Federal Direct Loans are available to eligible students during their first 12-months of enrollment in the program. Students may borrow in each of the 3-terms in the program. Maximum loan amounts vary by semester based on demonstrated financial need and dependency status for federal student aid. In addition to Federal Direct Loans, students may borrow through any non-federal, private educational loan programs to help cover all or a part of their costs not covered by Federal Direct Loans. Federal grants, state grants and Scripps College need-based grants are not available to students in the Post-Baccalaureate Premedical Program.
Estimated Program Costs
Your actual costs may vary based on your individual spending plans. Your investment in your premedical education is significant, but we hope you will agree it has enduring value. We encourage students to build a personal spending plan that focuses on needs rather than wants. Use the following information as a guide from which to build your personal spending plan.
Estimated Costs for 2016-2017 Academic Year
|Books & Supplies
|Room & Board
*Includes average federal student loan fees
†Transportation amount varies by location of the student’s home.
Federal Direct Stafford Loans
Review the table below to understand the maximum amounts of Federal Direct Subsidized and Unsubsidized Loans that may be available to you each term. The amounts reflected below are based upon the student beginning the program in the summer 2016 term. If you begin in the fall 2016 term, you will be eligible for a lower amount. Eligibility is limited to US citizens and other eligible non-citizens who are enrolled on an at least half-time basis (2-courses per term) in courses that are a part of the Post-Baccalaureate Premedical Program curriculum. You may choose to enroll in other courses outside of the program, but to be eligible for Federal Direct Loans you must be enrolled in at least 2-courses from the program each term. Also, if you incur additional costs based on enrollment in course outside the program, you may borrow non-federal private education loans for those expenses, but you may not borrow Federal Direct Loans to cover additional costs you may incur.
Subsidized Federal Direct Loans are awarded based on demonstrated need. The federal government pays the interest that accrues on the subsidized loan while the student is in-school at least half time, during a 6-month grace period after withdrawal, and during all approved deferments. Students who borrow the unsubsidized loan are responsible for the interest that accrues from time of disbursement. Payment may be deferred while the student is in-school at least half time. The interest rate for 2015-16 is fixed at 4.29% . The rate for 2016-17 will be set in May 2016.
Combined Maximum Subsidized & Unsubsidized Federal Direct Stafford Loan
|Federal Dependency Status
Parents of federally dependent students may be able to borrow through the Federal Direct Parent PLUS Loan as well. For more information on dependency status for federal student aid visit the Federal Student Aid website.
Federal Direct Parent PLUS Loans
The Federal Direct PLUS Program offers parents of dependent Post-Baccalaureate Premed students the opportunity to borrow up to the difference between the cost of attendance and all other financial aid. Federal Direct PLUS loans are available to parent borrowers who are US citizens or other eligible non-citizens without seriously adverse credit. The Department of Education will perform a credit check.
Parents who do not meet the credit criteria on their own may appeal or apply with an endorser (co-borrower) who does. For more information about the Federal Direct PLUS Loan credit criteria, visit studentloans.gov and click on FAQs and Credit Check.
Direct PLUS Loans are not need-based. They are available regardless of income, and may be used to replace the expected family contribution. The interest rate, which is fixed for the life of the loan, is currently at a rate of 6.84%. The rate for the 2016-17 academic year will be set in May of 2016. Requests for Federal Direct PLUS loans should be made online by the parent borrower at studentloans.gov after April 1, 2016.
Applying for Federal Direct Loans
To apply for financial aid, students must complete the following steps by the appropriate deadline:
- Complete the Free Application for Federal Student Aid (FAFSA) by the priority deadline of May 1, 2016.
- The Scripps College Federal Title IV code for the FAFSA is #001174.
- Grade level during 2016-2017 school year should be listed as “5th-year/other undergraduate.”
- Degree or Certificate should be listed as “Other/Undecided.”
- Submit 2015 Federal tax information using the IRS Data Retrieval Tool (DRT) for FAFSA by May 1, 2016. This tools that provides financial aid applicants and their families the ability to transfer family income and tax data automatically from the Internal Revenue Service (IRS). You can use the IRS Data Retrieval Tool (DRT) to update your FAFSA with your actual 2015 tax information. Not using this tool may result in needing to verify your tax information with an IRS Tax Transcript. Electronic tax filers will be able to access tax information approximately 3-weeks after filing their electronic tax return. Paper filers will be able to access tax information 10-weeks after filing their paper tax returns. Once you file your FAFSA, you will receive email reminders to update your FAFSA data using the IRS Data Retrieval Tool (DRT). If you choose not to use the tool and/or do not qualify to use the tool, you will be required to submit a Tax Transcript (IRS Form 4506T).
- Students who file financial aid applications by the May 1st priority date will receive their financial aid notifications in early June. Once you are packaged with a Federal Direct Stafford Loan, you must accept your loan in your My Financial Aid portal. In addition, if you are a first time borrower under the Federal Direct Stafford Loan program, you must complete a Master Promissory Note (MPN) and Loan Entrance Counseling at studentloans.gov
If additional documentation is required, you will be notified.
Private Educational Loans
Private or alternative loans are not federally guaranteed and should only be considered after a student’s eligibility for all other types of aid, including Federal Direct Loans, and Federal Direct PLUS loans, has been exhausted. The repayment terms of federal loan programs are generally more favorable than the terms of private loans. Private student loans may not be included in Federal Direct Consolidation Loans and are not eligible for the Federal Income-Based Repayment Plans or for Federal Economic Hardship Deferments.
Interest rates and origination and repayment fees for these loans vary and are set by the lender. Most private lenders require a cosigner, and interest rates are based on the credit-worthiness of the borrower and/or co-borrower. The interest rate will vary on a monthly or quarterly basis and may not have a maximum rate.
Rules for repayment and deferment vary from lender to lender, although repayment generally begins after full disbursement. Some lenders may postpone (defer) repayment during periods of at least half-time enrollment and economic hardship; however, interest will continue to accrue on the loan from the date it is disbursed.
Scripps College does not recommend or promote any individual lender or loan product. We provide no preferred lender list. However, if you visit the ELM Select website, you will find a listing of lenders who have made loans to Scripps College students in the last 3-years. We believe the information presented on this site is thorough, and clearly presented; however, families may select any lender or loan program of their choice. We encourage families to compare loan programs carefully before selecting a lender and to borrow as little as necessary.
Scripps College will not deny or otherwise impede the borrower’s choice of a lender or cause unnecessary delay in loan certification for any borrower. If you have any questions about the financial aid process or loans available to Post-Baccalaureate Premedical Program students, please feel free to contact our office at 909-621-8275 or email@example.com.