Are there scholarships or grants available?
There are no scholarships or grants offered through the University for the Doctor of Physical Therapy program.
What other type of financial aid may be available?
Federal Direct Unsubsidized Loans and Graduate PLUS Loans are available to those who qualify by filing the Free Application for Federal Student Aid (FAFSA). The Federal Direct Unsubsidized and Graduate PLUS Loans have interest accruing from the time the funds are disbursed and are available during any term in which the student is enrolled at least half-time (5 credits or more).
How do I apply for a Federal Direct Loan?
You must complete the Free Application for Federal Student Aid (FAFSA) at http://studenaid.gov/fafsa during each program year.
How much can I borrow?
The Federal Direct Loan maximum for graduate students is $20,500 per year. The Federal Graduate PLUS loan can be borrowed up to the cost of attendance for your enrollment period. Keep in mind that a loan origination fee of approximately 1% will be withheld from the unsubsidized loan proceeds, and approximately 4.2% is withheld from the Graduate PLUS Loan proceeds.
What is the interest rate on the Federal Direct Loan?
The interest rate is based on the U.S. Treasury Bill rates and is set each year on July 1. Current interest rates can be found here. The interest rate is fixed for the life of the loan. Interest begins to accrue on the date the loan is disbursed.
When do I start repayment of the loan?
Payments are not required during any period of enrollment in which you are registered for five credits or more (halftime). There is also a six-month grace period following the date your enrollment status drops below half-time, so you should expect to begin repayment within six months. Once you have already used your grace period, your loan can be deferred, but repayment will begin within 30 days of the end of the deferment period. The maximum repayment term is ten years. Please keep in mind if there is a term that you register for less than 5 credits and you have previous federal loans, your loans will go into grace or repayment status.
When will I receive my financial aid notification?
Once you are registered for the term and have a current FAFSA (studentaid.gov/fafsa) on file, a financial aid offer notice will be sent to your Augustana email address. You will be required to accept the Financial Aid Offer on your student portal (my.augie.edu) for your loan to be processed. Although the maximum loan amount will be offered, you can decline any or all of the amount.
Will I need to sign a promissory note for the loan?
Yes, if you have not borrowed Federal Direct loans in the past. The Master Promissory Note (MPN) is available online at studentaid.gov You will need to sign in using your FSA ID username and password and complete this form online. In addition, if this is your first Federal Direct Student Loan, you must complete the Loan Entrance Counseling, also available at studentaid.gov.
When and how will the loan be disbursed?
The Federal Direct Loan will be disbursed at the beginning of each term, for the amount you have indicated on your financial aid offer acceptance. The funds are electronically posted to your Augustana student account. If you have borrowed more than the amount needed to cover tuition for the current term, the excess will be refunded to your bank account. In this instance, it is important for you to enter the proper bank account number in the (my.augie.edu) portal.
When and how is tuition billed for this program?
Tuition is billed each term. You will receive billing notices from the business office. Questions regarding billing should be directed to 605.274.5239 or businessoffice@augie.edu.
Do you have payment plan options available?
Yes. The business office has several payment plans that may suit your needs. Please contact the business office at 605.274.5239 or businessoffice@augie.edu.
What happens if I need to withdraw from the program?
If you withdraw before the time when 60% of the course has passed, or if you fail to complete all courses contained in the term, there will be a recalculation of charges and financial aid. If you borrowed Federal Loans, we are required to recalculate your loan eligibility and may be required to return funds to the U.S. Department of Education. A withdrawal from the program, or from individual courses could result in your owing the university.
What is the loan period I should enter when applying for a Graduate PLUS or Private Education Loan?
The loan period will be for the first year of the program, from June until the following May. The loan will be disbursed in three equal parts each trimester, with any refund being processed back to you about two weeks after the start of each term.
I borrowed extra on my student loan. When can I expect to see the refunds?
Refunds will be processed approximately two weeks after the start of each trimester. Make sure you have set up direct deposit through your my.augie.edu portal to receive your refund in a timely manner.
When can I Apply for the Graduate PLUS Loan?
If you are applying for a Graduate PLUS loan, you must wait until mid to late April when the upcoming application is available on studentaid.gov.
What if my question is not answered here?
For answers to additional questions regarding financial aid opportunities for Augustana’s DPT Program, contact Tiffany Barrett. Information may also be found by visiting our Office of Financial Aid.