Options to Fund Your Education
Palmer College of Chiropractic’s educational financing options consist of federal, institutional and private sources of funds that will help meet the diverse needs of our student population. Palmer recognizes the importance of choices in educational financing and hopes that the options provided will be useful in planning and managing educational expenses.
Grants are often called gift or “free” aid because they don’t have to be paid back. They may come from governments, colleges and private organizations.
Federal Pell Grant
- For undergraduate students only
- Must not have earned a bachelor’s or professional degree
- Determined by Free Application for Federal Student Aid (FAFSA)
- Full- or part-time student status affects award amount
- Limited to the equivalent of six years (12 trimesters)
To see if you qualify, complete the FAFSA today.
Federal Supplemental Educational Opportunity Grant (FSEOG)
If you’re awarded a Federal Pell Grant and demonstrate exceptional financial need, you may be considered for FSEOG.
- Must be Pell eligible
- For undergraduates with exceptional financial need
Students must complete the FAFSA in order to qualify. FSEOG award notifications will be made by the Office of Financial Planning at least 30 days prior to start date for students with a complete FAFSA.
Palmer Student Emergency Relief Fund
The Palmer Student Emergency Relief Fund is made possible by generous donations from alumni, staff, faculty and friends of Palmer College. The intent of the funding is to support students experiencing financial hardship related to a qualifying event. Aid distributed through this emergency relief fund are considered grants and are not required to be repaid. Maximum award amounts are capped and determined by the nature of the qualifying event. Availability and size of the award(s) is contingent upon the amount of available monies in the fund, as well as applicants’ meeting the eligibility criteria.
For the purposes of this program, financial hardship is defined as an immediate and significant financial need related to a qualifying event that can’t be met through existing household resources.
For the purposes of accessing this fund, a qualifying event is one of four things:
Medical Issue: The student experiences a recent and serious setback to their own health condition, or the sudden need to provide care for a spouse (or equivalent under Iowa, Florida or California law), child, or parent who is experiencing a serious medical condition. Maximum award $1,000.
Emergency Car Repair: A student’s primary vehicle must be repaired to travel to and from campus. Maximum award $500.
Emergency Travel: A student must travel due to the death of an immediate family member or care of an immediate family member. Maximum award $500.
Declared Major Disaster/Emergency: The student experiences a demonstrated expense and/or financial hardship as a result of a federally declared or state declared major disaster/emergency. Maximum award $1,000.
Applications must be made no later than ninety (90) days after the qualifying event and include supporting documentation.
- Enrolled at Palmer College of Chiropractic.
- Enrolled for at least one (1) trimester or one (1) quarter* during the current award year in which the qualifying event occurs, and in the term in which the student applies for access to the fund.
- Experiencing a qualifying event.
- Experiencing demonstrated financial hardship arising out of the qualifying event.
Students must not have previously received an assistance award associated with the same qualifying event.
* Palmer Florida is moving from a quarter to a trimester calendar for new students starting with the fall 2022 term which starts October 2022, pending final Higher Learning Commission approval.
Awards are limited to:
- $1,000 in the case of a medical issue.
- $500 in the case of emergency car repair. Funds will not be approved for the purchase or lease of a replacement vehicle.
- $500 in the case of emergency travel due to the death of an immediate family member including spouse, child, parent, or sibling, or for the care of an immediate family member. Funds may be used for airline, bus or train tickets for the student, the rental costs for a vehicle for ground transportation or reimbursement at the IRS mileage rate when using personal vehicle. Funds may not be used for purchase of other incidental expenses associated with the student’s travel.
- $1,000 in the case of a documented expense or financial hardship related to a federally declared or state declared major disaster/emergency. Expense or hardship may include home repair not covered by insurance, loss of income, cost for temporary or permanent relocation.
One award per qualifying event. Students will not be permitted to receive an assistance fund award associated with a qualifying event for which they have previously received an assistance fund award.
How to Apply
To apply, students must complete the Palmer Student Emergency Relief Fund Application and provide documentation of their qualifying event. Applications must be made no later than 90 days after the qualifying event to be considered.
Review and Decision
The Student Affairs Division or their designee will review the application and determine whether the information submitted is sufficient to prove eligibility up to the requested amount. Students will be informed of the decision within 10 days of their application’s receipt by Palmer.
If the information presented is not sufficient to prove that the student is eligible for the requested amount, they may be granted a partial award, or the award may be fully denied. As long as the documentation proves eligibility and there are sufficient monies in the fund, requests shall not be unreasonably denied.
Disbursement of Funds
Award funds will be disbursed within ten business days of the application approval. Award monies will first be applied to meet any outstanding balance on the student’s account. The remaining amount will be disbursed to the student either by direct deposit or in a paper check.
If a student is receiving the maximum amount of financial aid when the Palmer Student Emergency Relief Fund Application is approved, the student will be given two options:
- The award will be applied to the student’s billing account resulting in a reduction of financial aid (i.e. student loans) received.
