Financial Aid

We understand that the commitment to the program leading to the Doctor of Pharmacy degree represents a large investment for the students and their families. For the class entering July 2008, Annie Shumate, Assistant Director of Financial Planning, will be contacting you directly regarding your financial needs.

Scholarships

All fees are subject to change without notice

Students will be required to provide their own transportation during the school year as they will be traveling to different areas for their experiential training. Also, students will be responsible for their own boarding and meals.

Additional Links

EdAmerica: http://partners.edfinancial.com/Default.aspx?alias=partners.edfinancial.com/L831453/F004619
Sallie Mae Lending Services: http://www.customschool.com/sullivan/private.html
Student Loan XPress: http://www.studentloanxpress.com/schools/sullivanpharmd
Chase Student Loan: http://www.chasestudentloans.com/custom/sullivan/pharmacy.htm

Frequently Asked Questions:

1. What types of financial assistance are available?
2. Who provides financial aid?
3. What does financial aid cover?
4. Who coordinates the financial aid process?
5. Why will only the first three quarters be included?
6. How is my "need" determined?
7. How is my expected family contribution determined?
8. My company offers reimbursement, how is this handled?
9. Hours of Operation and contact numbers for Financial Planning Office.

What types of financial assistance are available?

• Loans: Money borrowed to cover the cost of education that must be repaid with interest.



• Federal Stafford Loans: There are two types; the Subsidized and the Unsubsidized. The interest rate is 6.8%. Payment on the Stafford loan begins six months after the student has graduated, withdrawn from school, or attends less than half time.
  
  If you qualify (based on need) for a subsidized loan, the government will pay the interest on your loan while you are in school, during the six month "grace period" and during any deferments. You may borrow up to $11,333.00.
  
  
Independent students (by Department of Education guidelines) may borrow up to an additional $16,000.00 in unsubsidized loan funds. Interest accrues on an Unsubsidized loan from the date of the first disbursement. For the Doctor of Pharmacy program, there is an additional $16,667.00 available in unsubsidized loans. The total amount of subsidized and unsubsidized Stafford Loans available for the Doctor of Pharmacy program is $44,000.00 per calendar year, not to exceed the cost of attendance.


• Graduate Professional PLUS Loans: Professional degree students are now eligible to borrow under the Graduate/Professional PLUS loan program up to their cost of attendance minus other estimated financial assistance. Approval of this loan is subject to a credit check and repayment must begin once the loan is fully disbursed. The interest rate is fixed at 8.5% in the student loan program and 7.9% in the Direct Loan program.
  
  
• Alternative Educational Loans: These are loans made to students, whose credit is approved or who has a credit-approved co-signor, that must be repaid. Interest accrues on these loans from the date of the first disbursement. The interest rate is variable and based upon the PRIME RATE + a % determined by the student's or co-signor's credit rating. Payment on the Alternative loan begins six months after the student has graduated, withdrawn from school, or attends less than halftime.



• SCHOLARSHIPS: Gift assistance that doesn't have to be repaid. Scholarship searches are on the Internet or you can visit your public library for lists and requirements of scholarships that are available. Additional scholarships specific to the College of Pharmacy will be available from sources such as CVS, Meijer, Target, etc.
  
  

• MILITARY BENEFITS: Financial assistance available to individuals who have performed military service or are the dependent of a veteran disabled or deceased due to military service.

Who provides financial aid?

• State and federal governments provide loans. Scholarships are available through many organizations, clubs, businesses, and institutions. You and your family have the primary responsibility for meeting educational expenses to the best of your ability.

What does financial aid cover?

• Financial assistance is available to cover the cost of education, which may include:
  • Tuition and fees
  • Books
  • Housing
  • Other educational related costs

Who coordinates the financial aid process?

• Sullivan's Financial Planning Office develops your financial package according to program guidelines and regulations. This package is usually a combination of grants, loans, cash payments, and/or company reimbursement.

Why will only the first year be included?

• You should re-apply each year you plan to attend. Factors regulating financial assistance change; because you're not eligible for certain funds in one award year does not mean you would not be eligible the next year.

How is my "need' determined?

• A calculation called need analysis is used to determine if you have need for aid and, if so, how much need. Financial need is usually the difference between your cost of education and the amount of money your family is expected to contribute. The formula is:
  
  
  • Total cost of Education (varies school to school) - Expected Family Contribution (determined congressional methodology) = Financial Need

How is my expected family contribution determined?

• The financial information exported on the Free Application for Federal Student Aid is used by the Dept of Education to determine, on a fair and equitable basis, what you and your family should reasonably be expected to contribute toward your educational costs. The standard formula evaluates your family's prior year income, current assets, and provides allowances for expenses. The result is your expected family contribution (EFC).
  
  The EFC of a dependent student is calculated on the basis of the student's and parent's resources. The EFC of an independent student is calculated on the basis of the student and spouse's, if applicable, financial resources.

My company offers reimbursement, how is this handled?

• A copy of your company's Tuition Reimbursement policy should be brought to the school. If payment is not made until your grades are received, we offer a deferred tuition option. For additional information, please consult your Admissions Counselor.

Financial Planning Office Hours and contact phone numbers.

• Hours of Operation:
  Monday - Thursday: 7:30 AM - 8:00 PM
  Friday: 7:30 AM - 4:30 PM
  Saturday: 8:00 AM - 1:00PM
  
  
• Contact Phone Numbers
  502.456.6771
  800.844.1354

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