Financial Aid
The Office of Student Financial Aid at Ponce Health Sciences University (PHSU) is committed to supporting students in achieving their educational and career aspirations. We provide expert guidance on navigating financial aid options and offer personalized assistance to ensure you have access to the resources necessary to fund your education.
Important Note
- Students enrolling in programs at PHSU’s Puerto Rico locations and St. Louis campus are eligible to apply for federal financial aid.
- Students enrolled in the MD program at the British Virgin Islands (BVI) location are not eligible for federal loans. Only private loan options are available for financing this program.
Provided Services
- Detailed guidance on federal and local financial aid programs
- Information about PHSU-specific scholarships and grants
- Help with completing and processing the Free Application for Federal Student Aid (FAFSA) and renewal applications
- Support for electronic loan applications through the federal system
- Assistance with private funding sources and scholarship applications
- Entrance Counseling: For new borrowers to understand loan responsibilities and options
- Exit Counseling: For graduating or withdrawing students to plan for repayment and debt management
- Debt Management and Financial Counseling: Tools and resources to help students make informed financial decisions
- Thorough application and verification processes to ensure eligibility and compliance with federal and institutional requirements
- Assistance with all documentation required to complete the financial aid process
Financial Aid Options
Scholarships
PHSU students have access to several scholarship opportunities, including those offered by external organizations and institutional programs. To be considered for scholarships, students must meet the criteria outlined in each scholarship opportunity and follow any instructions to apply, if applicable.
External Scholarships
A variety of scholarships are available from external sources, some of which may require a service commitment after graduation.
Army, Navy & Air Force Scholarships
Military scholarships are available with obligations for service after graduation, typically requiring one year of service for each year of financial aid received.
National Health Service Corps (NHSC)
NHSC provides funding in exchange for a service commitment in underserved areas after graduation.
Institutional Scholarships
PHSU allocates funds annually to provide institutional scholarships to assist students with educational expenses.
- Commonwealth of Puerto Rico Scholarships include programs such as Beca Ayuda Suplementaria.
- National Medical Fellowship, Inc. has funding support for medical students.
- Over $100,000 is distributed annually through institutional scholarships.
Loans
Taking out loans to cover educational expenses is a significant responsibility. All
borrowed funds must be repaid, regardless of academic or career success. Failing to
repay could damage your credit, impacting your ability to obtain credit, housing,
insurance, or employment for up to a decade. Therefore, we recommend borrowing only
what you truly need, which may be less than your full cost of attendance (COA). Student
loans come with varying interest rates and repayment terms that affect your total
repayment amount. Typically, repayment begins after you finish your education.
Each loan period restricts borrowing to the COA maximum. Even if a lender approves
a larger loan amount, our Financial Aid Office can only certify up to the total COA.
Personal debts such as credit cards, mortgages, car payments, legal fees, and family
support cannot be included in the COA.
It's crucial to be aware of the contents of your credit report because loan providers
will use the information from the report to make their credit assessments. Your credit
score is less important than the detailed account histories included in your complete
report, as lenders and loan providers will base their credit decision on these historical
credit details. You have the right to receive a free copy of your report from each
of the three credit reporting agencies once per year, and also whenever you are denied
housing, insurance, employment, or credit due to information in your report.
Federal loans are one of the most accessible and affordable ways for students to finance their education at PHSU. These loans are backed by the U.S. federal government and provide flexible options with competitive interest rates, manageable repayment plans, and loan forgiveness opportunities for qualifying individuals.
- These loans have a fixed interest rate, set annually by the federal government.
- Interest begins accruing immediately and is not subsidized by the government while the student is in university
- For eligible students in programs such as MD, PsyD, MPH, PhD, and DrPH, additional loan awards may be available due to PHSU’s participation in the previous HEAL program.
Key Features:
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- No fixed annual or aggregate loan limits
- Credit verification is required
- Interest begins to accrue upon disbursement, and repayment begins immediately. However, deferment options are available while the student is enrolled.
- Interest rates and origination fees are set annually by the federal government and shared with applicants during the application process at studentaid.gov.
Key Features:
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- Credit-based with variable interest rates, often tied to the current Prime Rate plus a lender’s predetermined rate
- Loan amounts typically range from $10,000 to $20,000+.
- Repayment periods may extend up to 20 years.
- These loans should be considered a last resort due to their higher interest rates.
Sallie Mae Loan Program
PHSU School of Medicine BVI has established a collaboration with Sallie Mae to introduce
the Sallie Mae Loan Program for MD students who are US citizens or Permanent Residents
of the United States. The Sallie Mae Loan is a private educational loan, meaning it
is not subsidized by the federal government and approval is not guaranteed. The lender
evaluates loan requests based on the credit worthiness of the student and any co-signer,
which includes a review of their credit report and debt-to-income ratio.
Key Features:
• Convenient online application process.
• Borrow up to the full Cost of Attendance (COA).
• Repayment options available, including deferment until after graduation or making
minimum monthly payments while in school.
• Repayment term of up to 20 years with no penalties for early repayment.
• 36-month grace period before repayment begins.
• Eligibility for up to 48 months of deferment during residency and internship.
• While a co-signer is not required, applying with a creditworthy co-signer may improve
your chances of approval and potentially result in a lower interest rate.
Graduate Assistantships & Fellowships
PHSU offers graduate students unique opportunities to engage in cutting-edge research and professional development through assistantships and fellowships. These programs not only enhance academic and research experiences but also provide financial support, helping students to achieve their educational goals.
