Federal Subsidized Stafford Loans & Federal Unsubsidized Stafford Loans
Federal Subsidized Stafford Loans – The US Department of Education pays the interest while the student is in a deferment status and during the grace period.
Federal Unsubsidized Stafford Loans – The student pays the interest while he/she is in a deferment status and during the grace period. These loans are made through lending institutions, such as banks, etc. The federal government guarantees repayment of the loan and may pay the interest while the borrower is a student. Students must demonstrate financial need throughout the University’s regular financial aid application process to receive a Subsidized Stafford Loan.
Funds are issued in two (2) installments during the academic year – one each semester. Loan payments are mailed to the University and released to students in one payment each semester after enrollment and/or satisfactory academic progress have been verified. Prior to receipt of a Federal Stafford Loan an origination and an insurance premium will be subtracted from the proceeds of the loan. These fees are subject to change. The interest rate is variable and capped at 9%. Students are granted a six-month grace period after graduation or withdrawal from the University before interest is charged or repayment begins. The minimum repayment is $50 per month. A separate loan application must be completed to apply for funds from this program.
Federal Perkins Loan
Touro University Nevada participates in the Federal Perkins Loan program. The Federal Perkins Loan is a low interest (5%) educational loan offered to undergraduate and graduate students with exceptional financial need, defined as students with the lowest expected family contribution (EFC) as determined by the Free Application for Federal Student Aid (FAFSA). As of October 1998, Federal regulation stipulates that graduate or professional students may borrow up to $6,000 per year with an aggregate loan limit of $40,000. The amount of the loan is determined by the school, based on the student’s financial need and the availability of funds. Borrowers must sign a promissory note agreeing to repay the loan with the Office of the Bursar. No interest accrues while the student is in college. There is a 9 month grace period given to borrowers after they graduate, leave school, or drop below half time. Borrowers are allowed up to 10 years to repay the loan with repayment beginning at the end of the grace period. Monthly payment amounts are determined by the size of the debt and the length of the repayment period.
Under the Federal Perkins Loan program, a borrower may have all or a part of his or her loan (including interest) cancelled for engaging in teaching, nursing, public service, service in the Peace Corps or ACTION, service in the military, or by becoming a medical technician providing health care services directly to patients. Details of eligibility for loan cancellation for are available from the US Department of Education at http://www.ed.gov.
Federal Work-Study Program
The purpose of the Federal Work-Study program is to stimulate and promote part-time employment, particularly for those with great financial need.
Part-time positions available through the Federal Work-Study Program may involve work at the University or in a public or private non-profit organization. Students may work no more than an average of 20 hours per week when classes are in session and up to 30 hours per week when classes are not in session. In accordance with federal regulations, the student’s net earnings, that is gross earnings minus taxes and incidental expenses, must be applied against the student’s cost of education for his/her next period of regular enrollment at the University.
The minimum pay rate for Federal Work-Study positions at Touro University Nevada is $10.00 per hour and students are paid according to established payroll procedures.
Eligibility for the University Work-Study Program is determined by the Financial Aid Office of Touro University – Nevada.
Western Interstate Commission for Higher Education (WICHE)
WICHE scholarships are available to osteopathic medical school applicants from Arizona, Montana, New Mexico, Washington and Wyoming. These states may be able to assist students in achieving professional goals through the Western Interstate Commission for Higher Education. WICHE’s Professional Student Exchange Program enables students to enroll in out-of-state graduate/professional program when those fields of study not available at public institutions in their home state. Home states pay a support fee to the College to help cover the cost of the student’s education for the "normal" length of the program. Western States students are urged to apply for certification in the program by October 15th of the year preceding anticipated admission. Go to the WICHE'S website for more information.
Veterans Benefits
Many programs of educational assistance benefits are available to those who have served in the active military, naval or air service and to their dependents. Detailed information on all veterans’ benefits can be obtained from offices of the Veterans Administration. The standards of academic progress for students receiving educational benefits through the Veteran’s Administration are as follows: Probation is defined as a period of time during which the student’s progress will be closely monitored by the Student Promotion Committee and the Vice President for Student Affairs & Institutional Planning. The period of probation will be a maximum of three (3) consecutive semesters. A student who is placed on probation for more than three (3) consecutive semesters will be ineligible for certification of educational benefits through the Veterans Administration.
Military Scholarships
Airforce, Army, Navy, etc…
National Health Service Corps (NHSC) Scholarship
Scholarships are typically available for students pursuing primary health care training leading to a degree in allopathic medicine, osteopathic medicine, or dentistry, and education leading to a degree as a family nurse practitioner, nurse-midwife or physician assistant. Go to the National Health Service Corps (NHSC) Scholarship Website for more information.
How to Apply for Financial Aid
Applying for financial aid is a simple process if you follow these steps. This letter provides you the information necessary to apply for and receive financial aid for the 2007-2008 aid year.
Once your eligibility has been determined by completing the FAFSA, the steps below allow the Financial Aid Office to award you financial aid.Financial Aid Links
Stafford
Grad PLUS
Health Loans
Residency Loans
Private Loans
