All students will be eligible
to receive financial aid if they demonstrate their inability
to cover their educational cost. Our students are entitled
to receive one or a combination of the following awards:
Federal Subsidized Stafford Loans
These loans are long-term, fixed interest loans of 6.8%
and are made through banks and other lending institutions.
Current federal limits are $8,500.00 per year with a cumulative
maximum of $65,500.00. These loans are need-based for all
applicants and require filing of the Free Application for
Federal Student Aid (FAFSA) needs analysis form. The federal
government will pay the interest on the loan while the
student is in school.
Federal Unsubsidized Stafford Loans
You don’t have to show need for this loan. The terms
are the same as the Federal Subsidized Stafford Loan except
that the borrower is responsible for the interest that
accrues before repayment. If you are enrolled for 12 months,
such as or the final year of the 4-year OD program, you
may borrow up to $36,667 in an unsubsidized loan. Otherwise,
you may borrow up to $30,000 from your unsubsidized loans.
The unsubsidized loan does accrue interest during the in-school,
grace, and deferment periods, but you do not have to pay
it while you are enrolled. It can be added to your loan
amount or capitalized, and future interest is charged on
this new amount.
Grad PLUS Loan
You do not have to demonstrate financial need for this
program. Interest begins to accrue upon disbursement.
Interest for the Federal Direct Grad PLUS is 7.9% fixed;
if you borrow from other lenders it is 8.5% fixed. There
is a 3% origination fee and a 1% federal default fee
which are deducted from the loan proceeds. Lenders may
offer rate and/or fee reductions. Loan funds are disbursed
at the beginning of each term. Repayment begins immediately,
but you may obtain a deferment while in school. PLUS
loans have no grace period, so repayment begins upon
graduation or withdrawal from the school.
Health Professional Students Loans
This subsidized loan is available to students who demonstrate
exceptional financial need. The loan interest is 5% fixed.
(Parental financial data is required)
Loans for Disadvantage Students
Long term, low-interest (5%) loan for eligible students
who meet federal definition of “disadvantage background”.
Federal and State Grants
Some federal and state grants are available.
Maximum time for completion of the optometry program while
being eligible for federal loan is six academic years for
a full time student and eight academic years for a part time
student. Students must pass courses at the rate of at least
75 percent of the courses attempted to be eligible for federal
loans the next semester.
