College of Nursing and Allied Health
Department of Physician Assistant Studies

Financial Aid

Financial Aid & Scholarship Options
for the Physician Assistant Program

Grants, loans and work-study are types of Financial Aid. A grant is money that you do not have to pay back. A loan is money you do have to pay back. Work Study is work to be performed to earn a portion of their expenses toward their education.

FEDERAL ASSISTANCE

To determine eligibility for these programs, a student must complete and file the Free Application for Federal Student Aid (FAFSA). Students may request a copy of the FAFSA, or complete the application on the web at http://www.fafsa.ed.gov.

Federal Direct Subsidized Loan Program: A federally subsidized loan offered to students judged to be needy based on the Federal Methodology eligibility formula. Interest rates are set annually on July 1 (it is currently at 3.37% during repayment with a cap of 8.25%). While attending college, the interest is paid by the federal government. Repayment begins when students cease to be enrolled at least a half-time for six (6) consecutive months. Students may choose any of four different repayment options.

Federal Direct Unsubsidized Loan: A federally guaranteed loan that is offered to students who are judged to have very little or no financial need. If students are judged to have no need based on the Federal Methodology eligibility formula, they are eligible to borrow under this program. The interest rate is set annually on July 1 (it is currently at 2.77% during the time the student is in school and 3.37% during repayment with a cap of 8.25%). While attending college, students must make monthly interest payments. If students fail to make the interest payments, the federal government will capitalize (add them) the interest payments onto the principal. Payment of principal and interest begins as students cease to be enrolled at least half-time for six (6) consecutive months. Maximum loan amounts for both the Ford Direct Subsidized and Ford Direct Unsubsidized loans are as shown below:

Maximum Direct Subsidized: $ 8,500 per academic year

Maximum Direct Subsidized & Unsubsidized: $18,500 per academic year

USF students have an excellent record for paying back their student loans. Based on the latest federal records our default rate at USF is at 2.1%.

Veteran's Benefits: The Veteran's Services office provides assistance to veterans and their eligible dependents applying for and receiving Veteran Administration educational benefits. For more information regarding Veterans Administration educational benefits, please contact the Veteran Administration on the web at http://www.gibill.va.gov/. The certifying official for veteran's benefits at USF is the Registrar's Office.

The Indian Health Service Office of Management Services Loan Repayment Program: All health professionals who are American citizens and willing to sign contractual agreements with the Secretary of the IHS for 2 years and fulfill their agreements through full-time clinical practice at an IHS facility or approved Indian health program are eligible for this loan repayment program. Applicants need not be Native Americans to participate in the program. The LRP, for eligible applicants, repaid up to $20,000 per year for each year of service at an IHS or other Indian health program site following graduation from an educational program. In addition, the LRP will pay up to 20% of Federal taxes directly to the IRS incurred as a result of payments made on behalf of recipients. More information about the IHS LRP is available on the web at http://www.ihs.gov/JobsCareerDevelop/DHPS/LRP/lrpsc.asp or by calling 301-443-4815.

National Health Service Corps Scholarship Program: The objective of this program is to assure an adequate supply of primary care physicians, certified nurse midwives, certified family nurse practitioners, and physician assistants; and, if needed by the National Health Service Corps, an adequate supply of other health professionals in the Health Professional Shortage Areas (HPSAs) of the U.S.A. by providing service-obligated scholarships to health professions students. At the time of award, the applicant must be a U.S. citizen or national. At the time of award, the applicant must be enrolled or accepted for enrollment in accredited school in U.S. The applicant must submit application and signed contract to the Public Health Service (PHS) by the last Friday in March, agreeing to accept payment of scholarship and provide full-time primary health services in a Health Professional Shortage Area. More information is available on the web click here.

Health Professions Scholarship Program: The objective of this program is to provide scholarships to American Indians and Alaska Natives at health professions schools in order to obtain health professionals to serve Indians. Upon completion, scholarship recipients are obligated to serve in the Indian Health Service or an Indian health organization for each year of support with a minimum of 2 years. More information is available on the web click here.

National Health Service Corps Loan Repayment Program: The objective of this program is to help assure an adequate supply of trained health professionals for the National Health Service Corps (NHSC) by providing for the repayment of educational loans for participants who agree (by written contract) to serve an applicable period of time in an approved loan repayment program service site located in a health professional shortage area. More information is available on the web click here.

STATE ASSISTANCE

The New Mexico Health Professional Loan Repayment Program: The NMHRLP is available to any practicing Physician Assistant who is a resident or non-resident of New Mexico and makes a two-year service commitment with optional one-year renewals in a designated medical shortage area in New Mexico. The maximum award is $12,500 per year. Part-time practitioners are eligible for pro-rated awards. More information is available at www.nmche.org/collegefinance/healthprof.asp or by calling 1-800-279-9777.

Other states offer similar Professional Loan Repayment Programs, with various maximum awards. Contact a state's Commission on Higher Education to learn more about what the state offers.