Federal and External Loan Programs
|
Program
Name
|
Federal
Perkins
Student Loans
|
Health
Professions
Student Loan
(HPL)
|
Federal
Direct
Student Loan
Program
(Subsidized or
Unsubsidized)
|
Federal
Parent Loan for
Undergraduate
Students (PLUS)
|
Alternate
Loan
Programs (Non-
Governmental
Sources)
|
| Source
of Funding |
L.I.U. Administered
Campus-Based
|
L.I.U. Administered
Campus-Based
|
Federal Government |
Federal Government |
External, Non-Federal Loans (Citiassist,
Signa-
ture, Keybank , Teri, Wells Fargo) |
| Eligibility
Requirements |
Full-Time Students
U.S. Citizen or Permanent Resident
Demonstrate
Financial Need
|
Full-Time Students
U.S. Citizen or Permanent Resident
Demonstrate
Financial Need
|
U.S. Citizen or
Permanent Resident
Subsidized Loans:
Requires that Student Demonstrates
Financial Need
|
Parents of
Undergraduate
Students
U.S. Citizen
Or Permanent
Resident
Credit Check is
Required
|
Must be Financially
Creditworthy
|
| Applications
Required |
FAFSA or Renewal
FAFSA
|
FAFSA or Renewal FAFSA |
FAFSA or Renewal FAFSA |
FAFSA or Renewal FAFSA |
Lender's Electronic/Paper Application
and
FAFSA or
Renewal FAFSA
|
Special
Aspects
|
Must Maintain Good Academic Standing |
Must Maintain Good Academic Standing
Must Major in Pharmacy |
Unsubsidized Loans:
Quarterly Interest Payable 60 Days After Disbursement
|
Amount Borrowed
Cannot Exceed Cost of Education Minus
Financial Aid
|
May Use Co-Borrower if Student
is Not Financially
Creditworthy
|
Award Amounts
|
Up to $3,000
Per Year
But Not to Exceed $4,500 for the |
First-Two Years of Study
|
Up to $5,000 Per Year |
Subsidized:
Year 1 - $2,625
Year 2 - $3,500
Y ear 3,4,5 - $5,500
Graduate - $8,500 |
Unsubsidized: (Independent Under.)
Year 1,2 - $4,000
Year 3,4,5 - $5,000
Graduate - $10,000 |
Up to Cost of
Education Minus Financial Aid
|
Up to Cost of
Education Minus Financial Aid
|
Lifetime
Amount or
Limit
|
Undergraduate
$20,000
Graduate Combined:
$40,000
|
None |
Undergraduate:
Sub: $23,000
(Independent Under.)
Sub. & Unsub: $46,000
Graduate $138,500 (Combined
Undergraduate/Graduate)
|
None |
None |
Repayment
Terms
|
Begins Nine Months After
Graduation or
Termination of at Least Half-Time
Study at 5% Interest
|
Begins Twelve Months After Graduation or Termination of
Full-Time Study in
Pharmacy at 5% Interest
|
Begins Six Months After Graduation
or Termination of Part-
Time Study at a
Variable Interest Rate Capped at 8.25%
|
Begins 60 Days After Disbursement
at a Variable Interest Rate Capped
at 9%
|
Varies from Within 45 Days or
Six Months After Disbursement of Loan
Variable Interest Rate
|
| Deadlines |
Mid-March Prior to
Award Year
|
Mid-March Prior to
Award Year
|
Within 30 Days of Semester's
End |
Within 30 Days of
Semester's End
|
Within 30 Days of
Semester's End
|
After
You
Apply
|
Award Letter from
the Office of Student Financial Services
|
Award Letter from
the Office of Student Financial Services
|
Federal Agency Will
Send a Disclosure Statement
|
Federal Agency Will
Send a Disclosure Statement |
Guaranty Agency Will
Issue a Disclosure Statement |
