University of the Sciences in Philadelphia

Loans

• The Federal Work-Study Program at USP is designed to stimulate and promote the part-time employment of students who have demonstrated financial need. Students who are awarded FWS may work up to 20 hours per week for the University or off-campus employers. This award will not be deducted from a student's bill, as students receive this award in the form of an employee paycheck.

• The Federal Perkins Loan is a low-interest (5% fixed rate) federal loan awarded by the Financial Aid Office as part of a student's financial aid package. A Promissory Note must be completed each year by the student. No interest or principal payments are made until 9 months after a student graduates or drops below half-time status. This loan is awarded by the Financial Aid Office and eligibility is determined based on a combination of significant need as demonstrated on the FAFSA form and the availability of funds. Students are required to complete Loan Entrance Counseling before receiving funds. This Loan Counseling can be completed online at http://mapping-your-future.org.

• The Federal Health Professions Loan is a low-interest (5% fixed rate) federal loan for dependent pharmacy students. No interest or principal payments are due until one year after a student graduates or drops below half-time status. A Promissory Note must be completed each year by the student. This loan is awarded by the Financial Aid Office and eligibility is determined based on a combination of significant need as demonstrated on the FAFSA form and the availability of funds.

• The Federal Loan for Disadvantaged Students is a low-interest (5% fixed rate) federal loan for dependent pharmacy students. No interest or principal payments are due until one year after a student graduates or drops below half-time status. A Promissory Note must be completed each year by the student. This loan is awarded by the Financial Aid Office and eligibility is determined based on a combination of exceptional need as demonstrated on the FAFSA form, specific parameters determined by the Department of Health and Human Services, and the availability of funds.

• There are two types of Federal Stafford Loans: subsidized and unsubsidized. You must have financial need to receive a subsidized Federal Stafford Loan. Financial need is not a requirement to obtain an unsubsidized Federal Stafford Loan. The interest rate on both types of loans is fixed. The FAFSA needs to be submitted annually to determine eligibility for each type of Federal Stafford Loan.

Federal Stafford Loan Annual Limits
and Interest Rate

Please note: The Combined Total includes the subsidized eligibility portion; therefore, if an independent undergraduate second year student is eligible for $10,500 total, s/he would be eligible for $6,000 unsubsidized. If a dependent undergraduate second year student was eligible for $6,500 total, s/he would be eligible for $2,000 unsubsidized.

The US government pays the interest on the subsidized Federal Stafford Loan while the student is enrolled in at least 6 credits per semester (5 credits for graduate students). The interest on the unsubsidized Federal Stafford Loan will accrue if it is not paid quarterly. There is a grace period of 6 months after the student graduates or ceases to be enrolled at least half-time (6 credits for undergraduates and 5 credits for graduate students) before principal and interest are due. The standard repayment term for both types of Federal Stafford Loans is ten years.

First-time Federal Stafford Loan borrowers must complete a Master Promissory Note (MPN), as well as Loan Entrance Counseling for the loan to be guaranteed and disbursed. This may be completed online at http://www.aessuccess.org. When completing your MPN, you will be required to choose a lender. You may choose any lender, even if it does not appear on the list provided. You may also select the Guarantor for the loan. Be sure to indicate the USP School Code of 003353. If you would like to complete the MPN and/or Loan Entrance Counseling on paper, please contact the Financial Aid Office for the necessary forms.

Students whose parents are rejected for a Federal PLUS Loan may be eligible for additional funds under the unsubsidized Stafford Loan program. Students who meet the federal requirements for independency may also be eligible for additional funds under the unsubsidized Federal Stafford Loan program. (See chart above.)

• The PLUS allows parents of dependent students to borrow funds to assist students in paying for their education. The PLUS has a fixed interest rate that is currently 8.5%. The maximum amount that parents may borrow is the cost of education minus any other financial aid (including loans) received.
  
  Parents may begin repayment 60 days after the loan is fully disbursed or apply to the lender for forbearance. Forbearance will delay the payment of principal while the student is enrolled in school. Interest will continue to accrue during this time and can be paid or capitalized.
  
  Eligibility for this loan is determined by a credit check. If parents are rejected for the PLUS for credit reasons, the student may be eligible for additional funds under the unsubsidized Federal Stafford Loan program.

• Graduate or professional students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. The terms and conditions applicable to Parent PLUS Loans also apply to PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history. Repayment begins on the date of the last disbursement of the loan, and a fixed interest rate of 8.5 percent.  Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a PLUS loan.

Alternative Loans

• Alternative Loans are designed to assist students and their families who either are not eligible for federal grant and loan funding, or who need additional educational financing. Loan approval is generally based on creditworthiness and ability to repay. The primary borrower for alternative loans is the student; however, most dependent students will need a cosigner. The interest on most alternative loans accrues while the student is in school. However, it can be deferred until after graduation or when the student ceases to be enrolled at least half time. As with any loan, careful consideration should be made in determining amounts to be borrowed, as the loan must be repaid.
• For information about other Alternative Loans, see our Alternative Lender List, also found under Forms.
  

PHEAA NETS Program

PHEAA (Pennsylvania Higher Education Assistance Agency) offers New Economy Technology Scholarships (NETS) each academic year to eligible students. To be eligible, students must be in a Bachelor of Science program in one of the following programs:

• Biochemistry
• Biology
• Bioinformatics
• Chemistry
• Computer Science
• Microbiology
• Pharmacology and Toxicology
• Pharmaceutical Sciences
• Pharmaceutical Chemistry

Students in the Doctor of Pharmacy program, any Master of Science program or Bachelor of Science programs not mentioned above are NOT ELIGIBLE for this scholarship. In order to receive this grant, students must be Pennsylvania residents, have a 3.0 GPA, be at least a sophomore, and be willing to commence employment in Pennsylvania in a field related to the student's program within one year after completion of studies and continue employment one year for each year the scholarship was awarded. Applicants must complete the FAFSA to be considered for this award.

To download an application or review additional information, please access PHEAA online at www.pheaa.org. This is an ongoing PHEAA program. If you miss this year's filing deadline (December 31 for the academic year previously started in August), mark your calendar for the next year.