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Financial Aid
Residential PA Students will incur additional charges for meals and room rent, as specified in the regular tuition section. Additional Expenses for the Physician Assistant Program: Major additional costs for the PA program will include the purchase of medical textbooks (for both the didactic and clinical years), medical equipment (such as a quality stethoscope, otoscope, ophthalmoscope, sphygmomanometer, lab coats, patches, name tags, etc.), and living expenses. Medical equipment and textbooks are estimated to be close to $2,000 each. Living expenses such as rent, travel expenses, clothing, etc. will vary from individual to individual. Application To be considered for most federal and alternative loans, applicants must first complete the Free Application for Federal Student Aid (FAFSA). The FAFSA form is available online at www.fafsa.ed.gov after January 1. If you do not have Internet access contact our Financial Aid Office (1-800-488-7110) to request a paper application. The Methodist University Title IV School Code is 002946. Applying for a Federal Direct Loan (Student) Methodist University participates in the William D. Ford Federal Direct Student Loan Program (Federal Direct Loans) for the processing of the Subsidized/Unsubsidized, PLUS and Graduate PLUS loans (the William D. Ford Direct Loan Program has replaced the Federal Family Education Loan Program (FFELP)). In the William D. Ford Federal Direct Loan program, loan proceeds are provided directly from the federal government to the university on behalf of the borrower. No third party is involved. Who is eligible? The borrower must be:
When parents do not qualify for a Parent PLUS Loan, the student may be able to borrow an additional Direct Unsubsidized Loan. Students may also apply for an alternative loan (pending credit approval) if additional funds are needed. There are two types of Federal Direct Loans offered at Methodist University: Federal Direct SUBSIDIZED Loan: The Federal Direct Subsidized Loan (Sub) is a need-based federal loan awarded only to students who demonstrate financial need. Undergraduate, graduate, and professional students who have unmet financial need can be considered for this loan up to the amount of the students' borrowing limit. The interest on the subsidized loan is paid by the government while the borrower is in school. In addition to the eligibility requirements listed above, the borrower also must maintain Satisfactory Academic Progress (SAP) for Financial Aid Eligibility. Federal Direct UNSUBSIDIZED Loan: The Federal Direct Unsubsidized Loan (Unsub) is a non-need based federal loan that cannot exceed the educational cost of attendance minus other financial aid. Undergraduate, graduate, and professional borrowers who are not eligible for any Sub Loan or are eligible for only a portion of the annual loan limit for the Sub Loan may apply for the Unsub. The interest accrues on the unsubsidized loan while the borrower is in school. In addition to the eligibility requirements listed above, the borrower also must maintain Satisfactory Academic Progress (SAP) for Financial Aid Eligibility. Borrowing Limits Borrowing limits depend on class standing and academic level, and vary for undergraduates, graduate and professional students. Federal Direct Loan Borrowing Limits
Dependent Undergraduate: $31,000 (Maximum $23,000 in Subsidized) Independent Undergraduate: $57,500 (Maximum $23,000 in Subsidized) Graduate or Professional: $138,500 (Maximum $65,000 in Subsidized) All lenders are required to offer Federal Federal Direct Loans at the interest rate set by the Department of Education. The interest rates are as follows: Federal Direct Loan Rates
Applying for a Federal Direct Loan (Student) Step 1: Complete and submit a Free Application for Federal Student Aid (FAFSA). Direct Loan eligibility is determined by the federal government and reported to Methodist University's Office of Financial Assistance for inclusion on the student's financial aid award letter. Refer to the borrowing limits chart above for the maximum amount a student can borrow each year, depending on the student's dependency status (as determined by information on the FAFSA) and the student's academic level. Step 2: First-time Federal Direct Loan borrowers (student) at Methodist University must complete the required Loan Entrance Counseling, even if the student has completed loan counseling at another institution, before funds are disbursed to Methodist University. The student will need to have the federal Personal Identification Number (PIN) to sign the Loan Entrance Counseling electronically (same PIN used to electronically sign the FAFSA); the PIN number is available at pin.ed.gov. Returning students who have borrowed a Federal Stafford Loan at Methodist University are not required to complete a Loan Entrance Counseling. Step 3: Complete the Direct Loan application at www.studentloans.gov. Once on the site, "Sign In" under the "Manage My Direct Loan" located on the left side of the page. You will need your social security number, date of birth and your Federal Student Aid PIN to sign in. To complete the Direct Loan application, select the link titled "Complete Master Promissory Note" and select the link for the "Subsidized/Unsubsidized" Federal Direct Loan. The Department of Education will automatically notify Methodist University of the completed Master Promissory Note (MPN). If