Minority Biomedical Research Support Program (MBRS)
One notable opportunity available to students is participation in the Minority Biomedical Research Support (MBRS) Program. This program is specifically designed to:
- Provide financial support to eligible students, including salary and fringe benefits
- Enhance diversity in biomedical research by supporting minority students
- Foster participation in innovative and impactful research initiatives
Financial Needs Analysis
At PHSU, the amount of financial assistance allocated to a student is determined through a Financial Needs Analysis. This comprehensive evaluation ensures that aid is distributed equitably and based on individual circumstances. If a student demonstrates financial need through this formula, they may qualify for need-based aid. Students who do not demonstrate financial need may still qualify for non-need-based financial aid programs, such as unsubsidized loans.
1. Evaluating Student Aid Index (SAI)
The Student Aid Index (SAI) is a number used to determine a student’s eligibility for federal financial aid, replacing the Expected Family Contribution (EFC) starting with the 2024-25 FAFSA. It considers income, assets, and household size but no longer accounts for the number of college students in a family. A lower SAI increases financial aid eligibility, and a negative SAI (down to -1500) indicates a high need for assistance.
2. Determining Financial Need
Cost of Attendance (COA): This includes tuition, fees, books, living expenses, and other related costs as defined by PHSU and guided by federal regulations. The financial need is calculated using the following formula:
Cost of Attendance (COA) – Student Aid Index (SAI) – Other Financial Assistance (OFA) = Financial Need
Awarding Funds
Once the financial need is determined, the Office of Student Financial Aid (OSFA) follows these steps to allocate funds.
1. Assessment of Financial Need
The OSFA staff carefully reviews each application and supporting documents to assess the student’s financial needs and determine eligibility for aid programs.
2. Awarding of Loans and Financial Aid
Based on the analysis, loan amounts and other financial aid options are allocated. The total amount of aid, including both need-based and non-need-based funds, cannot exceed the approved educational budget set by PHSU.
3. Scholarship Committee Review
Applicants eligible for scholarships are presented to the Scholarship Committee, chaired by the Director of Studenr Financial Services, for consideration.
4. Notification of Award
Once the financial aid package is finalized, students receive an official Award Notification outlining their approved funds, loan amounts, and any applicable scholarships or grants.
5. Disbursement of Funds
Students must authorize PHSU to apply received funds toward their accounts by validating their enrollment to cover tuition and fees as the primary priority. This authorization ensures that all institutional charges are paid before any remaining funds are disbursed directly to the student. Student refunds are processed either as an electronic deposit into a designated checking or savings account or, if requested, as a check. Funds are disbursed at least once per term (semester, trimester, or quarter), and any excess funds resulting in a credit balance will be issued to the student within 14 days of the credit balance being created.
Applying for Financial Aid
Securing financial aid is an essential step in supporting your educational journey at Ponce Health Sciences University. To ensure timely processing, applicants must complete the following steps and meet the eligibility criteria outlined below.
Application Procedure
To apply for financial aid, students must complete the following documents by the specified deadline:
- Complete the Free Application for Federal Student Aid (FAFSA).
- Submit all PHSU-required financial aid forms to the Office of Student Financial Aid (OSFA) by the deadline, including Entrance Counseling, Master Promissory Note, Student Authorization, and Request for Aid and Loans.
- Complete the Entrance Counseling and Master Promissory Note (MPN) prior to the disbursement of loan funds.
- If unable to access the required forms online, schedule a personal interview with the OSFA staff for assistance.
Eligibility Criteria
In addition to completing the required application steps, students must meet the following eligibility requirements for federal financial aid programs:
- Must be U.S. citizen or permanently reside in the U.S.
- Must be enrolled or accepted for enrollment at least as a half-time student at Ponce Health Sciences University.
- If currently enrolled, must maintain satisfactory academic progress according to the norms established by PHSU.
- Cannot be in DEFAULT in any Federal Program or owe any refund at a school previously attended.
- Must show financial need to be eligible for loans and scholarships that are need-based.
Required Documents
To be considered for financial aid, students must submit the following documents by the deadline, typically in late April or May, before the start of the award year:
- Free Application for Federal Student Aid (FAFSA) or FAFSA Renewal, processed by the U.S. Department of Education.
- Ponce Health Sciences University Forms:
- Loan Request Form
- Student Authorization Form
- Master Promissory Note (MPN) – Required for all loan borrowers.
- Proof of U.S. Citizenship or Eligible Noncitizen Status (e.g., birth certificate, passport, certificate of naturalization, or other acceptable documents).
- Additional documents as required by federal regulations or other funding sources.
Financial Aid Policies
- Funds are applied to applicants who meet the University's Satisfactory Academic Progress (SAP) policy.
- Students seeking institutional, state, or other scholarships must provide parental financial information on the FAFSA and PHSU application, along with supporting documentation, upon request.
- Loans may be canceled if the student fails to sign the Master Promissory Note (MPN), complete entrance counseling, or submit required documents. An award may also be canceled if the student or parent misrepresents or provides false information, with possible sanctions under the U.S. Criminal Code.
- By accepting financial aid, the student authorizes PHSU to apply funds to their account. Excess funds will be refunded via direct deposit or check within 14 days of the credit balance being created, in compliance with U.S. Department of Education regulations.
- Students must report any changes in financial status (income, marital status, etc.), and the Office of Student Financial Aid (OSFA) will notify them if their eligibility or award changes.
- Students may request an adjustment to their financial aid due to special circumstances by submitting a Professional Judgment request with supporting documentation to the Financial Aid Office.