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Types of Financial Aid

Financial Aid Overview

AUA is approved by the U.S Department of Education (ED) to participate in the William D. Ford Federal Direct Loan Program, which is the largest student loan program in the US. Under this program, ED is your lender; ED will assign your loan to a loan servicer after your loan amount is first disbursed (paid out). Your loan servicer will contact you after the first payment is made to you. At AUA you may borrow from the following two types of Direct Loan Programs:

  • Direct Unsubsidized Loans are loans made to eligible, graduate, and professional students; students do not need to demonstrate financial need to be eligible for this loan.
  • Direct PLUS Loans are loans made to graduate or professional students to help pay for educational expenses not covered by other financial aid.

AUA also has over 18 different scholarships and grants.

Canadian students may also apply for Canadian federal and provincial loans as well as participate in Canadian grant programs.

Types of Financial Aid

  • Direct Unsubsidized Loans

    Direct Unsubsidized Loans are available to graduate students; there is no requirement to demonstrate financial need. AUA determines the amount you can borrow based on your cost of attendance and other financial aid you receive.

    You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods. If you choose to not pay the interest while you are in school and during grace, deferment, or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).

    For additional information on Federal Direct Unsubsidized loans, please click here.

    Interest Rates

    The interest rate varies depending on the loan type and the first disbursement date of the loan. Current interest rates (subject to change) are 4.99%. For more information on interest rates: https://studentaid.gov/understand-aid/types/loans/interest-rates

    You are responsible for interest payments on Direct Unsubsidized loans while you are in school. Interest begins accruing after your first disbursement. You may pay the interest monthly while you are still in school or the interest will accrue and be  (added to the principal amount of the loan). When the loan goes into repayment, with capitalization, you will pay interest on the original amount of the loan plus the amount of interest that accrued from the first date the loan was disbursed until the loan is repaid.

    Loan Fees

    Federal student loans have loan fees that are a percentage of the total loan amount. The loan fee is deducted proportionately from each loan disbursement you receive. This means the money you receive will be less than the amount you actually borrow. You’re responsible for repaying the entire amount you borrowed and not just the amount you received.  Current loan fees (subject to change) are 1.057%. For more information on loan fees: https://studentaid.gov/understand-aid/types/loans/interest-rates

    Loan Limits

    There are limits on the amount in unsubsidized loans you may be eligible to receive each academic year (annual loan limits) and the total amounts that you may borrow in your lifetime (aggregate loan limits). For more information, please visit: https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized

    Remember the following:

    Estimated Financial Aid includes but is not limited to:

    • Estimated cost of attendance (Please see here)
    • Other federal financial aid
    • Scholarships/grants
    • Private loans

    Repayment

    To learn more about repayment options for Direct Unsubsidized Loans, visit: https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized and https://studentaid.gov/manage-loans/repayment

    Grace Period

    Repayment (generally) begins six months after the student graduates, withdraws, is dismissed, or otherwise separates from AUA. This time frame is known as the grace period. The standard repayment period is ten years from the date the loan goes into repayment. For more information, visit: https://studentaid.gov/manage-loans/repayment

  • Federal Direct Graduate PLUS Loans
    • The US Department of Education is your lender.
    • You must not have an adverse credit history.
    • The maximum loan amount is the cost of attendance (determined by AUA) minus any other financial aid received.

    For additional information on Federal Grad Plus loans, visit https://studentaid.gov/plus-app/grad/landing

    Loan Fees

    Federal student loans have loan fees that are a percentage of the total loan amount. The loan fee is deducted proportionately from each loan disbursement you receive. This means the money you receive will be less than the amount you actually borrow. You’re responsible for repaying the entire amount you borrowed and not just the amount you received.  Current loan fees (subject to change) are 1.057%. For more information on loan fees: https://studentaid.gov/understand-aid/types/loans/interest-rates

    Loan Limits

    There are limits on the amount in unsubsidized loans you may be eligible to receive each academic year (annual loan limits) and the total amounts that you may borrow in your lifetime (aggregate loan limits). For more information, please visit: https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized

    Remember the following:

    Estimated Financial Aid includes but is not limited to:

