Federal Financial Assistance Programs

 

Federal Direct Unsubsidized Stafford 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 Stafford Loan an origination and an insurance premium will be subtracted from the proceeds of the loan. These fees are subject to change.

Students are granted a six-month grace period after graduation or withdrawal from the University before repayment begins. The minimum repayment is $50 per month. A separate loan application must be completed to apply for funds from this program.

Federal Unsubsidized Stafford Loans - The student pays the interest while he/she is in a deferment status and during the grace period. The interest rate on the Unsubsidized Stafford Loan is as follows.

Graduate students
Disbursement dates of July 1, 2015 thru June 30, 2016 interest rate is 5.84%.
Disbursement dates of July 1, 2016 thru June 30, 2017 interest rate is 6.31%.

Undergraduate students
Disbursement dates of July 1, 2015 thru June 30, 2016 interest rate is 4.29%.
Disbursement dates of July 1, 2016 thru June 30, 2017 interest rate is 3.76%.

Origination Fees**
1.068% origination fee until September 30, 2016. 
1.069% origination fee on October 1, 2016.


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 forbearance 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.

Graduate students
Disbursement dates of July 1, 2014 thru June 30, 2015 interest rate is 7.21%.
Disbursement dates of July 1, 2015 thru June 30, 2016 interest rate is 6.84%.

Origination Fees
4.272% origination fee until September 30, 2016. 
4.276% origination fee on October 1, 2016.

Click to view a interest rate chart


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.


Veterans

Veterans Benefits. 

Apply at:

http://www.benefits.va.gov/gibill/apply.asp

Armed Forces Health Professions Scholarship Program (HPSP):

Each year the Air Force awards scholarships through the Armed Forces Health Professions Scholarship Program (HPSP). It pays for tuition, books and most fees. The HPSP also gives students a monthly stipend for living expenses while they attend the school of their choice. Your commitment to the Air Force is to serve as an active-duty member with a year-for-year repayment, with a minimum obligation of three years.
Qualifications: 
All applicants must be a U.S. citizen and be accepted at an accredited graduate institution in an appropriate Health Professions training program.

Army:

Army Health Professionals Scholarship Program

http://www.goarmy.com/amedd/education/hpsp.html

Air Force:

Air Force Association

http://www.afa.org/informationfor/military/scholarships

Air Force 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/


**Origination Fees

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 finaid@tu.edu.