Financial Aid

Financial Aid Information for the Elon University Clinical Mental Health Counseling Program

Federal Unsubsidized Loan

The primary source of financial assistance for physician assistant students attending Elon University will be the Federal Unsubsidized Student Loan. Graduate students may borrow up to $20,500 through the Unsubsidized Loan program. The student will be charged interest from the time the loan is disbursed until it is paid in full. If the interest is capitalized (allowed to accumulate) it will be added to the principal amount of the loan and will increase the amount the borrower will have to repay. If the choice is made to pay the interest as it accumulates, the total interest charges paid during repayment will be considerably less. The maximum unsubsidized loan for graduate and professional study is $20,500 per year.

The total amount a graduate or professional student may borrow from all Unsubsidized Loans combined is $138,500 (no more than $65,000 of this amount may be in subsidized loans). The graduate borrowing limit includes any Unsubsidized Loans received for undergraduate study.

Under current law, the fixed interest rate charged on Federal Unsubsidized Loans is set each year by the Department of Education at the beginning of July. There are also small origination and guarantee fees associated with each loan. These fees are deducted up front and thus lower the actual amount of each disbursement.

Repayment of Unsubsidized Loans begins six months after graduation or withdrawal. This is called the grace period. During the grace period on an Unsubsidized loan, no payment of any principal is due.

Federal Unsubsidized Loans are disbursed in two payments: one at the start of the academic term and one at the midpoint of the term. The loan funds will be sent to the university in equal disbursements.

For information on how to obtain a Federal Unsubsidized Student Loan, see How To Apply for Student Loans. First-time borrowers are required to complete student loan entrance counseling and a Master Promissory Note, which are available at studentloans.gov.

 

How to Apply for Student Loans

  1. Complete the Elon Financial Aid Application and submit to the Office of Financial Aid. This is found in your student portal.
  2. Complete and submit the Free Application for Federal Student Aid (FAFSA). The FAFSA should be filed electronically online at fafsa.gov. Elon’s Federal Title IV School Code is 002927.

For additional information, please contact Lynette Lorenzetti in Elon’s Office of Financial Aid at lorenzet@elon.edu or (336) 278-7640.