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. 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. 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 will 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
  • Students are only permitted to receive Financial Aid from all sources (scholarships, grants, loans) in amounts up to their Cost of Attendance. (Please see here)

  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. 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 Direct loans you will be eligible to receive each academic year (annual loan limit) 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
  • Students are only permitted to receive Financial Aid from all sources (scholarships, grants, loans) in amounts up to their Cost of Attendance. (Please see here)

  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)

  For complete FASAP policy, see here.

• 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.”