Types of Financial Assistance

Scholarships

In 2008-09, academic awards to individual Pharmacy students range in value from $100 to $5,000 per year.

Cal Grants
Cal Grant A or B recipients who will not earn a bachelor's degree before entering the Pharm D. program may transfer their grants to Pacific. Professional Pharmacy students may receive up to a maximum total of ten semesters of Cal Grant support, including payments received for pre-professional study.

Federal Stafford Loans
Stafford Loans may be subsidized, with no interest charged until repayment begins, or unsubsidized, with interest charged from the date of disbursement. The interest rate is fixed at 6.8%.

Most first- and second-year Pharm. D. students may borrow a maximum of $35,775 per 11-month academic year, of which up to $8,500 per year may be in the form of a subsidized Stafford Loan. Lower maximum loan amounts apply to students who enter the professional Doctor of Pharmacy program after only four or five semesters of pre-Pharmacy.

Professional Pharmacy students may borrow up to a maximum of $33,000 for the third professional year (nine months).                                        

Federal Perkins Loan
Regulations provide that Perkins Loan funds must be reserved for high-need students. The interest rate is fixed at 5%.

Federal Direct Graduate/Professional PLUS Loan
Graduate and professional students may now borrow under the PLUS Loan program, up to their annual costs of attendance minus other financial assistance.

The FAFSA is required and applications are subject to approval by the Direct Loan Origination Center, based on a credit bureau check. Interest charges, at the fixed rate of 7.9%, begin on the date of disbursement.

Repayment of the Grad/Professional PLUS begins 60 days after the loan is fully disbursed, but students may qualify for in-school deferment while enrolled at least halftime in a degree program.

Health Professions Student Loan (HPSL)
By regulation, recipients of the Health Professions Student Loan must be enrolled full time and parent information must be considered in determining financial eligibility. All students who wish to be considered for HPSL must provide parent information on the FAFSA.

Interest on this loan is fixed at 5%. HPSL loans are awarded to eligible Pacific students on the basis of funds available.

Private Loans
Pharmacy students may choose to arrange financing through a private loan program to supplement their financial aid. Professional students with good credit histories or no credit history may usually borrow on their own, although a larger amount or more favorable terms may be available if the student applies with a creditworthy co-signer. Ordinarily, the borrower or a co-borrower must be a U.S. citizen or permanent resident.

If you think you may wish to apply for a private loan, it is advisable to obtain a copy of your credit report now and correct any problems. The major national credit reporting agencies are Trans Union (1-800-888-4213), Equifax (1-800-997-2493), and Experian (1-888-397-3742).

Information about private loan programs is available on the Internet. There are also online tools to help you compare private loan options, including:

FinAid! - http://www.finaid.org

SLA Private Loan Options - http://www.studentlendinganalytics.com/alternative
_loan_options.html

You'll find a printable loan comparison worksheet at http://consumersunion.org/pdf/ChooseStudentLoan.pdf