Transcript FINANCIAL AID - University of the Pacific

FINANCIAL AID
Professional Pharmacy Program
University of the Pacific
2015-16
FINANCIAL AID
What is it?
Sources of funds

Scholarships and grants

Loans

Work-Study
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Students often qualify for funds from more than one
financial aid program—a financial aid “package.”
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Pharmacy Scholarships

All admitted Pharm. D. students are considered.
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Recipients are selected by the Pharmacy Admissions
Committee. Financial Aid Office is not involved in the
selection process.

Awards range from $100 to $5,000 per year.
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CAL Grants
Can transfer Cal Grant A or B if no bachelor’s (but
eligibility limited to 10 terms, including pre-Pharm).
California law requires that a student requalify for the
Cal Grant each year. Income and assets must be within
the limits set by the state each year. You do not need
to reapply.
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Federal Student Loans
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Federal Direct Loans
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Federal Direct Unsubsidized loans.
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Annual maximum : $35,775
Lower annual limits apply to students who enter after only four or five
semesters of pre-professional study.

Interest rate: Fixed at 6.8%
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Federal Student Loans (continued)

Health Professions Student Loan (HPSL)
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$1,500,000 awarded in 14-15
Interest rate: Fixed at 5%
By regulation, parents’ FAFSA information is required.
(Age and dependency status does not matter.)
Parent and student tax information will be required.
These limited funds must be reserved for eligible students with the highest need.
Award amounts vary from year to year, based on availability of funds. This loan is
typically reserved for 2nd or 3rd year students.
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Federal Student Loans (continued)
HPSL (continued)
If parent info. provided on FAFSA and funds available:

Financial aid package is determined on the basis of student
information, only. Then…
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Parent information is used to re-evaluate need level to
determine eligibility for HPSL in addition to the original
package.

If using your parents’ information does not make you
eligible for additional funds, parent information is ignored.
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Federal Student Loans (continued)

Federal Direct Graduate/Professional PLUS Loan

FAFSA + absence of negative credit history
Review your credit report and correct any problems now!

Annual maximum: Costs of attendance minus other
financial aid/resources

Interest rate: Fixed at 7.9%
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Federal Student Loans (continued)

Repayment
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Deferred while you’re in school at least half time (6 units)

Direct Unsubsidized, Grad PLUS, & HPSL: Begin
repaying after grace period expires (Direct Loan 6 months, Grad
Plus 6 months, HPSL 12 months)
The standard repayment period on Direct Loan and Grad PLUS
loans is 10 years.
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Alternative Loans (FAFSA not required)

Lenders offer a variety of education financing plans.

Approval is based on your credit score.
Review your credit report and correct any problems now.

Annual maximum: Costs of attendance minus other
financial aid/resources

Typically, borrower (or co-borrower) must be a U.S.
citizen or permanent resident.
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Alternative Loans (FAFSA not required)
Alternative Loans (continued)

Unlike the Grad PLUS Loan, interest rates are variable and
can go much higher than 7.9%.

Private loans can’t be included in a U.S. Department of
Education consolidation loan.
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FINANCIAL AID
How to Apply
FAFSA (Free Application for Federal Student Aid)

Complete FAFSA after January 1 of each year. Collects
information about finances and other circumstances.
FAFSA must be filed for each year you want to receive
Financial Aid.

Federal Student Aid processor forwards your
information to schools.

Schools use FAFSA information to determine your
eligibility for financial aid.
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Electronic application works best.

Online filing is faster and there’s less chance of error.
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Use legal name (name on your Social Security Card) on
the FAFSA.
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No need to print and mail a signature page if you sign
with a U.S. Department of Education PIN.
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Application Checklist: Now
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Apply for admission.
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Get PIN: www.pin.ed.gov
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Application Checklist: January
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File 2015-2016 FAFSA: www.fafsa.ed.gov
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File on or after January, 2015
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Pacific’s school code: 001329
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Priority window: January 1 – March 1
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Don’t wait for an admission decision.
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Eligibility factors
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Estimated Cost of Attendance
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U.S. citizen or eligible non-citizen
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Professional standing
If applying to enter the Pharm. D. program after only two
years of pre-professional study, please discuss your status
with a financial aid counselor.
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FINANCIAL AID
Financial Aid Award
Award Notification & Acceptance

Receive notification at your Pacific e-mail address
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Award letters typically go out mid to late March.

Use your Pacific ID and password (found in admission
acceptance letter) to view and accept your award on insidePacific.
(Mark any funds you do NOT wish to accept.)
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Follow all additional instructions for obtaining the funds
awarded!
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Questions? Contact the Financial Aid Office
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FINANCIAL AID
Then…
2014 Income Documentation
Needed only for HPSL award. Parent and
Student 2014 Federal Income tax transcripts and
W-2’s (if applicable) will be required.
Use of IRS Data Retrieval is recommended at
time of filing FAFSA.
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Disbursement of aid

Financial aid is ordinarily disbursed in equal payments,
one payment per trimester.
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Funds are deposited in your student account. Any
funds remaining after all payments are made will be
refunded to the student.
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Financial aid file must be complete for disbursement.
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Financial Aid Office s Knoles Hall
Open Monday – Friday, 8:30 – 5:00
Counselors available (except Wednesday mornings)
9:30 – 12:00 & 1:00 – 4:00
(209)946-2421 s [email protected]
www.pacific.edu/pharmd
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