FINANCIAL AID SERVICES

The next step is the awarding of financial aid amounts by PHSU and preparing the award notification for the student. Once the awarding process is completed, a Notification of Award is sent to each student.

Return Policy and Requirement for Withdrawal and Return of Federal Financial Aid (see PHSU catalog refund policy section)

PELL GRANT

A federal Pell grant, unlike a loan, does not have to be repaid in most cases. Pell grants are awarded only to undergraduate students who have not earned a bachelor’s or a professional degree. The amount you receive, though, will depend not only on your financial need, but also on your cost of attendance, your enrollment status (i.e., full-time or part-time), and if you plan to attend school for a full academic year or less. The amount of federal Pell grant funds a student may receive over their lifetime is limited by federal law to be the equivalent of six years (or 600%) of Pell grant funding, or until a bachelors degree is earned, whichever comes first. An academic year attended on a full-time basis will utilize 100% of the Pell grant entitlement, if they are eligible. 

Direct Subsidized Loans are available to undergraduate students with financial need. Your school determines the amount you can borrow, and the amount may not exceed your financial need. The U.S. Department of Education pays the interest on a Direct Subsidized Loan

• while you’re in school at least half-time,
• for the first six months after you leave school (referred to as a grace period*), and
• during a period of deferment(a postponement of loan payments).

Students who meet the requirements established by the US Department of Education may receive a Direct Loan, according to the academic program: graduate and professional students are eligible to receive up to $20,500 per academic year. As an Institution that previously participated in the HEAL Programs, our MD, Doctorate and PhD in Clinical Psychology, and Doctorate of Public Health in Epidemiology might be eligible for additional amount of loan. The amount is established annually by Federal Regulations. The Financial Aid Office provides orientation about the application process for student loans, the student’s qualifying requirements and the specifics regarding interest rate, origination fees, debt management, etc. The student must submit an agreement form known as a Master Promissory Note, and complete electronic Entrance Counseling, both online: https://studentaid.gov/

These are credit-based loans that may be used to supplement other types of financial aid programs. The loan amounts vary according to amount requested and approved for the student. The interest rate is variable, accrued while in school and usually based on the current “Prime Rate” plus a lender’s predetermined interest rate. Repayment may be up to 20 years. These Private Alternative Loans provide funds to complete the remaining need after the student is awarded other financial aid. Due to the high interest rate that these loans represent, the student should consider these loans as a last resource to their financial need. PHSU does not recommend any specific lender, the evaluation and selection is a student’s individualized decision.

PHSU does not deny or otherwise impede the student’s choice of an alternative lender or cause unnecessary delay in loan certification of these loans. The following is a list of the three private loans that have been most commonly selected by our students during last two previous academic years, however, we reiterate that the student may select any other lender they esteem will meet their financial need.

Discover: www.discover.com/student-loans

Sallie Mae: www.salliemae.com

Wells Fargo: www.wellsfargo.com/student/graduate-loans/med-school

There are research assistantships provided by faculty members for externally funded research projects. One of these programs is the Minority Biomedical Research Support Program (www.nih.gov) (MBRS) that may be available for participation. The program provides student support that includes salary and fringe benefits. Additional information may be requested at the Offices of the Deans, Program Directors, and/or faculty.

Students interested in applying for a Direct Loan must comply with the federal requirements and following requirements:

• Have financial need.
• Be an US Citizen or an Eligible Non-Citizen.
• Have a valid social security number.
• Enroll in an eligible program as a regular student working toward a degree.
• Meet satisfactory academic progress standards.
• Register (or have registered) with the Selective Service if you are a male between the ages of 18 and 25.
• Certify that are not in default on a federal student loan and that do not owe money on a Federal student grant.
• Student cannot exceed the aggregate loan limit established by the Department of Education.
• Comply with the Entrance Interview/Counseling.
• Provide all the documents and information required by the Financial Aid.

Students must fill the Free Application for Federal Student Aid (FAFSA) for the corresponding academic year, in order to be evaluated to determine eligibility for federal and state funds. It must be submitted online at https://studentaid.gov no later than last working day of May. The PHSU school code is G24824. Students need a FSA ID, which can be obtained at www.fsaid.ed.gov.

Once the student submits the FAFSA, the Department of Education will send an Institutional Student Information Record (ISIR) to the school, which will be used for evaluation and analysis.

Students with a FAFSA application selected for verification by the Department of Education will be required to submit the following documents:

• Complete a Verification Worksheet (provided by the Financial Aid Office)
• Copy of the Tax Return (IRS or PR tax return form) or
• W-2 form(s)
• Evidence of wages, salaries, tips, etc., reported on the FAFSA
• Others

The amount of funds allocated to the student depends upon the economic need that is determined by a process known as “needs analysis”. This procedure has two steps:

1. STEP I involves the evaluation of the data presented in the Federal Application for Student Aid (FAFSA) by the U.S. Federal Government to determine the “Expected Family Contribution” (EFC). The EFC is the amount that the student should contribute towards his/her cost of education.
2. STEP II consists of the following basic calculation: “Cost of Education” minus “EFC” equals Financial Need.

The student cannot receive financial assistance in excess of the determined “Financial Need”. If according to this formula, the student does not demonstrate financial need, the student may only qualify for non-need based programs of financial aid. The total need based and non-need based funds allocated cannot exceed the total educational budget as approved by PHSU.

Awarding Funds: Upon the review of the application and documents received, the Staff of OSFA determines the educational need of each applicant. The next task becomes awarding of loan amounts and preparing the award notification for each student. Those applicants that will be considered for scholarships are presented to the Scholarship Committee chaired by the Vice President of Student Affairs.

Notification of Award: As soon as the awarding process is completed, a “Notification of Award” is forwarded to each student. This Notification indicates the award allocated, the total educational budget amount utilized in the awarding process and the “Expected Family Contribution”. No response is required if the student accepts the awards. There is a ten-day period for response to the Notification of Award.

Disbursement of Funds: The student is requested to authorize PHSU to credit the student’s account with any funds received on their behalf. Subsequently, the student receives any disbursement either as a check or, if requested, an electronic deposit to a checking or saving account.

Disbursement of funds for semester programs is at least once per semester. For trimester programs, disbursement is at least once per trimester. Certification Programs receive disbursement at commencement and mid-point of program year.

As part of the evaluation, the Financial Aid Office will take in consideration the Expected Family Contribution (EFC). The EFC is the amount that the student should contribute towards his/her cost of education, and it is determined by the Federal Government. The need analysis consists of the following basic calculation: Cost of Attendance minus EFC equals Financial Need. As part of the analysis, we will consider any other expected financial aid (external funds such as Vocational Rehabilitation, military scholarships, and any other grant or scholarship). Note: A student cannot receive financial assistance in excess of the determined Financial Need.

Veteran educational and training benefits: the Department of Veteran Affairs provides education and training opportunities to eligible dependents of veterans who are permanently and totally disabled due to a service-related condition, or who died while on active duty or as a result of a service related condition.  Students can obtain more information at: http://www.gibill.va.gov

Vocational Rehabilitation Program:  This program seeks to help students with physical or mental disabilities, so that through various phases or stages they can develop their capabilities.  The students must contact the regional office corresponding to the area where he/she lives. Additional information at www.arv.pr.gov

Student Financial Aid Manual