid, please complete the FAFSA application.  After the Office of Financial Aid receives the results of your FAFSA, an email will be sent to you with further instructions on completing your application.

Please note that many need-based forms of financial aid are limited and therefore not guaranteed. Students are encouraged to apply as soon as possible, preferably by the preferred funding deadline, to be considered for the best financial aid.

Loans

Federal Direct Stafford Loans – Subsidized and Unsubsidized

     Direct Subsidized Loans:

  • Direct Subsidized Loans are available to undergraduate students with financial need.

  • Your school determines the amount you can borrow, and the amount may not exceed your financial need.

  • The U.S. Department of Education pays the interest on a Direct Subsidized loan while you’re in school at least half-time, for the first six months after you leave school (referred to as a grace period*), and during a period of deferment (a postponement of loan payments).

*Note: If you receive a Direct Subsidized Loan that is first disbursed between July 1, 2012, and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period. If you choose not to pay the interest that accrues during your grace period, the interest will be added to your principal balance.

      Direct Unsubsidized Loans:

  • Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.

  • Loma Linda University determines the amount you can borrow based on your cost of attendance and other financial aid you receive.

  • You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods. 

  • If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan). 

Year

Dependent Students (except students whose parents are unable to obtain PLUS Loans)

Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)

First-Year Undergraduate Annual Loan Limit

$5,500—No more than $3,500 of this amount may be in subsidized loans.

$9,500—No more than $3,500 of this amount may be in subsidized loans.

Second-Year Undergraduate Annual Loan Limit

$6,500—No more than $4,500 of this amount may be in subsidized loans.

$10,500—No more than $4,500 of this amount may be in subsidized loans.

Third-Year and Beyond  Undergraduate Annual Loan Limit

$7,500—No more than $5,500 of this amount may be in subsidized loans.

$12,500—No more than $5,500 of this amount may be in subsidized loans.

Graduate or Professional Students Annual Loan Limit

Not Applicable (all graduate and professional students are considered independent)

$20,500 (unsubsidized only)

Subsidized and Unsubsidized Aggregate Loan Limit

$31,000—No more than $23,000 of this amount may be in subsidized loans.

$57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans.

$138,500 for graduate or professional students—No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.

   Interest Rate

Loan Type

Borrower Type

Loans first disbursed on or after 7/1/13 and before 7/1/14

Loans first disbursed on or after 7/1/14 and before 7/1/15

Direct Subsidized Loans

Undergraduate

3.86%

4.66%

Direct Unsubsidized Loans

Undergraduate

3.86%

4.66%

Direct Unsubsidized Loans

Graduate or Professional

5.41%

6.21%

   Loan Fees

Loan Fees for Direct Subsidized Loans and Direct Unsubsidized Loans

First Disbursement Date

Loan Fee

On or after Oct. 1, 2014, and before Oct. 1, 2015

1.073%

On or after Oct. 1, 2015, and before Oct. 1, 2016

Rate coming in September

   Federal Direct PLUS Loans

       Direct PLUS Loans:

  • The U.S. Department of Education is the lender.

  • The borrower must not have an adverse credit history.    Note:  On or after March 29, 2015, PLUS loans which are approved through the reconsideration process or require an endorser due to adverse credit history, special loan counseling will be required in order to obtain the loan. The special loan counseling is available on the Department of Education’s website; StudentLoans.gov. This requirement applies to both graduate students and parent(s) of a dependent student.

  • The maximum loan amount is the student’s cost of attendance (determined by the school) minus any other financial aid received.

       To receive a Direct PLUS Loan, you must

  • be a graduate or professional degree student enrolled at least half-time at an eligible school in a program leading to a degree or certificate, or be the parent (biological, adoptive, or in some cases, stepparent) of a dependent undergraduate student enrolled at least half-time at a participating school; and

  • meet the general eligibility requirements for federal student aid. If you are borrowing on behalf of your child, your child must also meet these requirements.

        Interest Rate

         For Direct PLUS Loans first disbursed on or after July 1, 2013, and before July 1, 2014, the interest rate is 6.41%.

         For Direct PLUS Loans first disbursed on or after July 1, 2014, and before July 1, 2015, the interest rate is 7.21%.

         These are fixed interest rates for the life of the loan.

