Financing The Doctor of Physical Therapy Program
Direct charges for the DPT program for the 2019 term (January 1 through December 31, 2019) are as follows:
Additional expenses not charged by the university and which will vary from student to student include rent and utilities, meals, books, supplies, transportation, and miscellaneous personal expenses. The estimated cost of books and supplies is $1,938. In determining a student’s eligibility for student loans and any other financial aid, the university has established $59,956 as the total annual Cost of Attendance (COA) of the DPT program. Costs for the 2020 and 2021 terms have not been set at this time.
A limited number of DPT scholarships ranging from $6,000-$15,000 annually will be awarded to students who have demonstrated academic ability and talent as well as an enthusiasm and commitment to the physical therapy profession. Every admitted student will be considered for scholarship in light of all academic work, GRE scores, letters of recommendation, interview scores, and demonstrated leadership ability. Students will be notified of their award at the time of acceptance if selected. Students who receive a scholarship are required to maintain good academic and professional standing in the program.
Yellow Ribbon Program
Elon’s DPT program is participating in the federal government’s Yellow Ribbon Program, designed to assist post-9/11 veterans with secondary and post-secondary educational opportunities. Elon’s DPT program will contribute $5,000 to three post-9/11 veterans on a first-come, first-serve basis, which will be matched by the U.S. Department of Veterans Affairs.
The Student Loan Programs
The Federal Stafford Student Loan Program
The primary source of financial assistance for physical therapy students attending Elon University is the Federal Stafford Student Loan Program. Graduate students may borrow up to $20,500 through the Unsubsidized Stafford Loan program.
An unsubsidized loan is not awarded on the basis of need. The student is charged interest from the time the loan is disbursed until it is paid in full. If the interest is allowed to accumulate, it will be capitalized – that is, the interest 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 Stafford Loans combined is $138,500 (no more than $65,000 of this amount may be in subsidized loans). The graduate borrowing limit includes any Stafford Loans received for undergraduate study.
Under current law, the fixed interest rate charged on Federal Stafford 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 Stafford Loans begins six months after graduation or withdrawal from the DPT Program. This is called the grace period. During the grace period on a Stafford loan, no payment of any principal is due.
Federal Stafford 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 Stafford 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.
The Federal Graduate PLUS Loan Program
For students who need financial assistance beyond the $20,500 Stafford Loan maximum, there is the federal Graduate PLUS Loan program. The PLUS Loan allows for the deferment of repayment while the student is enrolled in the DPT program. Under current law, the fixed interest rate charged on Graduate PLUS 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.The maximum amount a student may borrow from the PLUS Loan program is $59,956 (Elon’s Cost of Attendance for the DPT Program); less any Stafford Loans and other forms of financial aid a student may be receiving.
Information about the Graduate PLUS Loan may be obtained from the Office of Financial Planning website. First-time borrowers are required to complete student loan entrance counseling and a Master Promissory Note, which are available at studentloans.gov.
Forgivable Education Loans for Service
Created by the 2011 NC General Assembly, this program is a forgivable loan providing funding for students pursing degrees in certain critical fields. Students must be NC residents. Doctor of Physical Therapy students may be eligible for up to $14,000 annually. Recipients must sign a promissory note agreeing to repay the loan by working in North Carolina in their approved field of study. Applications and all additional information are available online at CFNC.org/FELS.
Other Possible Funding Sources
DPT candidates and students are encouraged to apply to clubs, organizations, corporations, agencies and foundations for funding that may be used at any school the student chooses to attend. These groups may be able to offer students scholarship and grant funding that does not have to be repaid. In addition, many hospitals and rehabilitation centers offer tuition reimbursement for students who contract to work at their facility after graduation for a specified period of time. Students should inquire about this possibility at the facility where they are interested in working.
Students may also obtain a listing of potential funding sources by reviewing the American Physical Therapy Association (APTA) website.
When to Apply for Financial Assistance
Students can apply as early as October 2018, and no later than October 2019, to ensure loan proceeds will be available at the commencement of the 2020 term. Students who do not apply prior to the start of the 2020 term may still do so during the term. However, for Federal Stafford Student Loans and the PLUS Loan, the FAFSA application must be completed, submitted, received and processed by the federal processor no later than June 30, 2020. You do not need to wait until you have been admitted into the DPT Program to begin the financial aid application process. However, students will not be notified of aid eligibility until they are admitted.
Billing and Payment Process
For the 2020 term, students will receive a bill from the Bursar’s Office in early December that will be due in January 2020. A second bill will be sent in May that will be due in June.
How to Apply for Student Loans
- Complete and submit to the Office of Financial Planning the 2019-20 Elon Financial Aid Application* (available this fall).
- Complete and submit the 2019-2020 Free Application for Federal Student Aid (FAFSA). The FAFSA should be filed electronically at fafsa.gov. (Please note you will need your 2017 federal tax information).
*Students enrolling in January 2019 should submit the 2018-19 Elon Financial Aid Application.
Note: Elon’s Federal Title IV School Code is 002927.