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

N Unsubsidized

NGraduate PLUS

RMUoHP 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 of RMUoHP’s graduate programs are eligible for Federal Direct Student Loans.

Loan Types

Unsubsidized Loans

A female graduate healthcare student writes at a desk

UNSUBSIDIZED 

FEDERAL STUDENT LOANS

Unsubsidized Loans disbursed between July 1, 2020 and June 30, 2021 will accrue interest at a rate of 4.3%. Eligible students can receive up to $10,250 of unsubsidized funds per term. These funds will go towards tuition and fees.

Graduate PLUS Loans

A male graduate healthcare student looks at papers at a desk

GRADUATE PLUS

FEDERAL STUDENT LOANS

Grad PLUS Loans disbursed between July 1, 2020 and June 30, 2021 will accrue interest at 5.3%. The amount of Grad PLUS loans students can receive depends on their FAFSA information and program’s Cost of Attendance (COA).

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.

Students ask a financial aid advisor questions

Unsubsidized Loans

1. Completion of the FAFSA:

a) If you are beginning classes before June 30, 2020 you will need a 2019-2020 FAFSA on file (you will need your 2017 tax information)

b) If you are beginning classes after July 1, 2020 you will need a 2020-2021 FAFSA on file (you will need your 2018 tax information)

c) RMUoHP’s school code is: G41932

2. Completion of Entrance Counseling

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

3. Signing 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 (MPN’s are valid for ten (10) years)

4. Submission of the Direct 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) Student’s packages will not be processed until the Financial Aid Office has received a signed Direct Loan Request form

Students meet with a mentor

Grad PLUS Loans

1. Complete all the steps required for an unsubsidized loan

2. Completion of a Grad PLUS Application

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

3. Signing of a PLUS Master Promissory Note (MPN)

a) Yes, you’ll need an additional MPN if you choose to apply for a PLUS loan

4. Submission of the Direct 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 retrieve the link to the Grad PLUS Direct Loan Request form from their Advisor.

Loan Disbursement FAQs

What does disbursement mean?

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. If you owe current term debt to RMUoHP, all Financial Aid funds will be applied to that debt first and any remaining balance will be issued to you.

When will my financial aid be disbursed?

Financial Aid disbursement dates may vary for each student and can be delayed for different reasons. Your Financial Aid is awarded and disbursed by term—Winter, Summer, Fall—and is disbursed after a term begins. Students will receive an email from the Finance Office when their disbursement has arrived to the University. If the student is going to receive a stipend, the email will contain the date the funds will be deposited into the requested account and the amount of the stipend.

 

Why is my disbursement amount different than the amount on my award letter?

Federal Student Loans carry up-front administrative charges from the Department of Education (origination fees). These charges are deducted from your award pre-disbursement.

Federal 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 that 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.

When can I expect my stipend?

Stipends will only be processed using Direct Deposit. The email notification from the FinanceOffice 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 Option 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. Also, if you drop below half-time, you must complete Exit Counseling.
Federal Stafford and/or Federal Graduate PLUS Loan borrowers:

  • Click here 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 of these loan types. Note: Federal Stafford and Federal Graduate PLUS Loan borrowers must complete their Exit Counseling online through NSLDS (National Student Loan Data System).
  • Once on the website, click the “Start” button and follow the instructions. Be sure to select the 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 into NSLDS. If you have lost or forgotten your FSA ID, you may apply for another at https://fsaid.ed.gov/npas/index.htm

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.