PharmD Financial Aid
The USC School of Pharmacy is committed to helping all eligible students achieve their educational goals regardless of their economic status. More than 90 percent of USC Pharmacy students receive financial assistance. Several need-based low-interest loans, non-need-based loans and private loan programs are available. A number of scholarships are awarded each year to continuing students based on academic performance and/or financial need.
Types of Financial Aid
Each year, the School of Pharmacy awards $28 million in scholarships and loans through a combination of federal, university and private funds.
Educational Loan Programs
The majority of pharmacy students borrow from a variety of loan programs to fund their education. When determining the amount you borrow, students are encouraged to consider their level of indebtedness from previous academic programs.
Loans are money you borrow that must be repaid with interest, and some loans may involve extra fees. Some loans are need-based, while others are not.
The following is an overview of the loan programs available through the USC School of Pharmacy’s Financial Aid Office.
Pharmacy Health Profession Student Loan (HPSL)
- Pharmacy students who complete parental information on the Free Application for Federal Student Aid (FAFSA) and submit a copy of their and their parents’ 2015 federal tax return, including W-2 forms, will be considered for this loan.
- Loan amount varies every year based on availability of funds.
- This is a need-based subsidized loan (no interest while in school) with a fixed interest rate of 5% and a 10-year repayment period that begins 12 months after graduation or when the student falls below half-time enrollment.
- If you are awarded the loan, it will automatically appear on your Statement of Financial Aid Eligibility. You will receive a notification from Student Financial Services to sign a Master Promissory Note (MPN) in late July (fall promissory note) and December (spring promissory note).
Loans for Disadvantage Students (LDS)
- Pharmacy students who complete parental information on the FAFSA and submit a copy of their and their parents’ 2015 federal tax return, including W-2 forms, will be considered for this loan.
- Loan amount varies every year based on extremely limited funds.
- This is a subsidized loan (no interest while in school) with a fixed interest rate of 5% and a 10-year repayment period that begins 12 months after graduation or when student falls below half-time enrollment.
- If you are awarded the loan, it will automatically appear on your Statement of Financial Aid Eligibility. You will receive a notification from Student Financial Services to sign a Master Promissory Note (MPN).
Federal Direct Stafford Loans
- This loan is available to US citizens and permanent residents.
- Interest rate on the Unsubsidized Stafford loan disbursed between July 1, 2014 and June 30, 2015 is 6.21%.
- Federal origination fee is 1.072% for all loans made from December 1, 2013 to September 30, 2014 (inclusive).
- Federal origination fee is 1.073% for all loans made from October 1, 2014 to September 30, 2015 (inclusive).
- Doctor of Pharmacy students may receive a maximum of $33,000 annually. If you have been awarded a Stafford Loan, you must apply to receive the funds.
More Information about Federal Direct Stafford Loans.
Federal Direct Graduate PLUS Loan
- This loan is available to US citizens and permanent residents.
- If you need additional financing after you have borrowed the full Stafford Loan amount, you may wish to consider this low-interest, credit-based federal loan.
- The current interest rate is fixed at 6.84% for loans disbursed between July 1, 2015 and June 30, 2016.
- The ten-year repayment period begins six (6) months after you graduate, withdraw or drop below half-time enrollment.
- There is no pre-payment penalty.
- Federal origination fee is 4.292% for all loans made on or after October 1, 2014.
- Federal origination fee is 4.272% for all loans made on or after October 1, 2015.
More information about Federal Direct Graduate PLUS Loan.
Private Financing Programs
- U.S. citizenship/permanent resident status is not required.
- These private financing programs are unsecured educational loans made by private financial institutions such as banks or credit unions.
- It is advisable for students to apply for all federal Title IV (Direct Stafford and Graduate PLUS loans) education loan programs that are available before considering a private educational loan program. The repayment terms of the federal loan programs may be more favorable than the terms of the private loan programs and may not be included in the Federal Direct Consolidation Loans.
- Interest rates are based on the creditworthiness of the student borrower and/or the co-borrower and will vary on a monthly or quarterly basis. Repayment generally begins immediately after full loan disbursement.
- In-school deferments, grace periods and forbearances may be available. Ask your lender for more information.
More information about Private Financing.
USC School of Pharmacy Scholarships for Continuing Students
- Students must demonstrate leadership, community service, career interest and academic achievement.
- Award varies from $1,000 to full tuition.
- Deadline to apply: March 31, 2015
USC Asian Pacific Alumni Association (APAA) Scholarship Program
- Recipients are selected on the basis of academic achievement, personal merit, demonstration of financial need and contributions made to Asian Pacific American communities.
For additional information and to download scholarship application, please visit http://alumnigroups.usc.edu/apaa/scholarships.html.
USC Black Alumni Association
- Must be current or continuing USC and/or transfer students.
- Minimum GPA requirement is 2.5.
- Applicants should exemplify commitment and identification with, and the ability to contribute to, the African-American community.
- Recipients will be selected on the basis of academic achievement, personal merit and demonstrated involvement within the African-American community.
For additional information and to download a scholarship application, please visit https://sait.usc.edu/baa/secure/
USC Lambda LGBT Alumni Association
- Must have a minimum GPA of 3.0.
- Students are eligible to receive only one USC Lambda scholarship per year.
- Students who have previously been awarded a USC Lambda scholarship cannot receive the same award again.
- Students or all gender or sexual identities are welcome to apply.
Each award may have its own individual criteria. For additional information, please visit http://alumnigroups.usc.edu/lambda/scholarships.html
USC Latino Alumni Association
- Awarded to students on the basis of their academic achievement and commitment to the Latino/Hispanic community.
- Award ranges from $1,000 to $5,000.
For additional information and to download scholarship application, please visithttp://sait.usc.edu/maaa/pages/students/scholarship.html.
Norman Topping Student Aid Fund
- Must be an entering graduate student.
- Must have high financial need.
- Must demonstrate community awareness.
For additional information and selection criteria, please visit Norman Topping Student Aid.
USC Town and Gown Scholarship
- Must be a US Citizen. Permanent Residents are not eligible to apply.
- Must be a resident of Southern California. Bakersfield is the northern most boundary.
- Demonstrate academic strengths, leadership, and community involvement.
- Be full-time students and carry 6 to 8 or more units per semester.
- Scholarship range from $6,000 to $10,000.
- Current USC graduate students who are applying for the first time, should have maintained a cumulative GPA of 3.5.
- Must maintain a GPA of 3.0.
For additional information, please visit http://www.townandgownofusc.org/scholarship.asp