Palmer College of Chiropractic

Academic Programs

D.C. Financial Aid Availability
 

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 College 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: grants, loans or employment. Grants are outright gifts of money. 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 students 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 from another college, financial aid does not transfer. The student must check with a financial planning officer at Palmer to determine the necessary steps to start the financial aid process at Palmer College.

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 PLUS loans
4. Federal Perkins loans
5. Federal Pell grants\
6. Federal SEOG program
7. State Aid
8. Institutional Aid
9. 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. While the borrower is in school at least half time, interest on a Subsidized Stafford Loan is paid by the federal government on the borrower’s behalf. Loan repayment generally begins six months after graduation or separation from school.

The total Federal Subsidized Stafford Loan debt limit for undergraduate work is $23,000, or $5,500 per academic year. The total for graduate study is $65,500, including loans made at the undergraduate level. Graduate students may borrow up to $8,500 per academic year.

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 the one difference that the Unsubsidized Stafford accrues interest while the borrower is in school. While enrolled, 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.

The maximum students may borrow as independent undergraduates in the D.C. program is $17,500 per academic year. 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 study is $189,125, minus Subsidized Stafford aggregate.

Federal Perkins Loan

Loans administered by the College are available to undergraduate and 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. 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.

If a student defaults on a Federal Perkins Loan, the College will take every possible action to recover the loan. If a student becomes totally or permanently disabled or dies, the obligation will be canceled.

Federal Parent Loan for Undergraduate Students (PLUS)

The PLUS program is used to supplement the Federal Stafford Loan program. As with the Federal Stafford Loan program, the loan is obtainable through banks, credit unions or loan associations. Parents of undergraduate students may borrow up to the cost of attendance, minus other aid, to assist the student with educational costs. The interest rate is an annual variable based on a 52-week T-bill plus 3.10 percent, capped at nine percent for the PLUS.

In most cases, interest may be deferred or may be repaid while the student is in school. Students should check with the lender before applying. When a student ceases at least half time enrollment, repayment of principal and interest begins.

Federal Pell Grant

Palmer College undergraduate students may be eligible for a Federal Pell Grant. Students holding a Bachelor’s degree are not eligible. Students must complete the FAFSA to apply for the grant. The SAR (Student Aid Report) is returned to the student, who must submit all parts to Palmer’s Financial Planning Office.

Federal Workstudy

Palmer College students may apply for Federal Workstudy if they are enrolled at least half-time and are in acceptable academic standing. The maximum yearly Federal Workstudy award is set by the Financial Planning Office.

Federal Supplemental Educational Opportunity Grant (FSEOG)

Palmer College receives a limited amount of FSEOG funding, which is awarded to undergraduate students demonstrating great financial need. The minimum grant award is $100 and the maximum award is $1,800 per fiscal year (July to June).

Educational Assistance for Veterans

Most veterans and eligible dependents entering Palmer College have used some type of veterans’ educational assistance in their pre-chiropractic education and are acquainted with the general features of the V.A. program under which they could receive benefits as chiropractic students. The V.A. assistance program at the College is administered through the Registrar, who is able to advise about the continuation of benefits. How-ever, authoritative decisions in these matters must be procured from the Veterans Administration itself, whose Iowa regional office is in Des Moines.

For further information you may also call the Department of Veteran Affairs at (888) GIBILL-1 (888-442-4551) or use their Web site at http://www.gibill.va.gov/.

Educational Expenses and Estimated Costs

For additional information contact: Ruth Henderson (563)884-5413.

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