Palmer College of Chiropractic West

Academics

Availability
 

Types of Financial Aid

There are many forms of financial aid available to qualifying students, including:

Perkins Loan(Formerly National Direct Student Loan)

• Application form: FAFSA
• Maximum Award: Varied per year

A Perkins Loan is a low-interest (5%) loan. It is made by the Financial Aid Office and must be repaid. Loan repayment begins six months (if the first loan was awarded prior to 1987) or nine months (if the disbursement was after 1987) after you leave school or fall below half-time enrollment status. You can defer repayment of your loan while you are attending an approved school at least half-time. 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. The amount of the repayment schedule is determined by the size of the debt; the minimum monthly payment is $40 per month.

Federal Stafford Loan

• Application forms: FAFSA, Master Promissory Note, Loan Request Form, Independent Verification Form, Supplemental Financial Aid Application
• Maximum Award: $8,500 per academic year

n Origination/Insurance Fee: A combined origination/insurance fee of 3% is automatically deducted from each loan disbursement. The Federal Stafford Loan is a low-interest loan that does not accrue interest while the student is in school. Repayment begins and interest accrues at an annual variable rate (based on a 91-day T-Bill and 1.7% interest capped at 8.25%) six months after the student ceases to be enrolled on at least a half-time basis. Awards are calculated on the following basis: student budget minus family contribution minus other financial assistance the student has been awarded. Loans are made through banks, credit union and other lending institutions after the student application is received and eligibility is determined in the Financial Aid Office. Allow four to six weeks for application processing.

Federal Unsubsidized Stafford Loan

• Application forms: FAFSA, Master Promissory Note, Loan Request Form, Independent Verification Form, Supplemental Financial Aid Application
• Maximum Award: $22,500 per academic year
• Origination/Insurance Fee: A combined origination/insurance fee of 3% is automatically deducted from each loan disbursement.

The same terms and conditions (including interest rate) apply to Unsubsidized Stafford Loans as for Stafford Loans, except that the borrower is responsible for interest that accrues during deferment periods (including while in school) and during the six-month grace period. This loan is not a "need-based" loan, therefore verification is not required.

Federal Work Study Program (FWSP)

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

• Application forms: FAFSA, Independent Verification Form, Supplemental Financial Aid Application

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