Application Process

Summary of Major Financial Aid Programs

Federal Direct Loan-Unsubsidized (Graduate/ Professional)

  • Department of Education Title IV Program.
  • All graduate and professional level students are considered independent.
  • Unsubsidized loans are not based on financial need.
  • All first-time Direct Loan borrowers must complete a Direct Loan Master Promissory Note.
  • Entrance and Exit Counseling Interviews are required.
  • The Interest Rate is 5.31% (until 6/30/2017). Interest begins to accrue at time of disbursement.
  • The maximum award per academic year for graduate level students click here.
  • The loan origination fee is 1.068% (until 9/30/2016). Amount disbursed is gross loan amount minus loan origination fee.
  • Consolidation: Eligible federal student loans can be combined into one Direct Loan Consolidation Loan.

Federal Direct Graduate Plus Loan

  • Department of Education Title IV Program.
  • All graduate and professional level students are considered independent.
  • PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance.
  • The Interest Rate is fixed at 6.31% (until 6/30/2017). Interest begins to accrue at time of disbursment.
  • Entrance and Exit Counseling Interviews are required
  • Borrowers must complete a PLUS Loan Promissory Note.
  • When applying for a Direct PLUS, the Department of Education will check your credit history.  Eligibility to receive a GRAD PLUS loan is based on credit.  If you are determined to have an adverse credit history, you will be required to obtain an endorser who does not have an adverse credit history.
  • The PLUS Loan origination fee is 4.272% (until 9/30/2016). Amount disbursed is gross loan amount minus loan origination fee.
  • Consolidation: Eligible federal student loans can be combined into one Direct Loan Consolidation Loan.

Federal Perkins Loan

  • Program is currently being phased out. Available to current SOM prior Perkins Loan recipients.
  • Department of Education Title IV Program.
  • Interest is subsidized and is not accruing while enrolled in school‚ grace or during authorized deferment periods.
  • All first-time borrowers must complete a Master Promissory Note.
  • Interest rate is fixed at 5%.
  • Must demonstrate financial need as defined by the federal government.

Federal Work Study (FWS) Program/Federal Community Services

  • Department of Education Title IV Program.
  • Must demonstrate financial need as defined by the federal government.
  • Earnings cannot exceed total FWS award. Employment is up to 20 hours per week while classes are in session.

Loan for Disadvantages Students (LDS)

  • Department of Health and Human Services Title VII Program.
  • Loan available to students from disadvantaged backgrounds that demonstrate “exceptional financial” need as defined by the Department of Health and Human Services.
  • Interest is subsidized and is fixed at 5% 
  • Parental income Information is required.
  • Available to School of Osteopathic Medicine students

Primary Care Loan (PCL)

  • Department of Health and Human Services Title VII Program.
  • Must demonstrate financial need as defined by the Federal Government.
  • Interest is subsidized and fixed at 5%.
  • Entrance and Exit Counseling Interviews are required.
  • Primary Health Care Residency required.
  • Practice in Primary Health Care until date of full re–payment is mandatory.
  • Available to School of Osteopathic Medicine students

Scholarships for Disadvantaged Students (SDS)

  • Department of Health and Human Services Title VII Program.
  • No current funding for this program.

Educational Opportunity Fund (EOF)

  • A New Jersey state grants program.
  • Grants up to $4‚350 per year for graduate level students‚ not to exceed 5 years of eligibility.
  • Must be a New Jersey resident for 12 consecutive months prior to the award period.
  • Must demonstrate "historical poverty" as defined by EOF guidelines as well as adhere to family size and income cut–off.
  • Determined by the Office of Student Financial Aid using information provided on the FAFSA and supporting documents.

Alternative/Private Loans

  • Private loan sources that are made available from a variety of lenders.
  • Interest on loan accrues while borrower is in school.
  • Interest and principal may be deferred during that time.
  • Interest rates may vary by lender
  • Maximum award is determined by your Cost of Attendance, minus other aid.
  • Loans are credit–based; borrower must have an acceptable credit history‚ as determined by the lender.
  • For additional information on Alternative/Private Loan programs click here

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