Financial Aid
Financial Aid Information for the Elon DPT
Federal student loan options are available for students to cover the cost of tuition as well other costs associated with your education such as books, living or other costs. The total amount per year a student may borrow is determined as the estimated cost of attendance per program by Elon University.
How to Apply for Student Loans
- Complete the Elon Financial Aid Application and submit to the Office of Financial Aid. Found in your Elon Application Status Page.
- 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.
Federal Student Loan Options
The Federal Stafford Student Loan
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 $67,919 (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 Aid 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
You do not need to wait until you have been admitted into the PA program to begin the financial aid application process. However, students will not be notified of aid eligibility until they are admitted.
January 2025 Timeline: Students can apply as early as October 2023, and no later than October 2024, to ensure loan proceeds will be available at the commencement of the 2025 term. Students who do not apply prior to the start of their term may still do so, 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, 2025.
January 2026 Timeline: Students can apply as early as October 2024, and no later than October 2025, to ensure loan proceeds will be available at the commencement of the 2026 term. Students who do not apply prior to the start of their term may still do so, 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, 2026.