FINANCIAL AID Professional Pharmacy Program University of the Pacific

FINANCIAL AID What is it?

3 Sources of funds  Scholarships and grants  Loans  Work-Study  Students often qualify for funds from more than one financial aid program—a financial aid “package.”

4 Pharmacy Scholarships  All admitted Pharm. D. students are considered.  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.

5 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.

6 Federal Student Loans  Federal Direct Loans  Federal Direct Unsubsidized loans.  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%

7 Federal Student Loans (continued)  Health Professions Student Loan (HPSL)  $1,500,000 awarded in  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 2 nd or 3 rd year students.

8 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…  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.

9 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%

10 Federal Student Loans (continued)  Repayment  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.

11 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.

12 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.

FINANCIAL AID How to Apply

14 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.

15 Electronic application works best.  Online filing is faster and there’s less chance of error.  Use legal name (name on your Social Security Card) on the FAFSA.  No need to print and mail a signature page if you sign with a U.S. Department of Education PIN. File electronically

16 Application Checklist: Now  Apply for admission.  Get PIN:

17 Application Checklist: January  File FAFSA:  File on or after January, 2015  Pacific’s school code:  Priority window: January 1 – March 1  Don’t wait for an admission decision.

18 Eligibility factors  Estimated Cost of Attendance  U.S. citizen or eligible non-citizen  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.

FINANCIAL AID Financial Aid Award

20 Award Notification & Acceptance  Receive notification at your Pacific address  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.)  Follow all additional instructions for obtaining the funds awarded!  Questions? Contact the Financial Aid Office

FINANCIAL AID Then…

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.

23 Disbursement of aid  Financial aid is ordinarily disbursed in equal payments, one payment per trimester.  Funds are deposited in your student account. Any funds remaining after all payments are made will be refunded to the student.  Financial aid file must be complete for disbursement.

24 Financial Aid Office  Knoles Hall Open Monday – Friday, 8:30 – 5:00 Counselors available (except Wednesday mornings) 9:30 – 12:00 & 1:00 – 4:00 (209) 