For many students, loans represent an important resource to help finance educational expenses. Whether federally or privately funded, loans can help fill the gap between need-based financial aid eligibility and total educational costs. In nearly every case, repayment of a loan begins after you graduate or leave Med Academy.
STARTING THE LOAN PROCESS
Students apply for Federal Student Loans by completing the Free Application for Federal Student Aid (FAFSA). After completing the FAFSA, there will be two additional steps that must be completed to secure your loans. Your Financial Aid counselor will help guide you through these steps.
A Federal Pell Grant does not have to be repaid. Federal Pell Grants are awarded only to undergraduate students who have not earned a bachelor’s or professional degree. Awards can range up to $4,731.00 per academic year and are based on the financial need of the family or individual and the cost of education.
Students are notified of their Federal Pell Grant eligibility through an Institutional Student Information Record (ISIR). This report is electronically transmitted directly to the Institute by the federal processor. The U.S. Department of Education employs a uniform formula to evaluate the information contained on the student aid application and to determine the index of need. In order to receive an award, the ISIR must be reviewed and eligibility confirmed by the Financial Aid Office.
