In addition to the Unsubsidized Loan, graduate students at Larkin University who need to borrow more than $20,500 per academic year (Fall through Spring) may be eligible for additional funding through the Federal Direct PLUS Loan program for Graduate and Professional students. This loan allows you to borrow up to your total Cost of Attendance, minus any other financial aid received. It carries a fixed interest rate of 9.08%* and interest begins accruing once the funds are disbursed. A federal loan fee of 4.228%* is also deducted at the time of disbursement. The PLUS Loan requires a credit check as determined by the U.S. Department of Education. If you are denied due to credit, you may have the option to appeal or apply with a credit-worthy endorser. If approved after an appeal or with an endorser, you must complete a PLUS Loan Counseling session at studentaid.gov before the loan can be disbursed. Although repayment technically begins once the loan is fully disbursed, no payments are required while you are enrolled at least half-time. For more details, please visit the U.S. Department of Education’s website here.
Welcome to the Office of Financial Aid and Student Access (OFASA)
FINANCIAL AID
CONTACT US
Office of Financial Aid and Student Access
Phone: (305) 760-7513
Email: OFASA@larkin.edu
Hours: By Appointment
MISSION
The Office of Financial Aid and Student Access at Larkin University (LU) is committed to supporting students in achieving their academic goals by providing access to financial resources with integrity, transparency, and personalized guidance. We strive to empower students through education on financial literacy, responsible borrowing, and scholarship opportunities. Our mission is to ensure that financial barriers do not stand in the way of academic success by facilitating access to federal, state, and institutional aid programs. Through exceptional service and a student-centered approach, we aim to make higher education affordable and accessible to all who seek to advance their future at LU.
Types of Aid
College of Pharmacy
Institutional Scholarships
· Dr. Robert Hopefl Scholarship Awards up to $10,000 a Year.
All admissions applications are automatically evaluated for this scholarship, with applications completed by January 15th given priority consideration. The Office of Admissions will award the initial scholarship to the qualified entering P1 students at the time of notifying the applicant of their acceptance to the program. Scholarships will be awarded only to incoming P1 students and may be renewed in the P2 year if all requirements are met. The scholarship will not be available in the P3 year.
Eligibility Criteria
Overall GPA >/= 3.80 (on a 4.0 scale)
Must have completed an application in PharmCAS by January 15th for priority consideration.
Criteria for Renewal
Maintain a 3.80 GPA (on a 4.0 scale)
Remain in good academic standing during the duration of enrollment in the program. Remain on track to graduate with their entering class
· Presidential Scholarship: Tuition Waiver for the Doctor of Pharmacy Program
P1-P3 years with continuous enrollment and satisfactory academic progress. Must maintain good academic and professional standing at all times throughout the program. Tuition cost only. Fees costs are the student’s responsibility, which are due at the beginning of each academic year; students may apply for loans or additional scholarships to cover fees costs.
Eligibility Criteria
Cumulative GPA – 3.8/4.0 scale
Pre-requisite GPA – 3.8/4.0 scale
Excellent communication skills
Procedure
When an applicant is accepted by the College of Pharmacy Admissions Committee (ADCO), the applicant will be reviewed to ensure that all criteria for the scholarship/tuition waiver have been met. The ADCO will then use the admissions rubric scoring, which provides a normalized score to compare individual applicants to the entire pool of applicants to the LU Doctor of Pharmacy program, to rank the students for consideration for the scholarship/tuition waiver. An administrative committee will make the final decision regarding which students will receive the scholarship/tuition waiver. Students eligible for the Presidential Scholarship will be reviewed by a committee for final selection no later than April 1st.
Selected students will be notified by the LU College of Pharmacy Office of Admissions.
· Merit Scholarship: Awards up to $8,000 for the P1 Year
All admissions applications are automatically evaluated for this scholarship. The Office of Admissions will award the scholarship to the qualified entering P1 students at the time of being admitted based on the below criteria. This award is not renewable.
|
Eligibility Criteria |
||
|
Overall GPA |
Annual Award Amount |
PCAT 50th or higher composite |
|
3.30 or higher |
$5,000 |
+$1,000 |
|
Math, Sciences, and *prerequisite GPA 3.30 or higher |
$8,000 |
+$1,000 |
*Prerequisite GPA is the COP internal PGPA calculation
Any scholarship award amount cannot exceed the cost of tuition including any additional free aid.Outside scholarship Resources
Our office has compiled a list of scholarship resources that are offered outside of LU. Please click on each link below and browse each site to determine eligibility requirements and application deadlines. Students can conduct additional scholarship search on their own. If a student is awarded a scholarship, it is the student’s responsibility to provide the OSFS the necessary information to be awarded accordingly.