- The approved application and supporting documents will be provided to the College’s financial aid administrator to evaluate for Professional Judgement (PJ). If the financial aid administrator approves the PJ, the student’s cost of attendance will be increased allowing for the student to receive the award funds through one of the disbursement options above.
Borrowing money from a bank, government or lending company is called taking out a loan. A loan must be paid back with an extra charge called interest. The Federal student loans are made by the government, with terms and conditions that are set by law, and include many benefits such as fixed interest rates and income-based repayment options not typically offered with private loans. In contrast, private loans are made by private organizations such banks, credit unions, and state-based or state-affiliated organizations, and have terms and conditions that are set by the lender. Private student loans are generally more expensive than federal student loans.
FEDERAL DIRECT SUBSIDIZED LOANS
Federal Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate federally defined financial need to help cover the costs of higher education. Grace period for repayment is six-months after dropping below half time enrollment or separation from the College. Interest rates are fixed and no interest is charged while a student is enrolled at least half-time. Federal Direct Subsidized loans do not require a credit check and students must meet the basic Federal Aid eligibility criteria.
FEDERAL DIRECT UNSUBSIDIZED LOANS
Federal Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need. Interest is fixed and is charged during all periods including while the student is enrolled in school and during grace or deferment periods. Federal Direct Unsubsidized loans do not require a credit check and students must meet the basic Federal Aid eligibility criteria.
FEDERAL DIRECT PARENT PLUS LOAN
The Federal Direct PLUS Loan is a credit-based supplemental loan that helps the parents of dependent students in an undergraduate degree program meet the cost of their child’s education expenses for the academic year. Under the PLUS loan program parent’s may borrow up to the full cost of education minus other financial aid received. Interest is fixed charged during all periods and the parent borrower must pass a credit review to receive the Federal Direct PLUS Loan.
Federal standards of creditworthiness are substantially more flexible than those required under private loan programs. You must pass a credit review and you must not have adverse credit history, defined as a current 90-day delinquency, debt discharged in bankruptcy during the past five years or evidence of a default, foreclosure, tax lien, repossession, wage garnishment or write-off of a Title IV debut during the past five years. If you do not meet the credit criteria, you can apply with an Endorser, who must meet the credit criteria. The Endorser promises to repay the loan if the borrower fails to do so as agreed. PLUS Loan credit decisions are good for 180 days.
FEDERAL DIRECT GRAUDATE/PROFESSIONAL PLUS LOANS
The Federal Direct Graduate PLUS Loan is a credit-based supplemental loan made to graduate or professional students to help pay for education expenses for the academic year. The maximum annual amount that may be borrowed is the student’s cost of attendance minus any other financial aid that the student receives. Interest is fixed and charged during all periods and the student borrower must pass a credit review to receive the Federal Direct PLUS Loan.
Federal standards of creditworthiness are substantially more flexible than those required under private loan programs. You must pass a credit review and you must not have adverse credit history, defined as a current 90-day delinquency, debt discharged in bankruptcy during the past five years or evidence of a default, foreclosure, tax lien, repossession, wage garnishment or write-off of a Title IV debut during the past five years.
If you do not meet the credit criteria, you can apply with an Endorser, who must meet the credit criteria. The Endorser promises to repay the loan if the borrower fails to do so as agreed. PLUS Loan credit decisions are good for 180 days.
Private loans, also known as alternative loans are made by private organizations such banks, credit unions, and state-based or state-affiliated organizations, and have terms and conditions that are set by the lender. Private loans are credit based and each lender uses their own pricing models and your interest rate is based on the strength of your (or your co-signer’s) credit score and history. Interest accrues from the date of disbursement and some lenders may require repayment while enrolled.
The student budget or Cost of Attendance represents the maximum aid you can be awarded through any combination of scholarships, work-study, federal and private loans certified through the College for the award year. To determine the maximum amount you can borrow in alternative loans, take the student budget and subtract any other financial aid awards, and the balance is the amount you can borrow in an alternative loan. The interest rate on a private loan will generally be variable or floating.
PLEASE NOTE: Before applying for private or alternative loans, you should first consider borrowing the full amount for which you are eligible under the Federal Direct Loan program.
Palmer provides a historical list of lender in a comparative tool called FastChoice. To view information from these lenders click here. You are free to choose any lender, including those not presented. Please do your research to find the lender and private student loan that best fits your needs and know that the choice of lending institution for private student loans is completely the choice of the student. Follow the application instructions provided by your selected lender, who will notify you of your loan application status and any approved amount. Once the application has been approved the lender will contact the school to have the loan certified upon enrollment.
The Student Employment Program at Palmer includes the Federal Work-Study (FWS) program, a form of financial assistance that is partially funded by the U.S. federal government and the Institutional Work Grant, fully-funded by the institution. Both opportunities provide students a means of part-time employment to offset the cost of attendance.
These forms of aid can vary in amounts and can be awarded based on need and/or merit. Please contact the Office of Financial Planning for more information.