Students may borrow up to the full cost of attendance, as determined by the Financial Aid Office, minus other aid, through the Federal Stafford and Grad PLUS programs. For example, a first-year Dental Student with no scholarships or other aid, may borrow approximately $61,000. The award notification letter will indicate the estimated cost of attendance and the maximum loan eligibility.
The Health Professions Student Loan — Creighton University participates in this program established through the Health professions Education Assistance Act of 1963 (Public Law 88-129). The Health Professions Loan is limited to those students showing exceptional financial need. In all cases, parental income information must be included regardless of taxable status or dependent/independent status. The maximum loan is the cost of tuition and $2,500 per year by law. However, the amount a student may receive will be dependent upon their "financial need' and federal allocations. This is a 5% deferred interest loan.
Federal Stafford Loan — This form of financial assistance can be received from local banks, lending institutions and/or maximum aggregate, including undergraduate loans, is $189,000 with a maximum per year graduate loan of $8,500.
The maximum variable rate is 8.25% repayable beginning six months after graduation. A student must demonstrate financial need. A Free Application for Federal Student Aid (FAFSA) must be completed and on file prior to the financial aid office verifying the loan application.
Federal Unsubsidized Stafford Loan — The maximum that may be borrowed under this program per year is $30,000. The maximum dollar amount for which a student may be approved depends on other financial aid received by the student for the academic year.
The FUSSL loan has a variable interest rate with a 8.25% cap. Professional student borrowers may defer payment of principle and sometimes interest while in school, but interest while in school will accrue from date of loan disbursement.
Application forms may be secured from a lending institution or from Creighton's Financial Aid Office. A FAFSA must be filed before eligibility can be determined.
Grad PLUS Loans — Grad PLUS Loans allow graduate and professional students to borrow the cost of attendance less other financial aid. Grad PLUS has a fixed interest rate of 8.5%. There will be a 3% origination fee deducted from each disbursement and students begin immediate repayment upon graduation. Grad PLUS requires credit approval from the lender.
Dental Alumni Loan Program — The alumni loan program is available through the Dental School on a limited basis. The loan has an accruing interest rate of 0% beginning at disbursement and upon graduation carries an 8% rate of interest. The loan must be paid back in four years.
Apply for admission to Creighton's School of Dentistry. No financial aid commitment can be made until a student is accepted for admission. Students must complete the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1, by going online at www.fafsa.ed.gov To be considered for Health Professions Loan assistance, parental financial income must be supplied on the FAFSA regardless of the dependency status. Students that are eligible for assistance will be notified with an award letter.
Financing your education is an important investment. Not only in terms of time, effort and money, but it's an investment in your future. How do you finance a graduate or professional education? The best answer is with full awareness.
HOW TO GET STARTED . . .
•Examine your budget:
—What is your income?
—What are your resources?
—What are your expenses:
—What expenses can you eliminate? The more "debt-free" you are, the more you can focus on school.
•Look for grant, scholarship and loan assistance through:
—The professional school to which you have been accepted for admission.
—Federal and private alternative loan options through the Financial Aid Office.
•Complete the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1 by going online at www.fafsa.ed.gov If you have never completed a FAFSA you may request a PIN at www.pin.ed.gov. Creighton's Title IV school code is 002542.
• Students may borrow up to the full cost of attendance, as determined by the Financial Aid Office, minus other aid, through the Federal Stafford and Grad Plus loan programs. For example, a first-year Dental Student with no scholarships or other aid, may borrow approximately $70,000. The award notification letter will indicate the estimated cost of attendance and the maximum loan eligibility.
•Select a lender from Creighton's primary Stafford Loan lender list enclosed with your award notification letter. Primary lenders are:
—experienced student loan lenders.
—use electronic funds transfer to get you funds faster.
—offer interest rate reductions for on time payment.
•Grad Plus are private education loans that require a good credit history. Although Grad Plus eligibility may be listed on your award notification letter, Creighton University cannot guarantee that you will qualify for the loan. To obtain a copy of your credit report, call one of the following national credit bureaus:
—Trans Union 1-800-888-4213
Take immediate steps to clear up negative information or inaccuracies.
•Borrow wisely! It may be tempting to borrow for clothes and entertainment, but keep borrowing to a minimum. It will make a BIG difference when your loans enter into repayment. Be aware of the terms of your loans, lender requirements, and repayment provisions.
•Determine if borrowing is worth it. Most graduates think so. While monthly loan payments may be higher than anticipated, they agree they could not have attained their professional degree and employment without the help of student loans.
•Look at the financial aid web page at www.creighton.edu/finaid for much more information on loan terms, primary lenders, and debt management.
Financial Aid Office
2500 California Plaza
Omaha, NE 68178-0315