Southern California University of Health Sciences is now a Participant of the William D. Ford Federal Direct Loan Program
Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution. Direct Loans make loan repayment much easier--payments go directly to the federal government. Additional information on Federal Direct Loans is available from the Department of Education at http://www.studentloans.gov or 800-848-0979.
There are three types of Direct Loans for Graduate students:
Federal Direct Subsidized Stafford Loans: These are based on financial need. The government will pay the interest on the loan while the student is in school.
Federal Direct Unsubsidized Stafford Loans: Students get Federal Direct Unsubsidized Stafford Loans regardless of need, but will have to pay all interest charges.
Federal Direct Grad PLUS Loans (Plus Loans for Graduate and Professional Degree Students): Graduate and professional degree students may borrow under the PLUS Loan program up to their school's cost of attendance minus other financial assistance.
To apply for a Federal Direct Stafford Loan you will need to complete the three steps below.
Step 1: Complete the Free Application for Federal Student Aid (FAFSA) by using "FAFSA on the Web" at http://www.fafsa.ed.gov/.
Step 2: Complete the online loan entrance counseling (required for first time borrowers)
Step 3: Complete and sign the electronic Master Promissory Note (if not already signed)
Step 1: Complete the FAFSA online at http://www.fafsa.ed.gov
You should have received a Federal PIN from the U.S. Dept. of Education shortly after the first time that you completed a Free Application for Federal Student Aid (FAFSA). The PIN serves as your electronic signature and holds the same legal status as your written signature. You should keep your PIN in a safe place and not share it with anyone.
If you do not have a PIN, go to http://www.pin.ed.govand choose either "Apply for a PIN" if you have never had one or "Request for a Duplicate PIN" if you have one but do not know it. You will need to submit your name, social security number, date of birth, and email or mailing address. A PIN will be generated and sent to you. You will have the option of receiving your PIN either through your email account (2-3 days) or your PIN can be mailed to you (7-10 days).
FAFSA School Code: 001229
Step 2: Complete your Online Entrance Counseling
All new borrowers at The Institute must complete the Federal Direct Student Loan Entrance Counseling. Borrowing a student loan is a serious financial obligation, and the entrance counseling will provide you with the important information you need to know to be able to make an informed decision about student loan borrowing. The entrance counseling must be completed before the Financial Aid Office will accept and process your loan application.
Complete the online entrance counseling on the Federal Direct Loan Servicing website at http://www.studentloans.gov. This tutorial reviews basic facts about Federal Direct Loans, and your rights and responsibilities as a borrower. After you complete the tutorial, you will be required to take and pass a quiz. The tutorial and quiz will take approximately 30 minutes to complete. Once you have passed the quiz, the system will display your quiz results and ask you to choose a school. You may print your passing entrance counseling quiz results along with a copy of your rights and responsibilities by clicking "Retrieve Quiz Results" from the main page.
Step 3. Complete and Sign your Electronic Master Promissory Note (MPN)
First time Direct Loan borrowers need to sign a Federal Direct Loan Master Promissory Note (MPN). If you have already signed a Federal Direct MPN previously for another Direct Loan college (online or paper), you do not have to complete a new MPN.
Students now are able to sign their MPN electronically on the web at http://www.studentloans.gov. You will need to log in using your PIN issued by the Department of Education and then select "Complete Master Promissory Note.
Completing an electronic MPN is very simple and easy. You must complete the entire process in a single session so be prepared and give yourself plenty of time. If you exit the site before signing your electronic MPN, you will be required to start over from the beginning.
IMPORTANT: Before beginning your electronic MPN session:
Have your federal PIN ready. If you misplaced your PIN, see the instructions on how to obtain a new PIN.
Be ready to provide two references (name, address, and telephone number). These should be people who have known you for at least one year (preferably relatives) who live at different addresses.
Remember to always use your full legal name as it appears on your social security card.
To be eligible for a Federal Direct Loan a student must:
be a U.S. citizen or permanent resident alien
be taking at least six credit hours and be matriculated in a degree program
not owe any refunds on a Pell Grant or other awards received and not be in default on repayment on any type of student loan.
Each new student loan recipient will be required to complete entrance counseling before a loan application is processed and attend an exit interview when graduating or terminating from school.
Federal regulations require that all student loan borrowers must have an exit interview/exit counseling during their final semester at The Institute.
Students may access and complete the Exit Counseling at www.studentloans.gov. This will satisfy all requirements for exit counseling and give the borrower up to date information on their student loan balances. This is the quickest and easiest way to satisfy the exit counseling requirement.
Private Student Loans
Students taking classes at the for the Institute of Science program are eligible to apply for Private Student Loans
Private student loans are available to both students and parents who need assistance with education costs.
A private loan is not a federal student loan, but one through a private bank or other lending institution. Private student loans are credit-based funding provided by outside, nonfederal lenders to help cover educational costs.
To review and compare some private loan products and begin the application process, you will be directed to the Great Lakes FAST Choice webpage.
Fast Choice is a private loan application system. At Fast Choice, students and parents are able to search, compare, and apply for private loans. The lenders listed at Fast Choice have offered quality customer service to our students in the past and we expect the same service in the future. They also offer competitive interest rates and lower fees.
Our desire is to assist you as you attend the SCU Institute of Science program and to seek for responsible lenders. We strongly encourage you to review each of the lender's information to determine which benefits and terms are best for you.
Take into consideration repayment terms, interest rates, and deferment options before choosing a private loan. Some lenders may require a co-signer for credit reasons. For students who apply through a lender on the Fast Choice website, the loan funds will be disbursed electronically, allowing for an efficient process for the borrower and the school.
1- See instructions & table below to calculate Cost of Education (COA)
2- To apply for loan go to https://choice.fastproducts.org/FastChoice/home/122900/2
3- You may be asked to provide your college/university school name and 8-digit school code.
School name: Southern California University of Health Sciences School code: 0012290
4- After completing the loan application, please contact or send an e-mail to our financial aid
department to confirm that your application has been approved or denied.
Email: FinancialAid@scuhs.edu or Call 562 -947-8755- ext- 766.
5- In order for the Student Loan office to certify the loan:
a- The loan application must be approved
b- The IOS/SCU application has been submitted
c- Your class schedule has been created.
Helpful things to remember about requesting a Private Education Loan
We advise you to apply for your private loan 4 weeks before your first course starts. This time frame allows for the lenders' 10 day right to cancel period, class schedules to be created, time for loan to pay the tuition, as well as prepare any expected living expense reimbursement from the loan.
How to calculate Cost of Education (COA)
When you request approval for your Private Education Loan you will need to provide to your lender your estimated Cost of Attendance for the period of enrollment covered by the loan. If you want to borrow a loan to cover only Tuition and Cost of Books then use the Minimum COA amount for Line A.
If you need to borrow a loan to cover educational expenses such as Tuition, Books, Room & Board, Transportation, Food etc- then use the Maximum COA figure for Line A