AACP Scholarship Resource Website
American Foundation for Pharmaceutical Education
APhA Foundation Student Scholarship Program
As a College of Pharmacy student at Larkin University, you may be eligible to borrow up to $20,500 per academic year (Fall through Spring) through the Federal Direct Loan program, provided you are a U.S. citizen or eligible non-citizen and meet the general requirements for Federal Student Aid. College of Pharmacy students may also be eligible to add $12,500 in unsubsidized loans per academic year. These loans carry a fixed interest rate of 8.08%* and begin accruing interest once funds are disbursed. A federal loan fee of 1.057%* is also deducted at the time of disbursement. No credit check is required, and repayment is deferred while you remain enrolled at least half-time. To learn more about the Federal Direct Stafford Loan, please visit the U.S. Department of Education’s website here.
Private Student Loans are applied for on an annual basis, at the beginning of the academic year. Private Student Loans are based on the creditworthiness of the borrower. You can increase your chances of getting approved and receiving a lower interest rate by applying with a credit worthy co-borrower.
How to Apply
Complete Borrowing Essentials, which provides an interactive overview of some basic information about borrowing money to pay for school. Click Here
Review your credit score. A good credit score means you are more likely to be approved for the student loan, and at a lower interest rate. Click Here to learn more.
Understanding your rights and responsibilities is extremely important when considering Private Student Loans. Choose the loan that is most suitable for you by considering each lender’s terms and conditions. To learn more of the loan options offered by our lenders and to apply Click Here
College of Biomedical Sciences
As a College of Biomedical Sciences student at Larkin University, you may be eligible to borrow up to $20,500 per academic year (Fall through Spring) through the Federal Direct Loan program, provided you are a U.S. citizen or eligible non-citizen and meet the general requirements for Federal Student Aid. These loans carry a fixed interest rate of 8.08%* and begin accruing interest once funds are disbursed. A federal loan fee of 1.057%* is also deducted at the time of disbursement. No credit check is required, and repayment is deferred while you remain enrolled at least half-time. To learn more about the Federal Direct Stafford Loan, please visit the U.S. Department of Education’s website.
In addition to the Unsubsidized Loan, graduate students at Larkin University who need to borrow more than $20,500 per academic year (Fall through Spring) may be eligible for additional funding through the Federal Direct PLUS Loan program for Graduate and Professional students. This loan allows you to borrow up to your total Cost of Attendance, minus any other financial aid received. It carries a fixed interest rate of 9.08%* and interest begins accruing once the funds are disbursed. A federal loan fee of 4.228%* is also deducted at the time of disbursement. The PLUS Loan requires a credit check as determined by the U.S. Department of Education. If you are denied due to credit, you may have the option to appeal or apply with a credit-worthy endorser. If approved after an appeal or with an endorser, you must complete a PLUS Loan Counseling session at studentaid.gov before the loan can be disbursed. Although repayment technically begins once the loan is fully disbursed, no payments are required while you are enrolled at least half-time. For more details, please visit the U.S. Department of Education’s website here.
- Complete Borrowing Essentials, which provides an interactive overview of some basic information about borrowing money to pay for school. Click Here
- Review your credit score. A good credit score means you are more likely to be approved for the student loan, and at a lower interest rate. Click Here to learn more.
- Understanding your rights and responsibilities is extremely important when considering Private Student Loans. Choose the loan that is most suitable for you by considering each lender’s terms and conditions. To learn more of the loan options offered by our lenders and to apply Click Here
Physician Assistant Program
Institutional Scholarships
· TBA
Any scholarship award amount cannot exceed the cost of tuition including any additional free aid.
Outside scholarship Resources
Our office has compiled a list of scholarship resources that are offered outside of LU. Please click on each link below and browse each site to determine eligibility requirements and application deadlines. Students can conduct additional scholarship search on their own. If a student is awarded a scholarship, it is the student’s responsibility to provide the OSFS the necessary information to be awarded accordingly.
