Sources of Financial Aid

There are a variety of sources and types of financial aid available to assist students with their health profession education expenses. These include four basic types of aid: loans, scholarships, federal work-study, and veterans benefits.

Loans

Loans must be repaid, usually with interest, and over a specified period of time (10-30 years) after graduation. Most loans for graduate/professional school are from federal sources, although collegiate and/or private loans are available to help.

Federal Student Loans

There are two types of federal student loans that graduate/professional students are eligible for, Federal Direct Unsubsidized Stafford and Federal Direct Graduate PLUS. To be eligible for federal loans, you must...

• be a U.S. citizen or an eligible noncitizen;

• have a valid Social Security number;

• be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program;

• be enrolled at least half-time to be eligible for Direct Loan Program funds;

• maintain satisfactory academic progress in college or career school;

• sign the certification statement on the Free Application for Federal Student Aid (FAFSA®) stating that

  • you are not in default on a federal student loan and do not owe money on a federal student grant and

  • you will use federal student aid only for educational purposes

Credit Requirements for the Graduate PLUS Loan

In order to qualify for the Graduate PLUS loan, you must not have an adverse credit history. As defined by federal regulations, you may have an adverse credit history if you have any of the following items on your credit report:

• One or more debts with a total combined outstanding balance greater than $2,085 that are 90 or more days delinquent as of the date of the credit check, or that have been placed in collection or charged off (written off) during the two years preceding the date of the credit report

• Any of the following within the preceding 5 years of the date of the credit check:

  • Default

  • Bankruptcy

  • Discharge

  • Foreclosure

  • Repossession

  • Tax Lien

  • Wage garnishment

  • Write-off of a Title IV debt

Recent changes in the law that governs the terms and conditions of Grad PLUS loans establish a specific circumstance for certain Grad PLUS loan applicants who would otherwise be considered to have an adverse credit history. Specifically, a Grad PLUS loan applicant may qualify for a Grad PLUS loan based on extenuating circumstances: if the applicant has been or is delinquent for 180 days or less on mortgage loan payments or on medical bill payments for the applicant or the applicant's family AND does not otherwise have an adverse credit history as determined in accordance with the federal regulations that apply to Grad PLUS loan applicants.

Borrowers with an adverse credit history may apply for the loan with a cosigner (called an endorser) who does not have an adverse credit history.

Borrowers who become eligible for PLUS funding by documenting extenuating circumstances or adding an endorser will also need to complete credit counseling for PLUS borrowers at studentaid.gov before the funding can disburse.

Check your credit report at www.annualcreditreport.com to make sure your credit is on track to allow you to be eligible for the Grad PLUS Loan

Private Student Loans

Outside agencies also offer credit-based loans to graduate and professional degree students. Before applying for these loans, be sure you have reviewed all of your federal loan options and eligibility. Federal loans generally have better benefits and lower, fix interest rates. We encourage you to consider the Federal Direct Graduate PLUS loan before applying for a private loan.

Scholarships

Scholarships are aid sources that no not require repayment. Some scholarships are merit based and some are need based. Scholarships can be through the admissions process, specific departments, and externally based.  Check out the External Scholarships page on the Student Financial Services website

Federal Work-Study

Federal Work-Study (FWS) provides part-time jobs for students with financial need, allowing them to earn money to help pay education expenses. Federal Work-Study is money that you earned and will not have to payback. Since FWS is need based aid, all students interested in FWS must file a FAFSA each year in order to demonstrate financial need eligibility. All FWS awards will be included as part of the student's financial aid package and will count as a resource toward the overall cost of attendance budget.

Veterans Education Benefits

At RFU we are committed to serving veterans who have serves us and our country.  Our staff and faculty are ready to help you, your spouse or your dependents as you navigate your Veterans Education Benefits while enrolled at RFU. Visit the Eligibility and Applying for Veterans Benefits page to find out more on our offerings and resources.