School of Pharmacy Financial Aid
The Financial Aid office, located on the second floor of Mercy Hall on the main campus, assists School of Pharmacy students with identifying sources of financial assistance to help meet the cost of the Pharmacy program education.
Monday - Friday
8:30 a.m. - 4:30 p.m.
Special arrangements can be made for appointments outside of the regular hours.
Applying for Federal Direct Loans
University of Saint Joseph School of Pharmacy students who have been accepted and matriculated into the Pharmacy program may apply for Federal Direct Loans by completing the following steps:
- Complete the Free Application for Federal Student Aid (FAFSA). You will need your FSA ID. You can create an FSA ID when logging into certain U.S. Department of Education (ED) websites, including fsaid.ed.gov. Your FSA ID identifies you as someone who has the right to access your own personal information on ED websites such as the Free Application for Federal Student Aid (FAFSA). You will also need the University of Saint Joseph school code: 001409
- Follow the instructions for completing the Master Promissory Note (MPN) and Entrance Counseling under the Federal Student Loan section of our website.
- You must be enrolled in at least 6 credit hours in each of the semesters for which you wish to receive financial assistance.
- You will need to be accepted and matriculated into the School of Pharmacy prior to receiving Federal Direct Loans.
- Acceptance or matriculation into your program and your application for financial aid must be complete and in place by August 15th for the fall semester and December 15th for the spring semester
The following amounts are based on a 12 month period, or one full academic year:
- Federal Direct Unsubsidized Loan
Loan Limits: $49,500
- Federal Direct Grad PLUS Loan
Loan Limits: Up to Cost of Attendance Less other Aid. The maximum amount for 2015-2016 is $25,385.
Note: The loan amounts presented above are based on three full-time terms. Beginning with the 2012/13 Award Year, Professional Students are no longer eligible for Federal Direct Subsidized Loans.
The actual amount you may borrow will depend on your financial aid need and actual cost of attendance. You should contact Financial Aid for additional information on application requirements and procedures.
- Your graduate debt limit includes loans for undergraduate study.
- If you reach your Federal (subsidized and/or unsubsidized) aggregate loan limit, you cannot receive any more of that type of loan. If you exceed your limit, aid already disbursed will be billed back. You will have to find alternative ways to finance your education. Therefore, it is to your advantage to borrow only what you need for educational expenses, and to keep track of your cumulative debt.
- The Financial Aid staff is happy to work with you to find ways to minimize your borrowing.
- Lifetime limits - Graduate/Professional $224,000 (maximum $65,500 subsidized).
The Grad PLUS Loan
Once a graduate student has exhausted the Stafford Loan option, the Grad PLUS Loan may be available if additional funds are needed. This federal student loan has a higher interest rate than the Stafford Loan and requires the borrower to have an adequate credit history. Students are eligible to borrow up to the cost of attendance minus any other aid.
Additional Loan Options
Students interested in additional funding may apply for an Alternative Education Loan. See our Alternative Loan page for information regarding Alternative Loans and lenders.
External Grant and Scholarship Programs
USJ Financial Aid strongly encourages all School of Pharmacy students to seek out external sources of funding. Scholarships and grants do not have to be repaid and therefore help to limit reliance on borrowing. The following is a partial list of scholarship and grant resources that may be available:
Additionally, you can explore scholarship search Web sites that list multiple scholarship opportunities. We suggest that you read the privacy and information sharing policies on any site prior to providing any personal information. Below is a partial list of scholarship search Web sites that may be helpful for School of Pharmacy students:
Frequently Asked Questions
Do I need to reapply for financial aid every year?
Yes. Each year you must complete a renewal FAFSA, and if requested, submit all supporting tax returns and documentation by University of Saint Joseph published deadlines. However, you must only complete an MPN and Entrance Counseling once; they will remain valid throughout the program.
What is a Federal Direct Unsubsidized Loan?
This loan is available to students regardless of financial need. The student is responsible for all interest; accrual of interest begins upon 2nd disbursement. Interest may be paid while the student is in school or may be capitalized and paid during repayment of the loan. This loan requires students to be enrolled at least half time (6 credits). Repayment begins six months after students graduate, leave school, or attend less than half time.
Am I required to attend the School of Pharmacy program full-time in order to be eligible for financial aid?
Yes. Most federal financial aid programs require at least half-time attendance (6 credits).
Can I defer payments on Undergraduate Federal Student Loans?
You must notify your lender(s) of your return to school in order to initiate a loan deferment. The deferment process will halt your loan-repayment obligation while you are enrolled at least half time (6 credits).
How do I determine what additional funds I can borrow in a Direct Graduate PLUS or Alternative loan?
You may borrow up to the cost of attendance (COA) minus any other aid received. If your COA equals the amount of aid on your financial aid award letter, then you cannot borrow an additional loan. If your COA is larger than the amount of aid on your financial aid award letter, then you can borrow the amount of the difference.
What are my repayment options for the Federal Direct Grad PLUS Loan?
You may elect to defer your payments for six months; however, interest will continue to accrue. Beyond that, you should contact your lender to discuss options, such as forbearance.
Do I have to accept the full amount of the loan offered on my financial award letter?
No. You may accept all or part of the loan offered. To decline any part of your award you must complete the Decline Aid form available on MyUSJ.
How are my Federal Direct Loan funds credited to my account?
Once you have completed all requirements, your funds will be disbursed by the lender to University of Saint Joseph in two equal installments (minus 1.068% for Unsubsidized or 4.272% for Grad PLUS in origination fees ) via electronic funds transfer. Loan proceeds are applied to your account balance. If funds are remaining after the account is paid, the Bursar’s Office will issue a refund check after the add/drop period closes.
Will my loan be received in time to pay my tuition?
Fund disbursement on the tuition due date depends on you. If you complete all requirements before the start of the program, funds will be disbursed in time for the tuition due date.
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