Welcome to Faulkner University! We are excited that you will be starting in the Fall of 2023. I hope the information below gives you a better understanding of your financial aid eligibility and the application process. You will need to complete all steps listed under “How to Apply” if you wish to receive federal loans. Please let me know if you have any additional questions. You can reach me directly at 334-386-7484. I look forward to working with you.
Eligibility
A variety of financing options are available to help students meet the cost of a Doctorate of Physical or Occupational Therapy degree, including: Federal Direct Loans (Unsubsidized and GradPLUS), Private Lenders, Federal Work-Study, Graduate Assistant, VA benefits.
As a graduate student, you can borrow a maximum of $20,500 per year in a Direct Unsubsidized Loan. The interest rate is set by the Federal government each year; for loans issued on or after July 1, 2022 and before July 1, 2023, the interest rate will be 6.54% for the life of the loan. There is a 1.057% origination fee charged by the U.S. Department of Education on all Direct Unsubsidized Loans, which is deducted before disbursement. The borrower should expect to receive 1.057% less money than he or she asked to borrow.
Students needing more than the $20,500 per award year may be eligible for a Direct GradPLUS Loan. This loan allows the student to borrow up to the cost of attendance minus any other financial aid received (Direct Unsubsidized Loans, Scholarships, any other outside aid). A student’s cost-of-attendance budget includes: tuition and fees plus a reasonable amount for room and board, books/supplies, and miscellaneous expenses for the academic year. The cost of attendance for the 21/22 year is $53,000. The Direct GradPLUS Loan is credit-based and so has additional borrowing criteria set by the Federal government. Credit approval is valid for 180 days, and there will be a new check each time you borrow a new loan. The interest rate for a Direct GradPLUS Loan will be 7.54% for loans issued on or after July 1, 2020 and before July 1, 2021. There is a 4.228% origination fee charged by the U.S. Department of Education on all Direct GradPLUS Loans, which is deducted before disbursement. The borrower should expect to receive 4.228% less money than he or she asked to borrow.
In addition to the Federal Direct education loans, there are Private education loans available through lending institutions. These loans are not guaranteed by the federal government, and interest rates and repayment terms are set by the lending institution and will depend on your creditworthiness. Just as with the federal loans, private loans require that the school certify your cost of attendance and academic eligibility as an enrolling or continuing student. To borrow private loan funds, apply directly with the lender of your choice.
How to Apply
How to Apply for Federal Direct Unsubsidized Loans
Step 1. Complete the Free Application for Federal Student Aid (FAFSA), or apply using the new myStudentAid app for iOS and Android.
Step 2. Complete the Entrance Counseling
Step 3. Complete the Subsidized/Unsubsidized Master Promissory Note (MPN)
How to Apply for Federal Direct GradPLUS Loans
Step 1. Complete the Free Application for Federal Student Aid (FAFSA), or apply using the new myStudentAid app for iOS and Android.
Step 2. Complete the Direct PLUS Loan Application for Graduate/Professional Students
Step 3. Complete the PLUS Master Promissory Note (MPN) for Graduate/Professional Students
How to Notify Faulkner University’s Financial Aid Department that you Wish to Apply for Loans
You must complete the Student Loan Information Sheet indicating the total amount you wish to apply for the fall and spring semesters. The total you submit will be disbursed in equal amounts at the beginning of each semester. Ex: If you apply for $53,000, you will receive $26,500 at the beginning of the fall semester and $26,500 at the beginning of the spring semester.