AACP Scholarship Resource Website
American Foundation for Pharmaceutical Education
APhA Foundation Student Scholarship Program
Private Student Loans are applied for on an annual basis, at the beginning of the academic year. Private Student Loans are based on the creditworthiness of the borrower. You can increase your chances of getting approved and receiving a lower interest rate by applying with a credit worthy co-borrower.
How to Apply
Complete Borrowing Essentials, which provides an interactive overview of some basic information about borrowing money to pay for school. Click Here
Review your credit score. A good credit score means you are more likely to be approved for the student loan, and at a lower interest rate. Click Here to learn more.
Understanding your rights and responsibilities is extremely important when considering Private Student Loans. Choose the loan that is most suitable for you by considering each lender’s terms and conditions. To learn more of the loan options offered by our lenders and to apply Click Here
How to Apply (Pharmacy and Biomedical)
To be considered for all Federal Student Aid Programs available for LU students you will need to complete the following:
To assist students with financing their educational costs, Larkin University offers financial assistance to eligible students primarily through the U.S. Department of Education’s Federal Direct Student Loan Programs. Scholarship opportunities and private/alternative loans may also be available to eligible students.
To be considered for all Federal Student Aid Programs you must meet the following eligibility requirements.
- Be accepted and enrolled at least half-time in a program offered by Larkin University.
- Be a citizen, national, or eligible non-citizen of the United States with a valid Social Security Number.
- Be registered with selective service if required to do so by law.
- Be maintaining Satisfactory Academic Progress
- Meet credit criteria established by the U.S. Department of Education (for Direct Plus Loan borrowers only)
- Not owe a refund of any Title IV funds or be in default of any previously borrowed student loans.
1. Request your Federal Student Aid Identification (FSA ID) at studentaid.gov. Your FSA ID is used to electronically apply for federal student aid and access your federal student aid records online. Your FSA ID services as your electronic signature. Be sure to keep your FSA ID in a safe place, and do not share it with anyone.
2. Complete your free application for Federal Student Aid (FAFSA) at studentaid.gov.
After submitting your FAFSA, you’ll receive a Student Aid Report (SAR) by email. This report summarizes the information you provided on your application. Be sure to review it carefully to ensure all details are accurate. If you find any errors or need to make updates, you can submit corrections online at studentaid.gov.
Larkin University’s Federal School Code is 0043064
3. Loan Entrance Counseling at studentaid.gov. Federal regulations require all students who receive a Federal Direct Unsubsidized Loan and/or a Federal Direct Grad PLUS Loan to complete Loan Entrance Counseling. If this is your first time borrowing a Federal Direct Loan at Larkin University, you’ll need to complete the counseling session before any loan funds can be disbursed. This is a one-time requirement.
4. Direct Unsubsidized Loan Agreement Master Promissory Note (MPN). You may be eligible to borrow up to $20,500 each academic year through the Federal Direct Unsubsidized Loan program. College of Pharmacy students may also be eligible to add $12,500 in unsubsidized loans per academic year. These loans have a fixed interest rate of 8.08% that begins accruing as soon as the funds are disbursed, and a loan fee of 1.057% is deducted at disbursement. No credit check is required, and you won’t need to make payments while you’re enrolled at least half-time.
If you are borrowing a Federal Direct Unsubsidized Loan for the first time at Larkin University, you must complete a Loan Agreement for an Unsubsidized Loan (MPN) online at studentaid.gov. Your MPN must be on file with the U.S. Department of Education before your loan can be disbursed.
The Direct PLUS Loan accrues interest from the date of disbursement at a fixed rate of 9.08%, with a federal loan fee of 4.228% deducted at disbursement. While the loan enters repayment immediately after full disbursement, no payments are required as long as you remain enrolled at least half-time.
5. Direct PLUS Loan Agreement (MPN) In addition to the Federal Direct Unsubsidized Loan, Larkin University students who need to borrow more per academic year may be eligible for additional funding through the Federal Direct PLUS Loan Program. This program allows you to borrow up to your cost of attendance, minus any other financial aid received.
- To apply for a Federal Direct PLUS Loan for Graduate/Professional Students, you must complete a Grad PLUS Master Promissory Note (MPN) online at studentaid.gov. Your MPN must be on file with the U.S. Department of Education before your loan can be disbursed. Approval for this loan is subject to a credit check based on criteria set by the U.S. Department of Education.