    • Estimated cost of attendance (Please see here)
    • Other federal financial aid
    • Scholarships/grants
    • Private loans

    Repayment

    To learn more about repayment options for Direct Unsubsidized Loans, visit: https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized and https://studentaid.gov/manage-loans/repayment

    Grace Period

    Repayment (generally) begins six months after the student graduates, withdraws, is dismissed, or otherwise separates from AUA. This time frame is known as the grace period. The standard repayment period is ten years from the date the loan goes into repayment. For more information, visit: https://studentaid.gov/manage-loans/repayment

  • Eligibility

    To qualify for federal student aid, you must:

    • Be a U.S. citizen or an eligible noncitizen
    • Have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau)
    • Be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program
    • Be enrolled at least half-time to be eligible for Direct Loan Program funds
    • Maintain satisfactory academic progress in college
    • Sign the certification statement on the Free Application for Federal Student Aid (FAFSA®) stating that you are not in default on a federal student loan, and do not owe money on a federal student grant and that you will use federal student aid only for educational purposes
    • Show you’re qualified to obtain a college or career school education by having a high school diploma or a recognized equivalent such as a General Educational Development (GED) certificate, or by completing a high school education in a homeschool setting approved under state law; or, if state law does not require a homeschooled student to obtain a completion credential, completing a high school education in a homeschool setting that qualifies as an exemption from compulsory attendance requirements under state law
  • Satisfactory Academic Progress (SAP)

    Financial Aid Satisfactory Academic Progress (SAP) is reviewed by the Financial Aid Office (FAO) at the end of Year 1 and Year 2 after grades are received for the basic science portion of the program for every Direct Loan borrower who has attempted or completed coursework during that period. For the BSIC and Clinical portion of the program, SAP will be measured after grades are received for the given period. The reviews are handled for each group of students as follows:

    • New Students are deemed as meeting SAP at the start of their program.
    • Continuing Students and Returning Students will have their previous course transcripts reviewed to determine if they are making SAP.

    Evaluation Based on Qualitative and Quantitative Criteria:

    There are two criteria a student must satisfy in order to be viewed as making SAP for U.S. Financial Aid purposes: Qualitative (Grade Point Average), Quantitative (Attempted Credit Threshold) which includes a measurement of the Pace on which the student is progressing through their program.

    All non-remedial institutional and transfer coursework including repeated courses attempted by the student regardless of whether or not the student received U.S. Financial aid for the coursework is included in the FAO’s FASAP reviews. Repeated courses and courses with grades of In Progress, Restart, or Withdrawal while may not be included in cumulative GPA, are included in the student’s attempted credit total for the determination of Pace and Attempted Credit Threshold.

    1. Qualitative Standard: The qualitative standard measures whether the student has achieved the minimum cumulative Grade Point Average required to make financial aid satisfactory academic progress toward the M.D. degree. AUA’s students must have achieved a cumulative average of at least a Pass (P = 70% on a 100 point grading system). Students repeating semester one will not have a calculated GPA at the end of the semester. Financial Aid Satisfactory Academic Progress will only be measured based on the progression rate as specified below.
    2. Quantitative Standard/Attempted Credit Threshold: The number of credits for which a student may receive U.S. Federal Aid may not exceed 150% of the credits required to complete the degree.
      1. Pace: The quantitative measure evaluates the student’s pace of progression through the medical education program within the maximum timeframe. The pace of progression is calculated by dividing the cumulative course credits that the student has successfully completed by the cumulative course credits that the student has attempted.
      2. Students in their first academic year are subject to a pace of progression rate of 50%. Students in their 2nd year or higher are subject to a pace of progression of 67% and must also have a grade to graduate of P = 70% on a 100 point grading scale. Please note that courses with a grade of “W”, “WP”, “WF”, “IP”, and “RS” are counted in the attempted credits. Transfer credits accepted will count as attempted and completed credits for the calculation.

    Failure to Maintain FASAP – Financial Aid Consequences:

    Financial Aid Warning Status (Basic Sciences Period): There will be no Financial aid warning status since grades will be done yearly, with no grades available for the first half of the first or second year. If failing at the end of Year 1 or Year 2, your financial aid will be revoked. You can appeal to regain eligibility. Students who optionally choose to restart the Year after having attended only the first half of the Year will still be eligible for federal student aid throughout the restarted year.

