Entry-Level Pharm.D. Program

Financial Aid

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 http://www.nova.edu/financialaid/.

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)
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$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 Direct Unsubsidized Loans, 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.

Federal Loans
Type of Loan Annual Loan Limit Aggregate Loan Limit
Subsidized Loan $8,500 $65,500
Unsubsidized Loan $10,000  
Add’l Unsubsidized Loan $20,000 – 9 months
22,000 – 10 months
24,445 – 11 months
26,667 – 12 months
$189,125 less the aggregate amount
of subsidized loans

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.