1. New Student Information
Understanding Financial Aid and Managing your Loans
Presented by
The Office of Financial Aid
Western University of Health Sciences | The discipline of learning. The art of caring.

2. Rights and Responsibility Student Academic Progress Repayment Plans
Agenda
Financial Aid Award
Loan Information
Disbursement
Rights and Responsibility
Student Academic Progress
Repayment Plans
Lower and Manage Your Debt

3. Financial Aid Student Budget Estimates Two types of loans
Financial Aid Award
Financial Aid Student Budget Estimates
Two types of loans
Direct Unsubsidized Stafford Loan and Graduate PLUS Loan
Graduate PLUS Loan is based on creditworthiness.
Loan limit (Direct Subsidized plus Unsubsidized loans) = $224,000.
Doctor of Dental Medicine, Optometry, Osteopathic Medicine, Pharmacy, Podiatric, and Doctor of Veterinary Medicine
Loan limit (Direct Subsidized plus Unsubsidized loans) = $138,500.
Doctor of Physical Therapy, Physician Assistant, Nursing programs, Biomedical Sciences, Masters in Medical Sciences, Master in Pharmaceutical Sciences, and Master of Science in Health Science

4. Interest Rate and Origination Fee
Loan Information
Interest Rate and Origination Fee
Determined at a specific point in time each year.
Direct Loans are accrued by “simple daily interest” method.
For example, on a $10,000 Direct Unsubsidized Loan with a 6.8% interest rate, the amount of (0.068/365)*$10,000 = $1.86
Six month Grace Period
The grace period is a set period of time after you graduate, leave school, or drop below half-time enrollment before you must begin repayment on your loan.
National Student Loan Data System (NSLDS)
NSLDS provides information regarding loan servicers and federal loans borrowed. Direct Subsidized and Unsubsidized loans, Graduate PLUS loans, and Perkins loans.
Administrators, Loan Guarantors, and Loan Servicers all have access to obtain their financial information through NSLDS.

5. Loan Information Continued
Open a FREE account with your Loan Servicer(s).
Federal versus Private Loans
Federal student loans: These loans are funded by the federal government.
Private student loans: These loans are nonfederal loans, made by a lender such as a bank, credit union, state agency, or a school.
Free Application for Federal Student Aid (FAFSA)
Application opens October 1, 2016
Based on 2015 federal taxes

6. Disbursement
Disbursement Dates
Your financial aid disbursement will be applied to your student account to pay off tuition and other fees before the tuition due date.
 If there is a credit balance, it will be disbursed to your checking account on your scheduled disbursement date. 

7. Rights and Responsibilities
Your Rights
Receive a copy of your signed Master Promissory Note (MPN)
Receive a six-month grace period
Your Responsibilities
Repay your loan(s)
Make on-time monthly payments
Note: You have more rights and responsibilities, please read it here.
9/21/2018

8. Student Academic Progress
Financial Aid Warning Policy (Title IV and Title VII)
Not making Satisfactory Academic Progress (SAP)?
You will be on a “Financial Aid Warning” status but continue to receive financial aid for that period.
Not eligible for financial aid:
Academic Suspension
Auditing courses

9. 9/21/2018

10. 10 and 25 year Repayment Plans
Standard Repayment
Shortest time and pay the least amount of interest over the life of your loan.
Payments are fixed made for up to 10 years.
Graduated Repayment
If your income is low now, but you expect it to increase steadily over time, this plan may be right for you.
Payments up to 10 years.
Extended Repayment
Lower monthly payments over a longer period of time.
Payments are made for up to 25 years.
9/21/2018

11. Income Driven Repayment Plans
Income Drive Repayment Plans
These plans are designed to make your student loan debt more manageable by reducing your monthly payment amount.
Income-Based Repayment (IBR)
Pay As You Earn (PAYE)
Revised Pay As You Earn (REPAYE)
Payments are based on your income, family size, the state you live in, and federal student loan type.
Payments are made for up to 25 years.
Repayment Calculators
Calculate your monthly payments.
9/21/2018

12. Lower and Manage Your Debt
Scholarship Database
Search for scholarships and loan forgiveness programs (Public Service Loan Forgiveness).
Financial Literacy
One stop site for all your financial literacy questions.
SALT – Open a FREE account today!
Financial Aid Forms
Return federal loans. If funds are returned to the Department of Education within 120 days of the disbursement of funds to the university, interest and/or loan fees that are assessed will be waived.
Ombudsman’s Office
The Ombudsman Group is a neutral, informal, and confidential resource to help resolve disputes about your federal student loans.
9/21/2018

13. Thank You for Listening!
Additional Questions? –
9/21/2018