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Financial Aid Programs


All Title IV financial aid funds received by the Institution will be credited to the student's account (excluding Federal Work Study) in accordance with federal regulations. The different types of financial aid programs available to those who qualify are discussed in detail below.

General Financial Aid Campus-Based Funding Federal Direct Student Loan Program


Federal Pell Grant

This grant is designed to assist needy undergraduate students who desire to continue their education beyond high school. Federal Pell Grants are only awarded to undergraduate students who have not earned a bachelor's or professional degree. Each student is entitled to apply for a Federal Pell Grant. Eligibility is determined by the student's need, the cost of attendance, and the amount of money appropriated by Congress to fund the program. The amount of the grant is determined by a standard formula used by the Department of Education. The amount of the grant available to the student will depend on the Expected Family Contribution (EFC), the cost of attendance, and the Pell Lifetime Eligibility Used (LEU).

For many students, the Federal Pell Grant provides a "foundation" of financial aid to which other aid may be added to defray the cost of college education. Students or prospective students may secure an application to participate in the Federal Pell Grant program from the Financial Aid Office of the Institution or from a high school counselor. The application will be transmitted electronically through the Central Processing System which will determine the applicant's EFC.
 

Campus-Based Funding

How much aid you receive from campus-based programs depends on your financial need, the amount of other aid you'll receive and the availability of funds at Pima Medical Institute. Unlike the Pell Grant Program, which provides funds to every eligible student, each school participating in any of the campus-based programs receives a certain amount of funds each year. When that money is disbursed, there are no additional awards for that year.
 

Federal Supplemental Educational Opportunity Grant (FSEOG)

Undergraduate students with the lowest Expected Family Contribution (EFC) and who will also receive Pell grants for the award year have primary consideration for an FSEOG award. The amount of the grant and the number of students who may receive this grant depends on the availability of funds from the U.S. Department of Education.
 

Federal Work-Study Program

The Federal Work-Study Program (FWS) provides part time employment to students who need the earnings to defray the cost of their education. Students may work on or off campus for a qualified public, private, or community service organization. Application for the FWS program may be made through the Financial Aid Office and eligibility is based on financial need and availability of funds. The Institution will attempt to place students in jobs related to their program of study, and work schedules will be arranged according to class schedules. The amount of the award and the number of students who may receive this award depends on the availability of funds from the U.S. Department of Education.
 

FEDERAL DIRECT STUDENT LOAN PROGRAM

Federal Subsidized Stafford Loans

Federal Stafford Loans are low interest loans that are insured by a guarantee agency and made available to the student by the U.S. Department of Education. The Subsidized Stafford Loan is awarded based on financial need. For loans first disbursed on or after July 1, 2008, if the student is a dependent undergraduate student, he/she may borrow up to the following:
  • $5,500 if the student is a first-year student enrolled in a program of study that is at least a full academic year (at least $2,000 of this amount must be in unsubsidized loans)
  • $6,500 if the student has completed the first year of study and the remainder of his/her program is at least a full academic year (at least $2,000 of this amount must be in unsubsidized loans)
  • $7,500 a year if the student has completed two years of study and the remainder of his/her program is at least a full academic year (at least $2,000 of this amount must be in unsubsidized loans)
For periods of undergraduate study that are less than an academic year, the amounts the student can borrow will be less than those previously listed. Ask the Financial Aid Office for specific details. The aggregate loan limit for a dependent undergraduate student is $31,000 (no more than $23,000 of this amount may be subsidized loans).

If the student is an independent undergraduate student or a dependent student whose parents are unable to qualify for a PLUS Loan, he/she may borrow up to the following:
  • $9,500 if the student is a first-year student enrolled in a program of study that is at least a full academic year (at least $6,000 of this amount must be in unsubsidized loans)
  • $10,500 if the student has completed the first year of study and the remainder of his/her program is at least a full academic year (at least $6,000 of this amount must be in unsubsidized loans)
  • $12,500 a year if the student has completed two years of study and the remainder of his/her program is at least a full academic year (at least $7,000 of this amount must be in unsubsidized loans)
  • $20,500 unsubsidized loan per academic year for students enrolled in a master’s degree program
For periods of undergraduate study that are less than an academic year, the amounts the student can borrow will be less than those previously listed. See the Financial Aid Office for specific details. The aggregate loan limit for an independent undergraduate student is $57,500. (No more than $23,000 of this amount may be subsidized loans.) 
 

