Types of Aid

Federal Direct Loans

Gatton College of Pharmacy participates in the William D. Ford Federal Direct Loan Program. Direct loans are administered by the U.S. Department of Education and awarded based on federal eligibility requirements, financial need and cost of attendance.

All students (including new, transfer, and continuing) must have their Unsubsidized, and Grad PLUS Loans borrowed/processed through the Federal Direct Loan Program. All federal loan borrowers are required to complete a Direct Loan Master Promissory Note, Entrance Loan Counseling and Exit Loan Counseling.

Gatton College of Pharmacy students are offered the following to pay for educational expenses:

Direct Unsubsidized Loan: Guaranteed by the federal government. Interest rates are fixed rates for the life of the loan. Students are responsible for interest during all periods. Depending on length of academic year, professional pharmacy students could be eligible for $33,000 to $37,167 per year.
Direct PLUS Loans: Guaranteed by the federal government. Interest rates are fixed rates for the life of the loan. Students are responsible for interest during all periods. Available for graduate/professional students who have additional financial need beyond what their Direct Unsubsidized loans may cover. A credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify.

If you choose not to pay the interest while you are in school, during grace periods, and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized. (that is, your interest will be added to the principal amount of your loan).

Federal direct loans are subject to lifetime aggregate limits. The Doctor of Pharmacy maximum lifetime loan limits are: Subsidized Loans $65,000; Unsubsidized Loans $224,000 (including $65,000 Subsidized).

If the total loan amount you receive over the course of your education reaches the aggregate loan limit, you are not eligible to receive additional loans. However, if you repay some of your loans to bring your outstanding loan debt below the aggregate loan limit, you could then borrow again, up to the amount of your remaining eligibility under the aggregate loan limit.

Current interest rates and fees for Graduate/Professional student loans:

Interest Rates for Direct Loans First Disbursed on or After July 1, 2022, and Before July 1, 2023
Unsub 6.54% Grad Plus 7.54%
Loan Origination Fees for Direct Loans First Disbursed on or after 10/1/20 and before 10/1/23 Unsub 1.057% Grad Plus 4.228%

Know your Borrower Rights and Responsibilities

Private/Alternative Loans
We recommend you borrow from the Federal Direct Student Loan program before considering private/alternative loans. Professional students should consider a federal Graduate PLUS Loan before applying for a private loan. The terms and conditions of a Federal Student loan may be more favorable. Students are encouraged to research and compare the options and terms such as interest rates, special fees and repayment options. Gatton College of Pharmacy students interested in private/alternative loans in lieu of the Grad Plus loan would apply through FASTCHOICE.

Institutional Scholarships Current and incoming students are encouraged to apply for institutional scholarships each academic year. Browse for overview and award criteria.

External Scholarships Browse for overview, award criteria, eligibility, and application deadlines

Tennessee HOPE Scholarship Program
The Hope Scholarship provides funds to Tennessee residents from the net proceeds of the state lottery. Gatton College of Pharmacy students who received the HOPE scholarship at another institution will need to log in to the TSAC student portal @ https://clipslink.tsac.tn.gov/studentsignon/ and change their school code to the ETSU College of Pharmacy.