Mandl is one of the top allied health schools in New York City because we put in the extra time to help our students succeed. Part of that includes helping them track down the financial resources they need to pay for our New York school. We believe everyone should have the opportunity to further their education. When it comes to federal financial aid, our students have several options.
Federal Pell Grant
This grant program is designed to assist needy students who desire to continue their education beyond high school. Whether you are attending Mandl, another school in New York City, or a school in a different state, all students are entitled to apply for a Federal Pell Grant. Eligibility is determined by the student’s need, the cost of attendance, and the amount of money appropriated by Congress to fund the program. The amount of the grant is determined by a standard formula used by the U.S. Department of Education. During the 2016-2017 academic year, Pell Grant awards range from a minimum award of $584 to a maximum award of $5,815.
Federal Student Loans
Direct Subsidized Loans: Federal Subsidized Loans are need-based full amount or prorated loans made available to students by the Department of Education. The maximum amount students can borrow each year is based on their enrollment levels in school. For example, students attending our school in New York City, can borrow up to $3,500 as a freshman and $4,500 as a sophomore. The Subsidized aggregate loan limit for students enrolled in undergraduate programs is $23,000. The current interest rate of a new Direct Subsidized Loan is at a fixed 3.76% (July 1, 2016 through June 30, 2017). All students must complete a Master Promissory Note (MPN). Repayment begins six months after students either: graduate, cease enrollment, or drop below half-time enrollment status.
Direct Unsubsidized Loans: Federal Unsubsidized Loans are not based on demonstrated need. Independent undergraduate students and undergraduate dependent students whose parents are not eligible for a PLUS Loan can borrow up to $6,000 each year. All undergraduate dependent students can borrow up to $2,000 each Borrow Base Year (two semesters). Interest accrues and can be paid while in school, or compounded on this type of loan. The current interest rate of a Direct Unsubsidized Loan is a fixed 3.76%. Undergraduate independent students can receive a combination of direct unsubsidized and subsidized Loans, but not to exceed an aggregate amount of $57,500. Undergraduate dependent students can receive a combination of unsubsidized and subsidized loans, but not to exceed an aggregate amount of $31,000.
Direct Parent Loans for Undergraduate Students (PLUS): PLUS Loans are fixed rate loans made available to parents of dependent undergraduate students to assist with educational expenses. The maximum amount that parents can borrow is equal to the College’s Cost of Attendance minus other aid the student receives. These loans require a credit check and the parents must complete a Master promissory Note (MPN). Repayment of both principal and interest may begin 60 days after the final loan disbursement is made, or the parent may choose to defer loan payments until six months after the date the student ceases to be enrolled at least half-time. This loan has a fixed interest rate of 6.44% (July 1, 2016 through June 30, 2017).
Federal Student Loan Interest Rate Information: The following link provides additional detailed information on the interest rates associated with the federal student loan program: http://studentaid.ed.gov/types/loans/interest-rates.
For more information, give us call at 212-247-3434.