Unsubsidized Federal Direct Loans (UFL) –
Doctor of Pharmacy students may borrow a maximum of $33,000 during their first year, a second year student may borrow a maximum of $35,777, a third year student may borrow a maximum of $33,000, and a fourth year student may borrow a maximum of $37,167. All Doctor of Pharmacy students have an aggregate maximum of $224,000 (including undergraduate and graduate Subsidized Federal Direct Loan, Unsubsidized Federal Direct Loans, and Federal Student Loans, combined). For loans disbursed on or after July 1, 2019, the interest rate is a fixed rate of 6.08% for the life of the loan. For loans disbursed before July 1, 2006, the interest rate is variable and is determined on July 1st of each year. During in-school, grace and deferment periods, this variable interest rate is equal to the 91-day Treasury bill plus 1.7%, and during repayment the rate is equal to the 91-day Treasury bill plus 2.3%. The interest rate is not to exceed 8.25% at any given time.
Direct Plus Loan (DPL)
PLUS Loans are federal loans that graduate or professional degree students can use to help pay education expenses. The U.S. Department of Education makes Direct PLUS Loans to eligible borrowers through schools participating in the Direct Loan Program. The borrower must not have an adverse credit history. Loans have a fixed interest rate of 7.08%. The maximum loan amount is the student’s cost of attendance (determined by the school) minus any other financial aid received.
Interest Rates for Direct Loans First Disbursed on or After July 1, 2020, and Before July 1, 2021
|Loan Type||Borrower Type||Fixed Interest Rate|
|Direct Unsubsidized Loans||Graduate or Professional||4.30 %|
|Direct PLUS Loans||Parents and Graduate or Professional Students||5.30 %|
*Interest not paid while the student is in school may accrue and compound at the time of repayment. Students are encouraged to borrow as little as possible through the Unsubsidized Federal Direct Loan and Grad PLUS programs.
Private Alternative Loan Programs (ALP)
The Private Alternative Loan Programs loan was designed to assist funding for any student wishing to obtain a non-federal loan. It is not a need based loan and students may borrow the cost of education less amounts received from Federal Direct loans, Federal Direct Graduate/Professional PLUS loans, institutional funds, and/or private funds. Once a private student loan lender has been selected a credit check will be conducted to determine the student's credit worthiness. The interest rate, which begins to accrue when the loan is disbursed to the school, will vary among lenders and may capitalize as often as every 3 months. An insurance fee will be deducted from the principal borrowed. This also varies among lenders. Minimum payments may also be required. Students are encouraged to avoid this loan program if at all possible. The nature of the program presents the borrower with the potential of obtaining a severe, and often, unmanageable debt burden. Students finding it necessary to make an application for this loan must speak with the Financial Aid Specialist before their application will be processed. They are encouraged to wait as late in the academic year as possible before submitting their application materials or requesting disbursement dates as late as possible, thereby reducing the amount of time interest accrues. Processing time is 2-4 weeks and application materials are available from participating lending institutions.
The USF Taneja COP Office of Student Affairs will also construct and administer its own merit/service scholarships and awards program based on local and national philanthropy and endowments. Determination of merit and service scholarship awards will be a function of the USF Taneja COP Office of Student Affairs OSAA; need-based scholarships will receive priority with regards to distribution of funds to students.
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