Federal Direct Unsubsidized Loans
These loans are made through the Department of Education. The federal government guarantees repayment of the Subsidized and Unsubsidized Loans.
Funds are issued in at least two (2) installments during the academic year – one installment each semester. Loan payments are disbursed to the University and released to students each semester after enrollment and/or satisfactory academic progress have been verified.
Prior to receipt of a Federal Unsubsidized Loan an origination and loan origination fee will be subtracted from the proceeds of the loan. These fees are subject to change.
Students are not required to make payments while in school at least half-time and are granted a six-month grace period after graduation, withdrawal, or attending less than half-time before repayment begins. The period of time that the student is in school at least half-time is referred to as a deferment status. A separate loan application must be completed to apply for funds from this program.
Interest accrues while the student is in a deferment status and during the grace period. See federal aid information or Nerd Wallet to see how interest is calculated. Finally, Student Loan Hero has highlighted some student loan interest calculators that you may find useful.
The interest rate on the Unsubsidized Federal Direct Loan is as follows. Look here to see how interest rates each year are determined by the Department of Education.
Disbursement dates of July 1, 2018 thru June 30, 2019 interest rate is 6.595%.
Disbursement dates of July 1, 2017 thru June 30, 2018 interest rate is 6.0%.
Undergraduate students (The GSOE - Teacher Credential only)
Disbursement dates of July 1, 2018 thru June 30, 2019 interest rate is 5.045%.
Disbursement dates of July 1, 2017 thru June 30, 2018 interest rate is 4.45%.
1.062% origination fee for loans first disbursed on or after 10/1/18 - 9/30/19.
1.066% origination fee for loans first disbursed on or after 10/1/17 - 9/30/18.
Federal Graduate PLUS Loans
The Federal Graduate PLUS loan can be used to help bridge the gap between the financial aid package and the remaining cost of education for graduate and professional degree students. As part of the eligibility process students must complete the FAFSA application and must also apply for their annual loan eligibility under the Federal Stafford Loan program before applying for the Graduate PLUS loan. Requirements of the loan do require a credit check at the time of application and a determination that the applicant does not have an adverse credit history. Applicants with an adverse credit history may be eligible to receive an approval with a creditworthy endorser.
Interest begins to accrue from the date of disbursement and repayment begins within 60 days of the final disbursement of the loan. However, borrowers may receive deferment on payments while enrolled at least half-time at an eligible school. This loan has a standard repayment term of 10 years and does qualify for the Federal Consolidation Loan program. The interest rate on the Federal Grad Plus Loan is as follows.
Disbursement dates of 7/1/18 - 6/30/19 the interest rate is 7.595%.
Disbursement dates of 7/1/17 - 6/30/18 the interest rate is 7.0%.
4.248% origination fee for loans first disbursed on or after 10/1/18 - 9/30/19.
4.264% origination fee for loans first disbursed on or after 10/1/17 - 9/30/18.
Federal Work-Study Program
The purpose of the Federal Work-Study program is to stimulate and promote part-time employment, particularly for those with great financial need.
Part-time positions available through the Federal Work-Study Program may involve work at the University or in a public or private non-profit organization. Students may work no more than an average of 20 hours per week when classes are in session. In accordance with federal regulations, the student’s net earnings, that is gross earnings minus taxes and incidental expenses, must be applied against the student’s cost of education for his/her next period of regular enrollment at the University.
The minimum pay rate for Federal Work-Study positions at Touro University California is $15.00 per hour and students are paid according to established payroll procedures.
Eligibility for the University Work-Study Program is determined by Touro University California's Financial Aid Office.
Armed Forces Health Professions Scholarship Program (HPSP):
Army Health Professionals Scholarship Program
Yellow Ribbon Program
In gratitude for your service to our nation, Touro University is a Yellow Ribbon School for the eligible 100% Post 9-11 students. The Yellow Ribbon Program may fund the tuition and fee expenses that exceed the VA national annual maximum allotted to private institutions. More information about the program may be found on the Veterans' website:https://www.vets.gov/education/gi-bill/yellow-ribbon/
Is a loan fee (also called an origination fee) on Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans. The loan fee is an expense of borrowing one of these loans. The loan fee is a percentage of the amount of each loan the borrower receives, and is subtracted proportionately from each loan disbursement. See attached chart with fees.
See Other Financing Options for additional opportunities.
To contact the Financial Aid Office, click on firstname.lastname@example.org.
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