         Loan Fees

Loan Fees for Direct PLUS Loans

First Disbursement Date

Loan Fee

On or after Oct. 1, 2014, and before Oct. 1, 2015

4.292%

On or after Oct. 1, 2015, and before Oct. 1, 2016

Rate coming in September

 Federal Perkins Loan

    You may be eligible for a Perkins Loan if you are

  • an undergraduate, graduate, or professional student with exceptional financial need;

  • enrolled full-time or part-time; and

  • the availability of funds for applicable aid year.

     Perkins Loan funds are limited and not all students who qualify may receive an award.  Students are encouraged to apply early and by the preferred funding deadline if they wish to be considered for this and other limited sources of aid.

     Federal Perkins Loan Terms:

  • Interest rate for this loan is 5%.

For more information on the terms and conditions of the Title IV, HEA loans, you may visit www.studentaid.ed.gov or contact our department.  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.

Loma Linda University Institutional Loans

    Loma Linda University has various types of Institutional Loans which are available to both undergraduate and graduate students. The majority of the loans are awarded by financial need and turning in all student requirements by LLU’s preferred funding deadline of March 20, 2015.  Additional requirements may be needed before the loans can be awarded.  Check student requirements periodically to confirm no additional documents are needed. 

    A few of the loans are awarded by the specific school, or a specific committee (example: Nursing Continuation Loan, Diversity Loan,…these loans have a different awarding criteria which are determined by the school or committee).  Each of the loans has an annual Promissory note which completion is required before funds can pay.

    Additional Loan Requirements:

  • No loan defaults

  • Must be at least half time enrollment each quarter for disbursement (some loans may require full time enrollment)

  • Enrolled in an accredited degree or certificate program 

Loma Linda University Institutional Loans

Loan Name

Loan Rate

Grace Period

School specific loans (example: LLU Nursing General Loan)

A range of 5% to 9% depending on the specific loan (example: 8%)

A range of 3 to 12 months depending on the specific loan (example: 6 Months)

  Grants and external scholarships

  Federal Pell Grant

    Federal Pell Grants are awarded based on student’s financial need as determined by a federal formula.  A Federal Pell Grant, unlike a loan, does not have to be repaid. Federal Pell Grants usually are awarded only to undergraduate students who have not earned a bachelor's or a professional degree or reached their 600% lifetime eligibility limit.  For the 2015–16 award year (July 1, 2015 to June 30, 2016), the maximum award will be $5,775. The amount you get, though, will depend on

  • your financial need,

  • your cost of attendance,

  • your status as a full-time or part-time student, and

  • your plans to attend school for a full academic year or less. 

     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 $350 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.

    Federal work study

     The Federal Work-Study program is a federally-funded employment program.  Federal Work-Study provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the student’s course of study.

        Here’s a quick overview of Federal Work-Study:

  • It provides part-time employment while you are enrolled in school.

  • It’s available to undergraduate, graduate, and professional students with demonstrated financial need.

  • As a need-based award, FWS is part of the student’s financial aid package.

  • It’s available to full-time or part-time students.

  • Funding is limited; apply early if you wish to be considered for FWS.

     You’ll earn at least the current federal minimum wage or state minimum wage, whichever is higher.  Your pay rate will be set by the employing department and will depend on the type of work you do and the skills required for the position.  If you are an undergraduate student, you will be paid by the hour.  If you are a graduate or professional student, you may be paid hourly or salary, depending on the position and the work assigned to you.  Students will be paid at least once a month.  The student is paid directly through the payroll department, either by check or direct deposit into the student’s bank account.

      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 2015/2016 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, 2015.

          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, 2014

  • 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 2015 to 2016

Income

Cal Grants A & C

Cal Grant B

 

Dependent and independent students with dependents*

Family size

 

 

Six or more

$100,800

$55,400

Five

$93,400

$51,300

Four

$87,200

$45,800

Three

$80,200

$41,200

Two

$78,300

$36,600

 

 

 

Independent

 

 

Single, no dependents

$32,000

$32,000

Married

$36,600

$36,600

 

 

 

Assets

 

 

Dependent and independent students with dependents*

$67,500

$67,500

Independent

$32,100

$32,100

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

Grant Assistance from Other States

Many other states provide scholarships and grants.  Contact your state grant agency (http://wdcrobcolp01.ed.gov/Programs/EROD/org_list.cfm?category_cd=SGT) regarding programs available and application procedures.  Note that many state grants may only be used if you attend a university within the state offering the grant.

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

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

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

Student Aid on the Web Scholarship Search
http://www.careerinfonet.org/scholarshipsearch/ScholarshipCategory.asp?searchtype=category&nodeid=22

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

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