Interest Rates and Fees for Federal Stafford Loans

Beginning July 1, 2008, the interest rate on subsidized Stafford loans made to undergraduate students was different from year to year. Rate changes from year to year apply to subsidized Stafford loans first disbursed on or after July 1 of each year through June 30 of the next year. For more information on prior and current interest rates visit: http://studentaid.ed.gov/types/loans/interest-rates. Stafford loans have a loan fee assessed that the borrower is responsible to repay. For more information on prior and current loan fees visit: http://studentaid.ed.gov/types/loans/interest-rates. The Federal Subsidized Stafford Loan is deferred while the student is enrolled in Institution and for a period of six months beyond the student's last date of attendance. The Federal government pays the interest on Federal Subsidized Stafford Loans if the student remains in college on at least a half-time status. Deferments after the student drops below half-time status are not automatic, and the student must contact the lender concerning his/her loan. Applications can be obtained from the Institution's Financial Aid Office or from the lender. For additional deferment information, contact the Financial Aid Office.

For students and parents of students who participate in the Federal Stafford Loan programs, loan information will be reported to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.   Loan information can be viewed online at NSLDS – Student Access website http://ww.nslds.edu.gov/nslds_SA/ (NOTE: PIN is required for access).
 

New Interest Rate Cap for Military Members

Interest rate on a borrower's loan may be changed to 6 percent during the borrower’s active duty military service. This applies to both FFEL and Direct loans. Additionally, this law applies to borrowers in military service as of August 14, 2008. Borrower must contact the creditor (loan holder) in writing to request the interest rate adjustment and provide a copy of the borrower's military orders.
 

Federal Unsubsidized Stafford Loans

The Federal Unsubsidized Stafford Loan program is available to eligible students regardless of family income for periods of enrollment beginning on or after October 1, 1992, who do not qualify in whole or in part for Federal Subsidized Stafford Loans. An Unsubsidized Stafford Loan is not awarded based on need. The term "Unsubsidized" means that interest is not paid for the student. The student may make monthly or quarterly interest payments to the lender or allow the accrued interest to capitalize. The terms of an Unsubsidized Stafford Loan are the same as those for a Subsidized Stafford Loan with the following exception: The Government does not pay interest on the student’s behalf on a Federal Unsubsidized Stafford Loan. All interest that accrues on the loan during enrollment and the grace period is required to be paid by the student. The student may make monthly or quarterly interest payments to the lender or allow the accrued interest to capitalize.
 

Federal PLUS Loans

The Federal PLUS loan is available to parents of dependent students to help pay for the educational expenses of the student. Parents of dependent students include the biological or adoptive parent(s). The PLUS loan is also available to stepparents if their income and assets are taken into consideration when calculating the student’s EFC. PLUS loans are not based on need; however, when combined with other resources, the loan cannot exceed the student's cost of education. Parents may borrow up to the cost of attendance minus other aid per eligible dependent student. The interest rate is variable and is set on July 1 of each year. A loan fee will be deducted proportionately each time a loan disbursement is made.

For more information on loan fees visit: http://studentaid.ed.gov/types/loans/interest-rates. Re-payment begins within 60 days of the final disbursement unless the parent qualifies for and is granted a deferment by the lender. There is no grace period on these loans. Interest begins to accumulate at the time the first disbursement is made, and parents will begin repaying both the principal and interest while the student is in school. Although the minimum payment amount is $50 per month with at least five years but no more than ten years of re-payment, the actual payment and schedule is determined by the amount borrowed. Applications can be obtained from the Institution's Financial Aid Office or from the lender. For deferment information, contact the Financial Aid Office.
 

Leveraging Educational Assistance Partnership

Maximum award for each academic year will depend on the availability of funds. This is a grant and does not require repayment.
 

Veterans Benefits

The Institution is approved to offer designated degree programs for veterans training. Applications for veterans’ benefits may be picked up at the Institution or by contacting the Department of Veterans Affairs. Approval of training benefits to be awarded is the responsibility of the Department of Veterans Affairs. All students applying for veteran’s benefits through the Institution must supply verification of high school graduation or GED certificate. All postsecondary education from an accredited institution must be verified with an official college transcript. 
 

FINANCIAL AID ASSISTANCE

Each campus has a dedicated financial aid department that is able to assist you in obtaining financial aid information. Please contact the campus receptionist or call (800) 477-7462 in order to schedule an appointment and/or speak with a financial aid specialist.

For Washington State residents seeking information and resources about student loan repayment or seeking to submit a complaint relating to your student loans or student loan servicer, please visit www.wsac.wa.gov/loan-advocacy or contact the Student Loan Advocate at loanadvocate@wsac.wa.gov


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