    Financial Aid Warning Status (BSIC and Clinical Semester): Students who fail to meet one or more of the standards for meeting FASAP are placed on “Financial Aid Warning” status and may continue to receive U.S. federal loan disbursements for one semester, but will be expected to meet the minimum standards by the end of the warning semester in order to continue to receive financial aid. Failure to meet the minimum standards after a warning semester results in financial aid suspension.

    Financial Aid Revoked: Students who fail to meet the minimum FASAP requirements for one or more of the following reasons will have their U.S. Federal-aid revoked.

    1. Students that fail to meet the requirements of the warning or probation status.
    2. Students that may be readmitted or a first-time loan applicant whose prior coursework is below the minimum FASAP threshold, and thus ineligible for U.S. Federal-aid unless the student submits a successful appeal.
    3. The student has exceeded the maximum time frame limits for the degree.

    FASAP Appeal Process: Students whose aid eligibility has been revoked may apply for reinstatement on a probationary basis by submitting a Financial Aid Satisfactory Academic Progress Appeal letter to the FA. Appeals are accepted for the following conditions only:

    • Death of a relative,
    • Personal injury or illness,
    • Other extraordinary circumstances.

    Required Appeal Documentation: In most cases, the documentation must verify (1) the dates that the extenuating circumstance occurred/existed and (2) that the extenuating circumstance has been resolved to such an extent that it will no longer impact academic performance.
    Appeals must be submitted during the first half of the semester for which reinstatement is being sought. Exceptions are made only on an appeal basis and not retroactive once the semester has ended. Additional documentation may be requested by the FAO during the review process.

    Academic Plan: Students receiving aid on a probationary basis may be required during the probation period and subsequent semesters to maintain compliance with an academic plan developed with their Education Department (ED) SAP advisor or academic advisor during the appeal process. The academic plan must be submitted to the FAO in writing with a statement of support and the signature of the academic advisor. Failure to comply with the assigned academic plan will result in financial aid suspension. Students who are nearing or have exceeded the maximum time-frame may also need to submit additional documentation and statements of support from their academic advisor.

    Appeal results will be determined and communicated to the student at their AUA email address within 14 days after the appeal has been received. Students submitting an FASAP Appeal will be responsible for all financial obligations made to the University, regardless of whether his/her appeal is approved or denied.

    Students who have their aid eligibility revoked after a probationary period may re-appeal and receive probationary eligibility status again only if NEW extenuating circumstances that are unique from the previous appeal can be documented as existing and now resolved.

    Students whose current appeal has been denied are encouraged to submit an appeal for a future term only if there is a significant improvement in performance since the previously denied appeal and they appear able to meet Financial Aid Satisfactory Academic Progress standards within their maximum timeframe.

  • Veterans Benefits

    AUA recognizes the service and sacrifice of US military veterans. The Department of Veterans Affairs (VA) has approved VA educational benefits to all qualifying students attending AUA College of Medicine. If you served in the US Armed Forces, you may be eligible to receive benefits under one of these programs:

    • Chapter 30 — Montgomery GI Bill
    • Chapter 31 — Disabled Veterans Vocational Rehabilitation Program*
    • Chapter 32 — Veterans Educational Assistance Program (VEAP)
    • Chapter 33 — Post 9/11 GI Bill
    • Chapter 35 — Dependents Educational Assistance Program
    • Chapter 1606 — Montgomery GI Bill/Selected Reserve Educational Assistance Program
    • Chapter 1607 — Reserve Educational Assistance Program (REAP)You can find more information about applying for these benefits by visiting the Department of Veterans Affairs (VA). Just click on the Road Map for Success to begin the process.*Once you have completed your Road Map for Success, you will receive your Certificate of Eligibility, which you will need to submit to our Veterans Affairs representative, Ms. Erika Vargas or Semone Octave at [email protected].

    AUA offers veteran applicants a $2,500 US Military Veterans Recognition Grant during Preclinical Sciences. For further details about this opportunity please contact Karen Ash.

    *Benefits vary by state.

    ‘‘GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government Web site at https://www.benefits.va.gov/gibill.”

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