the borrower request a paper copy of the MPN be sent for completion, there are more steps involved before the Direct Loan can be approved and disbursed, possibly causing delays in receiving loan funds. Step 4: Borrowers may check the status by contacting the Department of Education Applicant Services at 1-800-557-7394. Please note: Once the MPN is completed, the loan is assigned a servicer by the Department of Education. The servicers are ACS, Great Lakes Education Loan Services, Nelnet, Sallie Mae Corporation, and AES/PHEAA. All questions after disbursement of the loan should be directed to the servicer. Direct Loan Origination fees: The loan origination fee is an expense of borrowing Direct Subsidized/Unsubsidized Loans. The Direct Loan origination fee effective July 1, 2009 will be 1.5% with a Direct Loan up-front interest rebate amount of 1.0%. The calculation of the combined fee/interest rebate amount reduces the total loan amount paid making the origination fee 0.5% percent. By law, these fees will be subtracted proportionately from each loan disbursement. (More information will be provided during the on-line entrance counseling session). How will my loan be issued? According to federal regulations, the Federal Direct Loan award must be issued in multiple disbursements during the academic year. If the borrower plans to enroll for the Fall and Spring semesters, the loan will be issued in two equal disbursements (one disbursement per semester). If the borrower plans to enroll for the four terms in the Evening College, the loan award will be issued in four equal disbursements (one-fourth of the loan award each term). Loan Cancellation Student Borrowers have the right to cancel all or part of federal loan disbursement within 14 days of official notification of the disbursement to the university. Submit a written request to the Office Financial Aid within 14 days from the disbursement date. Official notification will be sent to the borrower notifying the borrower of the funds credited to university account. The written request to cancel a Federal Direct loan may be submitted by a handwritten, typed, or printed statement bearing an original signature submitted by mail, in person, or by fax (no e-mail can be accepted). Canceling any loan disbursement could cause a balance to be due on the university account in the Business Office which the student will be responsible for paying. This is more likely to be true if excess funds (credit balance) have already been distributed via a check. Repayment after the designated time period Borrowers cannot cancel a loan disbursement if the designated time period described above has already passed. Instead, the borrower can repay the loan disbursement directly by contacting the loan holder which can be found by accessing www.nslds.ed.gov. The borrower will be responsible for any interest that may have accrued and/or any loan fees. National Student Loan Database Borrowers can review Direct Loan, Perkins Loan, and Federal Grant history through secure login to the National Student Loan Database. This site is created to collect information from schools and lenders so that aid can be more efficiently processed. It is updated every 30-60 days by the schools and the lender, so recent disbursements may not show immediately. Ombudsman If a borrower disputes the terms of the Federal Direct Loan in writing and the holder of the loan is unable to resolve the dispute, a borrower may seek the assistance of the Office of Education's Student Loan Ombudsman. The Student Loan Ombudsman will review and attempt to informally resolve dispute and may be reached at 1-877-557-2575 or www.ombudsman.ed.gov Loan Consolidation A Direct Consolidation Loan Program is available that allows a borrower to consolidate (combine) one or more of the eligible federal education loans into one loan. For more details and information, go to www.loanconsolidation.ed.gov. The Parent Loan for Undergraduate Students (PLUS) is a low-interest federally insured loan for Graduate/Professional Students to help pay college costs. The loan can be used to cover any educational expenses not covered by other forms of financial aid. Under the Federal Direct PLUS loan program students may borrow up to the full cost of the student’s education minus other financial aid received. Credit checks are required however the Direct Lending Program uses a more lenient credit assessment when compared to most FFELP lenders. Processing fees will be deducted from the total amount borrowed. Eligibility for a Graduate PLUS: A graduate student may apply for a Grad PLUS Loan if he/she is:
Borrowing Limits The maximum a Graduate student may borrow per academic year for a Graduate PLUS is equal to the cost of attendance minus other financial aid (including Federal Direct Subsidized, Unsubsidized or a Private loan which are eligible). There is no aggregate maximum loan limit for the Graduate PLUS Loan. Applying for a Graduate PLUS: Step 1: GRADUATE STUDENTS applying for a Federal Direct Graduate PLUS loan must complete an Entrance Counseling at www.studentloans.gov if one was not completed prior to the Federal Direct Sub/Unsub Loan. If the student has completed an Entrance Counseling already then proceed to step 2. Step 2: The Student will complete the Federal Direct PLUS Loan application at www.studentloans.gov. Once on the site, "Sign In" under the "Manage My Direct Loan" located on the left side of the page. You will