- If your application is declined due to adverse credit, you may be given the option to appeal the credit decision or apply with an endorser. Should your loan be approved, with a successful appeal or obtaining a credit-worthy endorser, you will be required to complete a PLUS Credit Counseling session at studentaid.gov prior to your loan being disbursed.
*Rates and Fees are subject to change. For more information on the Federal Direct Student Loan Programs please visit studentaid.gov.
Please be sure to read all documents carefully and complete each item. Incomplete applications will delay the processing of your Financial Aid file.
In addition to the requirements listed above, you may need to submit additional documentation, such as proof of U.S. citizenship or permanent residency, income verification, a valid driver’s license or Social Security card, proof of Selective Service registration, and/or proof of non-default status. Be sure to carefully review your Student Aid Report (SAR) to determine if any additional documents are required. Should your SAR report indicate you need to submit additional documents, please be sure to gather all that information to be prepared to submit when indicated by the Office of Financial Aid and Student Access (OFASA).
Additional Documentation
Your financial aid file can only be processed once you have submitted all required documents. It is important that you submit all required documents in a timely manner to the Office of Financial Aid and Student Access (OFASA) to avoid any unnecessary delays.
Standards for Satisfactory Academic Progress
The federal regulations governing the student financial assistance programs stipulate that to continue to be eligible to participate in the Federal Student Aid (Title IV) programs students must maintain satisfactory academic progress towards their degree. Satisfactory Academic Progress (SAP) will be reviewed at the end of each semester to determine your continued eligibility for Federal Student Aid.
Dropping/Withdrawing
Federal student aid is governed by the U.S. Department of Education’s Return of Title IV funds policy. If a student fully withdraws or drops all classes during a semester in which they received federal aid (including loans), the university must determine—using federal guidelines—how much aid was actually earned based on the time the student was enrolled. If you withdraw before completing at least 60% of the semester, you or the university may be required to return a portion of the aid, which could result in a balance owed to Larkin University. To help avoid financial complications, it’s strongly recommended that you speak with the Office of Financial Aid and Student Access (OFASA) before making any decisions to withdraw.
Financial Aid Forms
To be considered for all Federal Student Aid Programs available to students, you will need to complete the following:
Completing Your FAFSA
- Request for FSA ID
- Free Application for Federal Student Aid (FAFSA) (School Code: 043064)
Complete Federal Direct Loan Entrance Counseling
- Direct Unsubsidized/PLUS Loan Entrance Counseling (FSA ID required)
Complete Loan Agreements
- Direct Unsubsidized Master Promissory Note (MPN) (FSA ID required)
- Federal Direct GRAD PLUS Loan Master
Additional Forms and Documents
In addition to the documents already mentioned, you may be asked to provide other forms of verification, such as proof of U.S. citizenship or permanent residency, income verification, a valid driver’s license or Social Security card, Selective Service registration, or confirmation that you’re not in loan default. Make sure to review your Student Aid Report (SAR) closely to see if any additional documents are needed. Your financial aid application can only be processed once all required materials have been submitted. You can check the status of your financial aid file online through your Larkin University student portal (login required).
Important Loan Terms You Should Know
Interest which accrues on the loan and is payable by the borrower or, in the case of subsidized Federal Stafford Loans, by the federal government, during in‑school, grace, and deferment periods.
The APR is the overall cost of borrowing money, expressed as an annual percentage of the loan balance. The APR calculates the combined impact of the interest rate, loan fees, capitalization of interest (the addition of unpaid interest to the principal) and other repayment terms.
Capitalization is the practice of adding unpaid interest charges to the principal balance of an education loan, thereby increasing the size and cost of the loan. Interest is then charged on the new balance, including both the unpaid principal and the accrued interest. Interest can be capitalized monthly, quarterly, annually or when the loan enters repayment. Capitalization causes interest to be charged on top of interest.
A consolidation loan combines one or more eligible federal educational loans into a single new loan.
A signer in addition to the principal signer for borrowers who do not meet the minimum credit requirements. The cosigner assumes liability for repayment of a loan in the event the principal signer does not repay the loan.
An agency, such as Equifax, Transunion, or Experian, that compiles, maintains, and distributes credit and personal information to creditors.
A summary of your credit history. It is maintained by an authorized consumer reporting agency and sent to potential creditors, when requested.
