2011-2012 - College of Osteopathic Medicine - Touro University ...

FEDERAL DIRECT SUBSIDIZED LOANS AND FEDERAL DIRECT UNSUBSIDIZEDLOANSFederal Direct Subsidized Loans – Interest rate is fixed at 6.8%. The U.S. Department ofEducation pays the interest while the student is at an in-school status and during the 6month grace period. Recipients of the Direct Subsidized Loan must demonstrate need inorder to qualify.Federal Direct Unsubsidized Loans – Interest rate is fixed at 6.8%. Interest starts toaccrue when the funds disburse and will continue to accrue for the life of the loan.In order to be eligible for Federal Financial Aid all students must complete the FreeApplication for Federal Student Aid (FAFSA) found on line at www.fafsa.gov, Tocomplete the FAFSA, students will need to apply for a PIN number from theDepartment of Education. Students can apply for the PIN number at www.pin.ed.gov .The Federal school code for Touro University, which is required for completing theFAFSA, is 041426. Students may complete the FAFSA immediately, even before theyreceive an admission decision from TUCOM, however; it is required that students waituntil they have filed taxes. In addition to completing the FAFSA applicants must alsocomplete the Touro University Financial Aid Application and Loan Request Statementfound at www.tu.edu., and complete the entrance counseling atwww.mappingyourfuture.org.Once Students have completed the financial aid process the funds will disburse to theschool electronically. When the funds have arrived at the school the Bursar will deducttuition and fees and issue refund checks if a credit exists. Financial Aid checks areissued at the start of each semester. Students must be enrolled at least half time (6credits) and have satisfactory academic progress to qualify for financial aid. Studentsare granted a six-month grace period after graduation or withdrawal from theUniversity before repayment begins and interest on the Direct Subsidized loan begins toaccrue.2011 – 2012 COM Student Handbook