need your social security number, date of birth and your Federal Student Aid PIN to sign in. To complete the Graduate PLUS Loan application, select the link titled "Start PLUS Application Process" and select the link for the "Graduate PLUS". The Department of Education will automatically notify Methodist University of the loan decision. If the borrower requests a paper copy of the MPN be sent for completion, there are more steps involved before the Direct Loan can be approved and disbursed, possibly causing delays in receiving loan funds. Please note: Once the loan is completed and processed, the loan is assigned to a servicer by the Department of Education. The servicers are ACS, Great Lakes Education Loan Services, Nelnet, Sallie Mae Corporation, and AES/PHEAA. All questions after disbursement of the loan should be directed to the servicer. Step 3: Borrowers may check the status by contacting the Department of Education Applicant Services at 1-800-557-7394. PLEASE NOTE: Graduate Students Deferring the Graduate PLUS: Students must contact the Department of Education Applicant Services at 1-800-848-0979 for deferment status. THE DEFERMENT PROCESS WILL NEED TO BE COMPLETED ONCE THE FIRST DISBURSEMENT HAS BEEN RECEIVED AT METHODIST UNIVERSITY BEFORE THE GRADUATE PLUS WILL BE PLACED IN DEFERMENT STATUS. How will my loan be issued? According to institutional policy, the Graduate PLUS Loan must be issued in two equal amounts, one in the Fall and one in the Spring semester of the academic year. Repayment Terms The Graduate PLUS Loan is a fixed-rate loan with a 7.9% interest rate. Interest begins accruing from the time of full disbursement. A 2.5% origination fee (4% origination fee - 1.5% up-front rebate = 2.5% origination fee) will be deducted from each disbursement. Repayment begins within 60 days after the date of the final disbursement. Repayment begins immediately if at any point the student is not enrolled at least half time. Students must contact the Department of Education Applicant Services at 1-800-848-0979 for deferment status. THE DEFERMENT PROCESS WILL NEED TO BE COMPLETED ONCE THE FIRST DISBURSEMENT HAS BEEN RECEIVED AT METHODIST UNIVERSITY BEFORE THE GRADUATE PLUS WILL BE PLACED IN DEFERMENT STATUS. Loan Cancellation The borrower has the right to cancel all or part of federal loan disbursement within 14 days of official notification of the disbursement to the university. Submit a written request to the Office Financial Aid within 14 days from the disbursement date. Official notification will be sent to the borrower notifying the borrower of the funds credited to university account. The Borrower must submit a written request to cancel a Graduate PLUS loan by a submitted handwritten, typed, or printed statement bearing an original signature submitted by mail, in person, or by fax (no e-mail can be accepted). Canceling a loan disbursement could cause a balance to be due on the university account in the Business Office which the borrower will be responsible for paying. This is more likely to be true if excess funds (credit balance) have already been distributed via a check. Repayment after the designated time period The borrower cannot cancel a loan disbursement if the designated time period described above has already passed. Instead, the borrower can repay the loan disbursement directly by contacting the loan holder which can be found by accessing www.nslds.ed.gov. The borrower will be responsible for any interest that may have accrued and/or any loan fees. National Student Loan Database Borrowers can review Loan (FFELP or Direct), Perkins, and Federal Grant history through secure login to the National Student Loan Database at www.nslds.ed.gov. This site is created to collect information from schools and lenders so that aid can be more efficiently processed. It is a secure site, and only authorized personnel can log on. It is updated every 30-60 days by the schools and lenders, so recent disbursements may not show immediately.
Ombudsman If a borrower disputes the terms of the loan in writing and the holder of the loan is unable to resolve the dispute, a borrower may seek the assistance of The Federal Student Aid Ombudsman of the Department of Education. The Federal Student Aid Ombudsman will review and attempt to informally resolve dispute and may be reached at 1-877-557-2575 or www.ombudsman.ed.gov. Loan ConsolidationA Direct Consolidation Loan Program is available that allows a borrower to consolidate (combine) one or more of the eligible federal education loans into one loan. For more details and information, go to www.loanconsolidation.ed.gov. What are alternative student loans? Who can apply for an alternative student loan? How much can a person borrow? Questions regarding loans for graduate students may be directed to our Financial
Aid Office by calling (910) 630-7192 or visiting their website
and scrolling down to the “Loans for Education” bullet. Resources for PA Students The MU PA Program currently does not offer specific scholarships through our program. However, we do encourage applicants to search for outside scholarships. A great resource strictly for PA Students is the American Academy of Physician
Assistants (AAPA/ www.aapa.org).
Their Financial Aid link is helpful in providing information and links to scholarships
for PA students.
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Physician Assistant Program
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