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Federal Student Loans

Figure out if federal student loans are the right option for you. Discover your individualized financial aid plan.

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Federal Student Loan Types

Unsubsidized

Graduate PLUS

RMU participates in the Federal Direct Student Loan (Stafford/PLUS) program (commonly referred to as federal student loans) offered through the US Department of Education (ED). Eligibility for federally funded financial aid is established by the  US Department of Education regulations. All graduate programs at RMU are eligible for Federal Direct Student Loans.

 

*The following programs are NOT ELIGIBLE for these loan types:

  • Emergency & Primary Care in Athletic Training Practice Certificate (EPCAT)
  • Functional Nutrition Certificate (FNC)
  • Health & Wellness Coaching Certificate (HWC)
  • Healthcare Leadership and Administration Certificate (HLA)
  • Healthcare Professions Education Certificate (HPE)
  • Human & Sport Performance Certificate (HSPC)
  • Post-Professional Occupational Therapy Certificates
  • Psychiatry Certificate (for PA clinicians)
  • Rehabilitation Science Certificate (RSC)
*For alternative loan options, please visit our private loan page.

Loan Types

Unsubsidized Federal Student Loans

Unsubsidized loans disbursed between July 1, 2023 and June 30, 2024 will accrue interest at a rate of 7.05% Eligible students can receive up to $10,250 of unsubsidized funds each term.

Graduate PLUS Federal Student Loans

Grad PLUS loans disbursed between July 1, 2023 and June 30, 2024 will accrue interest at a rate of 8.05%. The amount of Grad PLUS loans students can receive depends on their FAFSA information and their program’s Cost of Attendance (COA).

What is a Cost of Attendance (COA)?

The cost of attendance (COA) is the cornerstone of establishing a student’s financial need, as it sets a limit on the total aid that a student may receive. The Financial Aid Department surveys enrolled students every two years, to ensure that the budget remains consistent with current costs of goods and services. Only tuition and fees are considered institutional charges. Students receiving more financial aid than the amount of their institutional charges will be sent a stipend to cover: books, course materials, supplies, equipment, living expenses (housing & food), personal expenses, and transportation (as applicable).

Residential Programs (DPT, MPAS, Med-SLP programs)

Tuition– View tuition page*
University Resource Fee – $36/credit (max 15 credits per semester)
Books, Course Materials, Supplies, Equipment – $580+ (+individual course fees will be applied as needed each semester.)
Living Expenses (Housing & Food)– $10,480
Personal Expenses– $2992
Transportation – $3172

Residential Optometry Program

Tuition– View tuition page*
University Resource Fee – $36/credit
Books, Course Materials, Supplies, Equipment – Individual course fees will be applied as needed each semester
Living Expenses (Housing & Food)– $10,480
Personal Expenses– $2992
Transportation – $3172

 

Limited Residency (Course instruction is primarily online, except for required on-campus visits once per semester)

Tuition– View tuition page*
University Resource Fee – $36/credit
Books, Course Materials, Supplies, Equipment – $580+ (+individual course fees will be applied as needed each semester.)
Living Expenses (Housing & Food)– $10,480
Personal Expenses– $2992
Transportation – $1760

Online Only (Course instruction is online, no on-campus visit required)

Tuition– View tuition page*
University Resource Fee – $36/credit
Books, Course Materials, Supplies, Equipment – $580+ (+individual course fees will be applied as needed each semester.)
Living Expenses (Housing & Food)– $10,480
Personal Expenses– $2992
Transportation – $0

*Continuing students whose tuition/fees are not posted to the website, refer to your Enrollment Agreement for a tuition/fee outline or contact the Student Bursar in the Finance Office (finance@rm.edu)

 

What is a COA appeal?

If educational expenses exceed the amount of aid allotted in their program’s budget, a student can submit a Cost of Attendance (COA) appeal. COA appeals may be submitted every term, but financial documentation (including receipts or lease agreements) for each category being appealed must be provided each term a COA appeal is submitted. Common appeal categories include rent/mortgage payment, childcare/dependent care, medical/dental bills, car repairs, or computer purchases. Students must be eligible to receive the increased loan type (Unsubsidized or Grad PLUS). Origination fees will automatically be included in the calculation. For additional information about COA Appeals, speak to a financial aid advisor directly.
Federal Loans must be repaid. Interest rates are low and repayment begins six months after graduation or if students withdraw from courses for all Stafford loans. We encourage students to borrow no more than they need to complete their educational program.

Talk to Your Financial Aid Advisor

Federal Loans Eligibility

  • U.S. citizen or permanent resident
  • Be enrolled full-time in an approved program
  • Maintain Satisfactory Academic Progress (SAP)
  • Current on all loan payments

Student Loan Application Process

Understand the process for applying for different types of federal student loans.

