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Financial Aid for Pharmacy Students

Students and their families have the primary responsibility for financing the cost of an education; Roosevelt University strives to provide financial assistance that ensures equal access for all capable and deserving students.

The Financial Aid Office is responsible for administering financial aid programs at Roosevelt University.  Both enrolled and admitted students are encouraged to meet with an advisor in the Financial Aid Office concerning any financial aid questions.

Filing a Free Application for Federal Student aid (FAFSA) ensures consideration for federal financial aid.  Award and program eligibility are determined individually for each student based upon numerous factors including the program of study and the level of enrollment (full-time, part-time, etc.).

General Financial Aid Eligibility

The U.S. Department of Education has established certain basic eligibility requirements for all federal financial aid. Individual programs may have additional eligibility requirements.

To qualify for most types of Federal Aid, you must:

  • Have a high school diploma or a General Education Development (GED) certificate.

  • Be enrolled or accepted for enrollment as a student pursuing a degree or certificate.

  • Be enrolled for six or more credit hours per term, for most types of aid.

  • Be a U.S. citizen, U.S. national, or an eligible noncitizen.

    • While students who are not U.S. citizens, U.S. nationals, or eligible noncitizens are not eligible for federal financial aid, they may be eligible for certain private loans with a U.S. citizen as a cosigner.

    • Have a valid Social Security Number.

    • Make satisfactory academic progress, as defined by Roosevelt University, towards the completion of your degree or certificate.

    • Sign a statement on the Free Application for Federal Student Aid (FAFSA) certifying that you will use federal student aid only for educational purposes.

    • Register with selective service, if required.

    • Not be in default on a federal student loan and not owe money back on a federal student grant.

    Deadlines

    New students are encouraged to apply for financial aid as early as possible after January 1 for the current and next academic year.  Funding can be limited and students that wait too long to apply risk losing funding opportunities.

    Continuing students are required to complete the financial aid application process (this includes filing an accurate FAFSA and submitting any additionally required documentation) by March 1 of each year for the subsequent aid year. If a student misses the priority deadline, the Financial Aid Office cannot guarantee that the students file will be processed by the start of the semester.

    NOTE: Roosevelt University School code is 001749.

    Award Determination, Notification and Disbursement

    Information regarding determination, notification and disbursement of financial aid awards can be located in the Financial Aid Guide.  This guide is located on the Roosevelt University Financial Aid website under ‘Applications and Forms’.

    Types of Loans Offered Under Direct Lending when a FAFSA has been completed

    The Direct Unsubsidized Stafford Loan is non-need-based. Repayment begins six months after the student drops below half-time attendance; however, interest begins to accrue immediately.

    The Direct Graduate PLUS Loan allows Graduate students to borrow up to their cost of attendance minus other estimated financial assistance. The terms and conditions that are applicable to parent PLUS Loans also apply to Graduate/Professional PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history and repayment beginning on the date of the last disbursement of the loan. Applicants for this loan are required to complete the FAFSA form. They also must have applied for their annual loan maximum eligibility under the Direct Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan. In addition, an online entrance counseling form must be completed.

    NOTE: All loan borrowers at Roosevelt University must complete entrance counseling and a Direct Loan Annual Master Promissory Note (MPN) online in order to receive any student loan funds.

    Federal Stafford Loan Limits

    Base Unsubsidized Stafford Additional Unsubsidized Stafford Maximum Annual Stafford Eligibility
    PharmD $8,500 $24,500 $33,000

    Aggregate Federal Stafford Loan Limits

    Subsidized Stafford Maximum Outstanding Principal Balance Combined Subsidized + Unsubsidized Stafford Maximum Outstanding Principal Balance
    PharmD $65,500* $224,000*

     

    *includes amounts borrowed as an undergraduate

    Alternative Loan Programs

    These are loans offered through private lenders that are meant to provide additional educational funding only after a student and his/her family have exhausted all other sources of funding such as Federal aid.  Many of these lenders offer loans designed specifically for students in the health care profession.

    Private loan programs all have certain elements in common:

    • The loans are not based on financial need. Rather, the amount of eligibility is determined by subtracting other financial aid received from the student's total cost of attendance.

    • The loan programs are not federally guaranteed or subsidized. These loans are offered by lenders from the private sector. Interest rates are not mandated by the government, but are variable and based on market interest rates (such as the Prime Rate or the 91-day Treasury Bill Rate, LIBOR).

    • Loan approval is based on the review of the borrower's and/or co-borrower's creditworthiness and ability to repay the loan. Student borrowers and co-borrowers must be certain that they meet the minimum credit criteria established by lenders.

    • Funds borrowed under these programs may not be included as part of a federal Title IV or Title VII consolidation package. Although it is possible to refinance other school educational loans, these private loans must remain under a separate repayment plan. You can contact your private loan lender to find out if private loan consolidation options are available.

    NOTE: Borrowers must be credit-worthy and have a good credit history to qualify for the Grad PLUS and/or private loan programs. Students who are unable to obtain one of these loans will have to rely on their personal resources to finance the balance of their educational costs.

    Payment Options with the Office of Student Accounts

    Roosevelt University is pleased to offer several opportunities to help all families maximize the resources they have set aside to invest in a Roosevelt education. Payment options and educational loans allow families to make personal choices regarding the balance that remains after financial aid. Financing options are available to all families, even those who do not apply for financial aid.  For more details about the following plans or payment of the bill, please contact the Office of Student Accounts at 847-619-7974, by e-mail at saosc@roosevelt.edu or check out the Office of Student Accounts Payment Plan website.

    • Full Payment Plan
      Under the full payment plan, students pay tuition and all applicable
      fees by the payment due date or upon registration, thereafter.

    • Extended Payment Plan
      Please visit the Sallie Mae TuitionPay website for extended payment plan options and to sign up for an extended payment plan.

    Managing your Credit

    The National Student Loan Data System (NSLDS) is the U.S. Department of Education's central database for student aid. You can access your federal student loan information from their website at http://www.nslds.ed.gov .

    To access your personal loan information, you will need your four-digit Personal Identification Number (PIN) from the U.S. Department of Education. It is the same PIN that you would use to access the FAFSA online. You can request your PIN to access NSLDS online at http://www.pin.ed.gov .

    Disclaimers:

    Below are important policies that govern how Federal Financial Aid is determined at Roosevelt University.  Please become familiar with these policies to assure Federal Aid will be processed in a timely manner. 

    Scholarships for Pharmacy Students

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    Scholarship for Native Americans

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