Palmer College of Chiropractic Florida

Academics

Types of Financial Aid
 

Federal Financial Programs

When students apply for aid under any of the U.S. Department of Education programs, they should become familiar with all the rules, requirements, obligations and deadlines that apply.

Federal regulations require all applicants for financial aid to complete a needs analysis. The needs analysis application used at Palmer Florida is the Free Application for Federal Student Aid (FAFSA) form. Completion of the FAFSA is the first step for students who plan to apply for financial aid.

Each aid program falls into one of three categories; loans, employment or scholarships. Loans must be repaid with interest. Employment allows students to work and to earn money for educational needs.

To apply for federal aid, students must be U.S. citizens, or national or permanent residents of the United States, the Northern Mariana Islands or the Trust Territory of the Pacific Islands. Students must be in the United States for other than a temporary purpose and be able to provide documentation of intent to become permanent residents. If students are in the United States on an F1 or F2 student status only, they are not eligible for federal student aid.

All federal aid programs set limits on the total amount of aid a student may receive and the number of years they can receive it. It is important to know these limitations to plan the financing of the educational costs not covered by financial aid.

When a student transfers to Palmer College of Chiropractic Florida from another college, financial aid does not transfer. The student must check with a financial aid officer to determine the necessary steps to start the financial aid process at Palmer College of Chiropractic Florida.

If a student withdraws, refunds will first be made to programs in the order listed:

1. Unsubsidized Federal Stafford loans
2. Subsidized Federal Stafford loans
3. Federal Perkins loans
4. State aid
5. Institutional aid
6. Student

Refunds per program will be determined by the percentage of tuition charge contributed by that source according to that program’s regulations. No refunds will be disbursed to a student until the aid program funds have been repaid.

Students must not be in default on a Federal Perkins Loan (formerly National Direct Student Loan), Family Education Program or Direct Loan Program to receive federal aid. Also, students must not owe a refund on a Federal Pell Grant or any other federal program. Aid received from any federal program must be used only for educational expenses. Before students receive awards, they must sign a Statement of Educational Purpose verifying the money will be used only for educational purposes. These include payments for tuition, books, room and board, supplies, food and other items directly related to attendance at Palmer College.

Federal Subsidized Stafford Loan

The Federal Subsidized Stafford Loan program enables students to borrow from eligible lenders at a low interest rate to assist in meeting educational expenses. Students must attend a participating educational institution at least half-time. Banks, credit unions, savings and loan associations and other lenders participate voluntarily in the program and lend their own funds. Lenders choose to whom they will lend, within program eligibility guidelines.

Subsidized Stafford Loans have a variable interest rate determined on July 1 of each year. The interest rate may not exceed 8.25 percent. Students can borrow a maximum of $8,500 per academic year with an aggregated total loan limit of $65,500 on combined undergraduate and graduate loans. This is a need-based loan.

Loan repayment generally begins six months after graduation or separation from school. You can defer repayment of your loan while you are attending an approved school at least half-time. When you leave school, you must contact the lender to establish a repayment schedule, which is determined by the size of your debt.

Federal Unsubsidized Stafford Loan

The Federal Unsubsidized Stafford Loan program enables independent students to borrow from eligible lenders at a variable interest rate to assist in meeting educational expenses.

This program is similar to the Federal Subsidized Stafford Loan program, with one difference: the Unsubsidized Stafford accrues interest while the borrower has the option of making monthly interest payments or deferring payments, which allows the interest to accrue and be capitalized no more frequently than quarterly, and capitalized again when loan repayment begins. The interest rate may not exceed 8.25 percent.

Graduate students may borrow up to $22,500 per academic year.

The total Federal Unsubsidized Stafford Loan debt for undergraduate work is $46,000, minus Subsidized Stafford aggregate. The total loan debt for graduate/professional study is $189,125, minus Subsidized Stafford aggregate.

Federal Perkins Loan

Loans administered by the College are available to graduate students under the Federal Perkins Loan program. To be eligible, students must show need and ability to maintain acceptable academic standing.

Repayment of Federal Perkins loans begins nine months after graduation or withdrawal from Palmer College of Chiropractic Florida. During the repayment period, students will be charged five percent interest on the unpaid balance of the loan principal. The amount of repayment depends upon the size of the debt. The minimum monthly payment is $40 per month.

You can defer repayment of your loan while you are attending an approved school at least halftime. You must notify your school of any changes in status (change in name, address, social security number, etc.); only your school can grant deferments, decide terms of the loan, repayment obligations or decide questions about the loan.

Federal Work Study Program (FWSP)

Application form: FAFSA

The Federal Work Study Program (FWSP) provides employment for students whose eligibility for the program has been determined by the Financial Planning Office. Students must be enrolled at least full-time to qualify under this program. FWSP hours are limited to 20 hours per week.

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