Default is the failure to repay your loan according to the terms. It may lead to legal action to recover the money and can negatively affect your credit rating. Private student loans are considered to be in default after 120 days of nonpayment, while federal education loans are considered to be in default after 360 days of nonpayment.
A deferment is a postponement of payment on a federal loan that is allowed under certain conditions and during which the government pays the interest on any subsidized loans. The borrower is responsible for the interest on any unsubsidized loans during a deferment. The economic hardship deferment has a three-year limit. Deferments during the in-school period are unlimited.
Interest that accrues, but on which payment is delayed until a later date. Such deferred (accrued) interest may be capitalized.
A statement of the actual loan costs, including the interest rate and any additional fees, which is presented to the borrower at the time the loan is made.
A signer in addition to the principal signer for Federal PLUS Loans for those borrowers who do not meet the minimum credit requirements. The endorser signs a promissory note and agrees to repay the loan in the event that the borrower does not.
A forbearance is a period during which your monthly loan payments are temporarily suspended or reduced. Interest continues to accrue and will be capitalized if unpaid by the borrower. You may qualify for a forbearance if you are willing but unable to make loan payments due to certain types of financial hardships.
A period of time that begins when you graduate, leave school, or your enrollment status drops below halftime, whichever comes first, and ends when your first loan payment is due. Interest continues to be deferred on subsidized loans during the grace period.
Interest is a periodic fee for borrowing money, expressed as a percentage of the loan balance. Interest rates are either variable (the rate can change) or fixed (the rate will not change). The interest rate on a variable rate loan can reset (change) annually, quarterly or monthly.
Loans are borrowed funds that must be repaid over time, usually with interest.
Loan fees are one-time charges to originate or guarantee a loan, expressed as a percentage of the loan balance, and typically deducted prior to loan disbursement.
The academic year or portion thereof for which the student loan applicant is enrolled and is seeking one or more loans. Loan period typically coincides with the beginning and ending of a term or academic year.
The legally binding contract between the borrower and the lender of a Federal Loan. By signing the MPN, the borrower agrees to all terms and conditions, including the responsibility to repay all borrowed funds along with any interest and fees that are charged. Unlike other promissory notes where only one loan can be borrowed per signed note, the MPN allows a school to make multiple Federal Loans to a borrower using the single note.
The principal is the full amount borrowed. During repayment, it refers to the portion of the original loan amount still owed (not including interest or fees).
A promissory note is a binding legal document you sign when you get a student loan. It contains the loan terms and conditions under which you’re borrowing and the terms under which you agree to pay back the loan. It may also mention deferment and cancellation provisions available to the borrower.
Companies that specialize in handling billing, collections, deferments, etc., for student loans.
The government pays the interest on subsidized loans while the student is in school, during the six‑month grace period and during any deferment periods. Subsidized loans are awarded based on demonstrated financial need.
The specific conditions of a loan, including the requirements governing receipt and repayment of a loan.
An unsubsidized loan is a loan for which the government does not pay the interest. The borrower is responsible for the interest on an unsubsidized loan from the date the loan is disbursed, even while the student is still in school. Students may avoid paying the interest while they are in school by capitalizing the interest, which adds the interest to the loan balance. These loans are not based on financial need or income. Examples of unsubsidized loans include the unsubsidized Stafford loan and the PLUS loans.
Loan Exit Counseling
In line with federal regulations, students who graduate or drop below half-time enrollment and have received federal student loans are required to complete Federal Student Loan Exit Counseling. If this requirement is not fulfilled, a hold may be placed on your account, which could delay graduation or the release of official transcripts. If you did not take out federal loans while attending Larkin University, this counseling is not required.
You can complete this federal requirement online by visiting the U.S. Department of Education’s website at studentaid.gov and selecting “Exit Counseling.”
To complete the session, you’ll need:
Your Federal Student Aid (FSAID) login
Contact information for three personal references with U.S. addresses and phone numbers
Your employer’s name, address, and phone number (if available)
The session typically takes 15 to 30 minutes, and you’ll have the option to print a certificate of completion for your records.
Exit Counseling will provide important information on loan repayment options, deferments, forbearance, loan consolidation, and the consequences of loan default. For additional details, you can visit studentaid.gov or contact your loan servicer directly.
To view your federal loan history and servicer contact information, log into your account at studentaid.gov.
If you borrowed a private loan while attending Larkin University, please reach out directly to your lender for details about repayment plans and any available incentives.