Unsubsidized Loans

1. Complete a FAFSA.

a) If you are beginning classes before June 30, 2023 you will need a 2022-2023 FAFSA on file (you will need your 2020 tax information)

b) If you are beginning classes after July 1, 2023 you will need a 2023-2024 FAFSA on file (you will need your 2021 tax information)

c) RMUoHP’s school code is: G41932

2. Complete Entrance Counseling.

a) This is done through the StudentLoans.gov site. You will need your FSA ID to log in.

3. Sign of a Master Promissory Note (MPN).

a) This is an agreement that you will repay the funds you borrow from ED.

b) This only needs to be done once during your enrollment (MPNs are valid for ten (10) years).

4. Submit a Federal District Student Loan Request form.

a) Only enrolled students can complete this step and you will receive the link to the form once the application cycle opens.

b) Students’ packages will not be processed until the Financial Aid Office has received a signed Federal Direct Loan Request form.

Grad PLUS Loans

1. Complete all the steps required for an Unsubsidized loan.

2. Complete a Grad PLUS Application.

a) This is done by going to the studentloans.gov website (click here). You will need your FSA ID to log in.

3. Sign a PLUS Master Promissory Note (MPN).

a) Yes, you will need this additional MPN if you choose to apply for a PLUS loan

4. Submit a Federal Direct Student Loan Request form.

a) Entry-Level students do not need to submit an additional form. The PLUS information is already listed.

b) Post-Professional students can receive the link to the Grad PLUS Federal Direct Student Loan Request form from their financial aid advisor.

Loan Disbursement FAQ

Disbursement is the process of turning your financial aid offer into an actual payment to the university. You must meet all eligibility requirements in order for the Financial Aid Office to request a disbursement of funds from ED. If you owe a current-term debt to RMU, all financial aid funds will be applied to that debt first and any remaining balance will be issued to you.
Financial aid disbursement dates may vary for each student and can be delayed for a variety of reasons. Your financial aid funds are awarded and disbursed by term—Winter, Summer, Fall—and are disbursed after a term begins. Students will receive an email from the Finance Office when their disbursement has arrived at the University from ED. If the student is going to receive a stipend, the email will include the amount of the stipend and the date the funds will be deposited into the requested account (via direct deposit).
Federal Direct Student Loans carry up-front administrative charges from the Department of Education (origination fees). These charges are deducted from your award pre-disbursement. If your financial aid award exceeds the total charges for tuition and fees, you will be issued a stipend within 14 days of the date the funds arrive at the university. Direct deposit is the only method used to issue a stipend. The Finance Office must have a signed Direct Deposit Authorization Form on file to process your stipend.
As previously stated, stipends will only be processed using direct deposit. The email notification from the Finance Office will specify what date the stipend will be processed, but it is usually within 5 business days. If you do not receive the stipend in your account, you can contact the Finance Office at 801.375.5125 (opt. 5).

Student Exit Counseling

Students who have borrowed Federal Stafford or Federal Graduate PLUS Loans are required to complete exit counseling prior to graduating or withdrawing. Students that drop below half-time must also complete exit counseling. Federal Stafford and/or Federal Graduate PLUS Loan borrowers:
  • Click here  or the button below to begin exit counseling if you borrowed Federal Stafford and/or Federal Graduate PLUS funds while at RMUoHP. One exit counseling session will satisfy the requirements for both loan types. Note: Federal Stafford and Federal Graduate PLUS Loan borrowers must complete their Exit Counseling online through the Federal Student Aid (FSA) website.
  • Once on the website, click the “Log In To Start” button next to “I am a Graduate or Professional Student” and follow the instructions. Be sure to select RMUoHP’s school code. Once finished, you will be required to complete biographical information that will be transmitted electronically to the school and your loan guarantor or loan servicer. Be sure to print the confirmation page you will receive at the end of the online counseling.
  • You must complete this counseling within 30 days from receiving email notification. You will need your FSA ID to log in. If you have lost or forgotten your FSA ID, you may apply for another by clicking here.

Student Loan Repayment

We can help you understand student loan repayment including:

When repayment starts

How to determine who your loan servicer (lender) is

Repayment options

Options if you have trouble making your payments

Understanding deferments and forbearances

How and why to avoid loan default

Loan consolidation

Important Information

Read about consumer information, rights and responsibilities, and student loan repayment information.

Disclaimer

Nothing on this website should be construed as authoritative financial advice. Your circumstances are unique, and you may want to consult a financial advisor. The author of this website is not a financial advisor.