Grants and Loans for Pharm.D. Professional Students
There are two potential federal loan programs available to graduate and professional students. Students must complete the Free Application for Federal Student Aid (FAFSA) if they wish to receive any federal loan and grant monies.
Students may apply for financial aid at any time while enrolled in college; however, the priority deadline is March 15 of each year for the following fall/spring semesters.
Direct Unsubsidized Loan
The purpose of the Direct Loan Program is to provide low interest education loans that enable a student to pay the cost of attendance at a public or private, non-profit college of university. Direct unsubsidized loans are available at 6.21% interest for 2014-15.
- Fixed interest rate of 6.21% for loans disbursed on or after July 1, 2014 (loans disbursed before July 1, 2014 have a variable interest rate).
- Maximum loan amount per academic year, including summer, is $37,167.
- There is a 6-month grace period from the time the student graduates, withdraws from the University, or drops below half-time enrollment before they must begin to repay the loan.
- Aggregate loan limits for Pharm.D. students total $224,000.
- There is a 1.07% origination fee for the Direct unsubsidized loan.
The Federal Perkins Loan is a federal loan borrowed through the university. The purpose of the loan program is to provide low interest loans to students with exceptional financial need.
- Fixed interest rate is 5%
- Loan is subsidized while student is enrolled at least half-time (6 credit hours)
- Maximum loan amount per year varies (funds are limited and may not be available)
- There is a 9-month grace period from the time the student graduates, withdraws from the University, or drops below half-time enrollment before they must begin to repay the loan.
- The FAFSA and all required documents must be complete with the University by the priority deadline - March 15.
- The student will sign a Master Promissory Note, good for 10 years, and will complete an entrance interview.
Texas Public Education Grant (TPEG)
A grant is a need-based award that does not need to be repaid. Grants are almost exclusively awarded on financial need. The following grants are awarded on a first come first serve basis. Maximum grant amounts vary by year and require that students enroll in at least nine hours.
- Graduate Institutional Grants (Texas residents only) is an institutional grant awarded to graduate and professional students who demonstrate need and meet the priority deadline of March 15. The award range will vary depending on allocation of funds on an annual basis.
- Texas Public Education Grants (TPEG) is a program administered by the state of Texas to provide assistance to students with financial need, seeking either a first bachelor's, graduate or professional degree. It is available for Texas residents and nonresidents who meet the priority deadline of March 15.
** Per federal regulations, Pell Grants are not available for professional students.
Private/Alternative loans are available to students who have a cost of education that is not met by the usual financial aid sources. Because the application for private/alternative loans includes a credit check and debt-to-income factors, a creditworthy co-signer may be required. Each individual lender determines the fees for their private loans. Interest is variable and usually changes quarterly. Each lender will offer a slightly different program, so prospective borrowers are encouraged to conduct thorough research into choosing a lender.
Other Loan Programs
Emergency Deferment: This plan defers the payment of all the current semester’s tuition and mandatory fees (non-housing students). For more information, visit the UH Cost & Financial Aid Site.
Short Term Deferment:This plan defers the payment of all the current semester’s tuition and fees (housing students only). For more information, visit the UH Cost & Financial Aid Site.
Book Loans: This plan, found on the optional fee page, provides students with a short term book loan to assist in buying books. For more information, visit the UH Cost & Financial Aid Site.
Loans for other emergency expenses are available to students only through the University's Dean of Students Office.