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Sources of Aid

There are a variety of sources and types of financial aid available to assist students with their health profession education expenses. These include three basic types of aid: loans, scholarships, and federal work-study. Be sure to check if you are eligible to receive federal student aid.

Loans

Loans must be repaid, usually with interest, and over a specified period of time (5-25 years) after graduation. Most loans for graduate/professional school are from federal sources, although collegiate and/or private loans are available to help. 

All loans are subject to final approval by your lender based on criteria set forth by federal regulations and lender policies. The specific details of these programs may change at any time due to government legislation and regulation or lender/institutional policy.

Federal Loans

Basic eligibility for federal student loans consists of:

  • Demonstrate financial need for need-based federal student aid programs
  • Be a U.S. citizen or an eligible non-citizen
  • Have a valid Social Security number (except for students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau)
  • Be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program.
  • Be enrolled at least half-time to be eligible for Direct Loan Program funds.
  • Maintain satisfactory academic progress in college or career school

Federal Direct Unsubsidized Stafford Loan

The Unsubsidized Stafford loan is awarded based on the completion of the FAFSA; there is no requirement to demonstrate financial need for this loan. The loan limit is between $20,500 and $47,167 (based on your program and class level). Interest is charged during the in-school period. The interest rate changes on July 1st of each year. The origination fee changes on October 1st of each year.

Federal Direct Graduate PLUS Loan

The Direct Graduate PLUS loan is awarded based on the completion of your FAFSA and a Direct PLUS Loan Application. During the application process, a credit check is completed to ensure applicants have no adverse credit history. Applicants with adverse credit will be required by the Department of Education to do additional Direct Graduate PLUS Loan Credit Counseling. You will be notified by the Department of Education if you need to complete additional Direct Graduate PLUS Loan Counseling and obtain an endorser; the loan will not be disbursed until this is complete.

The loan limit is the maximum cost of attendance minus all other financial aid resources. The interest rate changes on July 1st of each year. The origination fee changes on October 1st of each year.

Federal Health Professions Student Loan (HPSL)

The Federal Health Professions Student Loan program provides long-term, low-interest-rate loans to full-time, financially needy students to pursue a degree in a variety of health professions, specifically those students pursuing degrees in the College of Pharmacy and Dr. William M. Scholl College of Podiatric Medicine. Funds are limited and award amounts vary. Contact the Office of Financial Aid for more information on eligibility and funding.

Private Loans

Private loans are non-federal student loans offered by banks, credit unions, and other lenders. These loans may help cover educational expenses that are not fully met by federal, state, or institutional aid. We encourage you to compare lenders carefully and explore all federal student aid options first before borrowing private loans.

Rosalind Franklin University of Medicine and Science has partnered with ELMSelect to offer a tool to assist students. ELMSelect is a tool that allows you to select a loan product that best fits your needs. The ELMSelect tool includes various filter options to help in your review. New lender loan products may be reviewed annually for student borrower benefits. The information provided here is maintained and updated in real-time by the represented lender. You do not have to borrow from any of these lenders. You have the right to choose any lender.

International Student Private Loans

A limited number of outside lenders offer students private loans with an approved U.S. citizen or permanent resident cosigner for financing their education. The terms of private loans are set by the individual lenders. Your credit history determines the interest rate and fees, your debt-to-income ratio, and that of your co-signer. The interest rates for private educational loans are variable and are most often based on a range using Prime or the London Interbank Offered Rates (LIBOR) as a base, and adding an additional percentage based on the borrower's credit. The current Prime and LIBOR rates are available at the Federal Reserve Statistical Release. Students are encouraged to investigate these options thoroughly. The maximum loan amount your financial aid office can certify is the cost of attendance minus any other aid received.

How to Apply for a Private Loan

Follow these steps if you decide to borrow:

Research Lenders
  • Compare interest rates, repayment terms, fees, and borrower benefits.
  • Choose the lender that works best for you.
Apply with Your Lender 
  • Complete the application on your lender’s website.
  • A creditworthy cosigner may be required.
School Certification
  • Once approved, your lender will contact our office to verify your eligibility and certify your loan.
  • We confirm your loan fits within your cost of attendance.
Approval and Disclosure
  • Your lender will provide required disclosures and may ask you to complete additional steps before final approval.
Loan Disbursement
  • Funds are sent directly to the school at the start of each term.
  • Your bill is paid first, and any remaining funds are refunded to you according to our normal process.

Tip: Apply at least 3–4 weeks before your bill due date to allow time for processing.

Our Policy on Private Loans

Loan Certification
  • Private loans must fit within your cost of attendance (COA), minus any other financial aid you receive.
  • We generally certify private loans for your full enrollment period (for example, Fall–Spring), unless you or your lender requests a single-term loan.
How Funds Are Disbursed
  • Private loans are normally split evenly across the quarters/semesters included in your loan period.
  • If you have higher charges in a particular term (for example, program fees or insurance), you may request an uneven disbursement, but this must be approved by your lender.
Other Important Information
  • Loan funds are sent directly to the school and applied to tuition, fees, and other institutional charges first.
  • Any remaining credit balance will be refunded to you through our standard refund process.
  • Our office may adjust or decline certification if the loan amount exceeds your COA or does not meet institutional or federal guidelines.

Residency and Relocation Loans

Available to students in their final year of study. These private loans are designed to provide students with additional funds to help offset the expenses associated with travel and relocation costs for interviews, etc. These loans require a credit check and do not require the financial aid office to certify the application, so they do not count toward your student expense budget. Before you utilize one of these programs, please verify that you have exhausted eligibility in other financial aid programs with the financial aid office.

Scholarships

Scholarships can help defray the cost of education. Scholarships are aid sources that do not require repayment. Some scholarships are merit-based, and some are need-based. Scholarships can be through the admissions process, specific departments, or externally based. Find information on scholarships you can apply for on the External Scholarships page. 

Federal Work-Study

Federal Work-Study (FWS) provides part-time jobs for students with financial need, allowing them to earn money to help pay education expenses. Federal Work-Study is money that you earn and will not have to pay back. Since FWS is need-based aid, all students interested in FWS must file a FAFSA each year to demonstrate financial need eligibility. All FWS awards will be included as part of the student's financial aid package and will count as a resource toward the overall cost of attendance budget.

Veterans Education Benefits

At RFU, we are committed to serving veterans who have served us and our country.  Our staff and faculty are ready to help you, your spouse, or your dependents as you navigate your Veterans Education Benefits while enrolled at RFU. Visit the Eligibility and Applying for Veterans Benefits page to find out more about our offerings and resources.