Financial Aid
The Office of Student Financial Aid, under the direct supervision of the Vice President for Student Affairs, 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 including Sallie Mae are available for financing this program.
Services Provided by The Office of Student Financial Aid
- 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 submit a written request for a financial aid form through the Office of Student Financial Aid (OSFA).
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.
- PHSU Institutional Funds:
- Over $100,000 is distributed annually through institutional scholarships.
- Recipients are selected by a scholarship committee composed of faculty members from all programs.
- Funds are raised through ongoing fundraising efforts to expand the scholarship pool.
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 our primary
loan provider, Sallie Mae, will use the information from your TransUnion credit report
to make their credit assessment. Your credit score is less important than the detailed
account histories included in your complete report, as Sallie Mae 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:
-
- 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:
-
- 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 Expected Family Contribution (EFC)
The Federal Application for Student Aid (FAFSA) is the primary tool used to evaluate
the applicant's financial situation.
The U.S. Federal Government calculates the Expected Family Contribution (EFC) based
on the data provided in the FAFSA. The EFC represents the amount that the student
and/or their family is expected to contribute toward the cost of education.
2. Determining Financial Need
Cost of Education: This includes tuition, fees, books, living expenses, and other
related costs as defined by PHSU.
The financial need is calculated using the following formula:
Cost of Education – EFC = 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 Vice President for Student Affairs, 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. Notification of Award and Disbursement of Funds
Once the financial aid package is finalized, students receive an official Award Notification that outlines the approved funds, loan amounts, and any applicable scholarships or grants. Following this, students must authorize PHSU to credit their accounts with the funds received on their behalf. This authorization ensures that tuition, fees, and other charges are covered before any remaining funds are disbursed directly to the student.
Disbursements are processed as either a check or, if requested, an electronic deposit into a designated checking or savings account. The timing of disbursements depends on the program structure. For semester-based programs, funds are disbursed at least once per semester, while trimester-based programs receive disbursements at least once per trimester. Certification programs receive funds at the commencement and midpoint of the program year.
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:
All Students
- 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.
New Students
- 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 a U.S. citizen or an eligible non-citizen.
- Must be enrolled at least half-time in a PHSU program.
- Must maintain satisfactory academic progress as defined by PHSU's policies.
- Cannot be in default on any federal loan program or owe a refund to any federal grant program from previously attended institutions.
- Must have a valid Social Security Number.
- Must certify on the FAFSA that federal funds will be used solely for educational purposes.
- Foreign students must present a copy of their citizenship documents or permanent resident visa.
- Students without these documents seeking a loan must provide U.S. Department of Immigration and Naturalization documentation and a co-signer who meets the lending institution's citizenship requirements.
- Must demonstrate financial need for any need-based financial aid programs.
Financial Aid Policies
- Awards will be given to those applicants who meet the University's Satisfactory Academic Progress policy.
- Students requesting consideration for institutional, state, and or any other scholarship program must provide confidential parents’ economic information on their FAFSA (initial or renewal application) and the PHSU application. Documentation to collaborate the parents’ information must be presented.
- Any loan may be canceled if the student fails to sign the Master Promissory Note (MPN), the Disclosure Statement, or any other document required by the lending institution.
- An award may be canceled if the student or parents misrepresent or provide false or incorrect information on any document. Since PHSU uses the FAFSA to establish student aid eligibility and allocate funds received from the U.S. federal government, any misrepresentation may be subject to sanctions under the provisions of the United States Criminal Code.
- The student provides authorization for funds to be accredited to the student’s account.
- Tuition refunds, also known as credit balances, will be made according to the PHSU Refund Policy for U.S. Department of Education Title IV and/or Non-Title IV funds. According to policy and regulations, PHSU will return credit balances within 14 days from the date of disbursement.
- Students must report any information that modifies their financial data, such as a change in personal and/or family income, marital status, etc. If this update results in a change of eligibility and award, the OSFA staff shall communicate the same to the student.