Applying for Financial Aid
Students interested in receiving federal student aid must complete the Free Application for Federal Student Aid (FAFSA). The fastest and easiest way to apply is online at FAFSA on the Web at www.fafsa.ed.gov. If you do not have a Department of Education Personal Identification Number (PIN), you may request a PIN at www.pin.ed.gov. By using your PIN, you eliminate the need for a signature page. In addition, you should include your email address on the FAFSA in order to receive a response from the Federal Processor via your email within 24 – 72 hours. Students must meet eligibility criteria to be eligible for federal student aid. More information regarding financial aid processes, types of aid, tips on applying, online resources and other relevant data is available on the NSU financial aid website at www.nova.edu/cwis/finaid.

IMPORTANT: Students must reapply for federal student aid every year, beginning January 1 for the new academic year.

Financial Need
Financial need is determined as follows: Cost of Attendance minus Estimated Family Contribution (EFC) = financial need.

The cost of attendance (COA) is determined by the Office of Student Financial Assistance utilizing information from the program office with regard to tuition and fees, and books and supplies. The COA includes tuition and fees, books and supplies, room and board, transportation and miscellaneous expenses. The total aid for an academic year may not exceed the cost of attendance. The Estimated Family Contribution (EFC) is the amount of contribution you are expected to pay toward your education and is determined by the financial and other pertinent information provided on the FAFSA.

COA Example: Student Living Off-Campus, First Year, Second and Third Year

$32,751 (cost of attendance – 10 months)
- 2,000 (EFC)
------------
$30,751 (financial need)
- 8,500 (Subsidized Stafford Loan)
- 22,251 ($10,000 Unsubsidized + $12,251 add’l Unsub Stafford Loan)
------------
$ 0 (unmet need)

Types of Aid
There are several types of aid available to eligible Pharmacy Medicine students. They include the Federal Stafford Loans, Health and Human Services (HHS) loans, such as the Health Professions Student Loan (HPSL), and Loans for Disadvantaged Students (LDS), alternative/private loans and other external scholarships.

Federal Loans
If you are interested in applying for federal loans, which includes the Federal Subsidized and Unsubsidized Stafford loans, you must complete the FAFSA and meet all general eligibility criteria. Please click here for more information regarding Stafford Loans and make sure your understand the loan process.

The interest rate on the Federal Stafford Loan for 2006-2007 (July 1, 2006-June 30, 2007) academic year is a fixed rate of 6.8%.

Alternative/Private Loans
Private/alternative loans are not based on financial need, but generally require that the student or borrower have a satisfactory credit history. Actual eligibility for private/alternative loans will be determined after a credit check has been completed by the lender and the amount is certified by NSU. Several lending institutions and nonprofit organizations offer long-term, low-interest educational loans to students and their families. Students may apply for private educational loans in addition to or in place of federal loan programs.

Some lenders require a cosigner or require that the borrower meet debt-to-income ratio criteria. The terms for the loans vary, but many are comparable to the Subsidized and Unsubsidized Federal Stafford Loan programs. Students may be required to contact the lender directly, if instructed to do so. These loans are considered part of a student's financial aid package, and the total of these loans plus all other aid received cannot exceed the university's established financial aid budget for the student. For information regarding specific lenders, refer to the Guide to Alternative Loans. Please make sure your read the application process for applying for alternative loans.


Health and Human Services Loans and Scholarships – College of Pharmacy

Applicants from low to middle income families are encouraged to apply for the limited number of need-based, college specific scholarships and loans. In order to receive these loans, applicants must complete the Free Application for Federal Student Aid (FAFSA), provide their prior year tax forms, as well as their parents’ prior year tax forms, and complete the HHS Application for Health Professions Student Loan and Loans for Disadvantaged Students. You must submit the HHS Application to:

Pemra Cetin
Nova Southeastern University
HPD Office of Student Financial Assistance
Terry Building Room 1130
3200 S. University Drive
Ft. Lauderdale, FL 33328

The following Health and Human Services loans and scholarships are available to eligible Pharmacy students:

•  Health Professions Student Loans (HPSL)
  
  The Health Professions Student Loan (HPSL) program provides a long-term, low- interest rate loans to full-time, financially needy students in specific medical programs, such as Pharmacy. The interest rate for the HPSL loans is 5 percent interest rate. Repayment of interest and principal begins 12 months after a student ceases to be enrolled full time. The repayment period is ten years. However, students may be eligible for loan deferments. For eligibility criteria, click here. To be considered for a Health Professions Student Loan, you must apply for the Free Application for Federal Student Aid (FAFSA), submit a copy of your and your parent’s prior year tax forms, complete the HHS Application for Health Professions Student Loan and Loans for Disadvantaged Students, and submit them to the Office of Student Financial Assistance at HPD. Once you have been approved for the loan, you must complete the HPSL promissory note and entrance interview (only required one time).
  
  
•  Loans for Disadvantaged Students (LDS)
  
  The Loans for Disadvantaged Students program provides long-term, low-interest rate loans to full-time, financially needy (low income levels) students from disadvantaged backgrounds, to pursue a degree in Pharmacy. Repayment of interest and principal begins 12 months after a student ceases to be enrolled at full time. The repayment period is ten years. However, students may be eligible for loan deferments. For eligibility criteria, click here. To be considered for the LDS, you must apply for the Free Application for Federal Student Aid (FAFSA), submit a copy of your and your parent’s prior year tax forms, complete the HHS Application for Health Professions Student Loan and Loans for Disadvantaged Students, and submit them to the Office of Student Financial Assistance at HPD. Once you have been approved for the loan, you must complete the LDS promissory note and entrance interview (only required one time).