WestMed College




Get Started

Locations

Areas of Study

Financial Aid Programs

Grants
Federal Pell Grant is a grant program to help students with tuition cost. This program assists students who are working toward a first bachelor's degree.

Award range: $400 to $5,500
Applications: FAFSA
Application deadline: June 30, 2012
Date funding begins: July 1, 2011

Loans
Federal Stafford Student Loan is a loan program to assist students with educational expenses. The interest rate is fixed at 3.40 percent for loans issued after July 1, 2011. Stafford recipients are not required to make payments or pay the interest during full-time attendance or the first six months after the student's last day of attendance.

Loan Amount: For each academic year, a dependent student may borrow:

  • Up to $3,500 as a first year undergraduate
  • Up to $4,500 as a second year undergraduate

Dependent students may receive both an unsubsidized and subsidized Stafford up to the amounts listed above.

Applications: FAFSA Loan Request

Unsubsidized Federal Stafford Loan is a program available to students who may not qualify for a subsidized Stafford Loan or for students who may qualify for only a partial subsidized Stafford loan. The interest rate is fixed at 6.8 percent for loans issued after July 1, 2006. The terms and conditions are the same as the subsidized Stafford Loan, except that the borrower is responsible for the interest that accrues while the student is in school during the grace period.

Loan Amount: Students may receive both subsidized and unsubsidized Stafford Loans totaling up to the applicable Stafford limit (based on grade level).

Applications: FAFSA Loan Request

For each academic year, an independent student may borrow:

  • Up to $9,500 as a first year undergraduate (at least $4,000 of this amount must be in unsubsidized Stafford)
  • Up to $10,500 as a second year undergraduate (at least $4,000 of this amount must be in unsubsidized Stafford)

Note: Students enrolled in an academic year requiring less than 900 clock hourswill be subject to a pro-rated loan.

Aggregate Stafford Loan Limits
Dependent Undergraduate: $31,000
Independent Undergraduate: $57,500
Graduate: $138,500
($65,500 in subsidized Stafford and $73,000 in unsubsidized Stafford)

Note: The graduate debt limit includes any Stafford Loans as an undergraduate.
Fees

Loan Origination Fee: For first disbursements on or after July 1, 2008, a loan origination fee of up to 1% of the loan principal is also deducted proportionately from each loan disbursement.

Insurance Premium: An insurance premium of 1%, called the Federal Default Fee, of the loan principal may also be deducted proportionately from each loan disbursement.

Federal Parent Loans for Students (PLUS) is a loan program to assist parents of the undergraduate dependent students with educational costs. The interest rate is fixed at 7.90 percent for the life of the loan for loans issued after July 1, 2011. Like the unsubsidized Stafford Loan, the interest is not subsidized by the government. Repayment begins 60 days after the loan is made.

Loan Amount: For each academic year, a parent may borrow up to the student's cost of attendance minus other aid, per undergraduate dependent student.

Fees: 3% origination fee and up to 1% Federal Default Fee.

Applications: FAFSA Loan Request

Note: Award ranges and aid types are tentative.


WestMed College is an affiliate of the National University System.