Physician Assistant (PA) education can be costly. However, paying for it is possible and an excellent long-term investment. The cost of PA education varies by institution. You should begin evaluating the cost and start your financial aid research at the same time you apply to a PA Program. Think not only about the cost of the program, but about the living costs that you will have during the length of the program.
Always start your search for financial assistance at the college or university financial aid office. The financial aid office exists to provide information on grants, loans and other assistance from a variety of sources.
Money from federal loan programs will probably form the foundation of your financial assistance package. Many states also offer financial assistance programs. In addition, there are other specialized scholarships, traineeships, and loan programs available. Inquire at local hospitals and clinics to find out if they will provide tuition and a stipend in exchange for a commitment to work at the facility for a specified period of time.
The responsibility to finance your PA education rests with you and your family. Financial assistance provides the difference between what you are able to pay and the actual costs of attendance. Prudent management is the key to your financial survival. You must plan, budget and above all, read all the financial assistance materials you can obtain.
Office of Financial Aid
Albany Medical College
47 New Scotland Ave.
Mail Code 1/ADM, R-203
Albany, New York 12208-3479
Phone: (518) 262-5435; Fax: (518) 262-5925
GENERAL RESOURCES FOR YOUR SEARCH
|Federal Department of Education||http://studentaid.ed.gov|
|SmartStudentTM Guide to Financial Aid||www.finaid.org|
LOAN OPTIONS FOR AMC PHYSICIAN ASSISTANT PROGRAM
|Loan Program||Amount**||Relevant Information|
Subsidized Stafford Loan
|Up to $8,500 per year
Federally defined financial need is required
|Fixed rate of 6.8 %. The U.S. Department of Education pays the interest while the student is in school at least half-time, for the first six months after the student leaves school (your grace period) and during a period of deferment (a postponement of loan payments). Between 10 and 25 years to repay, depending on amount owed and type of repayment plan selected.|
Unsubsidized Stafford Loan
Up to $12,000 per year
|Fixed rate of 6.8 %. The federal government does not pay the interest on unsubsidized loan. The borrower pays all interest. Interest accrues and may be paid or capitalized while in school. Repayment begins 6 months after graduation. Between 10 and 25 years to repay, depending on amount owed and type of repayment plan selected.|
Graduate PLUS Loan
Student’s Cost of Attendance***
|A fixed interest rate of 7.9%. Borrower pays all interest. Interest accrues and may be paid or capitalized while in school. Repayment begins 6 months after graduation. Between 10 and 25 years to repay, depending on amount owed and type of repayment plan selected. Borrowers with a negative credit history may be required to have an endorser (co-signer).|
Note: You can have one type of loan or a combination of both. Because you can't borrow more than your cost of attendance minus any other financial aid you'll get, you may receive less than the annual maximum amounts.
* Students must be matriculated and officially enrolled at least half-time. To be eligible to receive federal student loans, the student must be a U.S. Citizen, U.S. national, or US Permanent Resident alien and meet all other program requirements. For a list of all eligibility requirements, go to http://studentaid.ed.gov
** The loan fee on Federal Direct Stafford Student Loans is 1.00% with an up-front rebate of 0.5%. The 0.5% fee is deducted proportionately from each loan disbursement by the Department of Education prior to the College's receipt of the loan funds. The loan fee on Federal Direct Graduate PLUS prior to the College's receipt of the loan funds.
*** Cost of Attendance (COA) The total amount it will cost you to go to school-usually expressed as a yearly figure or by academic year. It is determined by each college using rules established by Federal law.
AMC FINANCIAL AID FORMS - REQUIRED FOR ALL STUDENTS
|Free Application for Federal Student Aid (FAFSA)|
|AMC Financial Aid Application||(Complete after you have paid your AMC PA acceptance deposit).
(Click on “New to WebAdvisor” at the bottom of the page)
|Direct Loan Entrance Counseling
AMC FINANCIAL AID PROCESS AT A GLANCE
1. Once the Financial Aid Office receives all of your required financial aid application materials, you will be sent an e-mail which indicates that your financial aid file is complete and lists an estimated date by which you will be sent notification of your financial aid award.
2. After your award eligibility is determined, you will be sent an e-mail requesting that you view your award offer online and accept (or reject) the financial aid offer.
3. If you are offered Federal student loans, you will be sent an e-mail which includes a link to the Federal Direct Loan Master Promissory Note website and asked to complete the appropriate Federal Direct Master Promissory Note(s).
4. The Financial Aid Office will give you the dates that the College has asked the Department of Education to release each term's loan funds to the Albany Medical College Finance Office. Note: The net amount of loan funds will be credited to your Albany Medical College student account no earlier than 10 days before the start of the term.
5. The Finance Office will apply the loan funds to your outstanding student account. Any amount in excess of the College's charges will be refunded via a direct deposit to your bank account (completion of AMC Direct Deposit Form required).
Please see the AMC Guide to Financial Aid located on-line at www.amc.edu for deadline and additional information about financial aid scholarships, student loans, disbursements, withdrawal policies, etc. For additional assistance, please contact the AMC Financial Aid Office at:
Financial Aid Office
Albany Medical College (AMC)
47 New Scotland Avenue
MC 1 Room 203
Albany, NY 12208
PH: 518-262-5435 FAX: 518-262-5914
Financial Aid Office appointments are available
8:15 AM - 4:00 PM Monday through Friday.