Common Financial Aid Terms and Definitions
Investing in your education is an important step toward your future in healthcare. Pepperdine University's College of Health Science is committed to helping students understand the financial aid resources available to support their academic journey. Below you will find an overview of common fianancial aid terms (including federal aid programs, grants, loans, and other funding opportunities) to help guide you as you plan for your education.
FAFSA
The FAFSA (Free Application for Federal Student Aid) is the free form students complete each year to apply for financial aid. It determines eligibility for federal, state, and sometimes institutional aid, including grants, loans, and work-study. Complete the FAFSA online at studentaid.gov.
Federal Direct Unsubsidized Loans
Federal Direct Unsubsidized Loans are student loans provided by the U.S. Department of Education. They usually have lower interest rates and more flexible repayment options than private student loans. There are limits on the amount in unsubsidized loans that you may be eligible to receive each academic year (annual loan limits) and the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits). Learn more about loan limits.
Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need. The student is responsible for paying the interest on the unsubsidized loan during all periods.
Find the current rates for unsubsidized loans here.
FSA ID
An FSA ID is a username and password used to sign the FAFSA and other federal student aid documents online. Both students and parents (if applicable) need their own FSA ID. Manage your FSA ID online at studentaid.gov.
Loan Counseling
Loan counseling is a required online session that explains the rights and responsibilities of a borrower. It helps borrowers understand how loans work, how repayment works, and how to manage debt wisely.
Students must complete entrance counseling prior to receiving a student loan, as well as exit counseling prior to education or at least half time when no longer enrolled. Complete loan counseling online at studentaid.gov.
Master Promissory Note
The Master Promissory Note (MPN) is a legal document in which borrowers promise to repay loans and any accrued interest and fees to the U.S. Department of Education.
Out-of-Pocket Expenses
All funds received by the College on behalf of the student will first be credited to the student’s individual account to pay for tuition.
Financial aid will not be available for books, supplies, or other living expenses until tuition has been paid in full. The following costs are not covered by financial aid and are the responsibility of the student:
- Enrollment deposit: due by the date specified on your admissions decision letter.
- Books & supplies: be prepared to pay for books, supplies, immunizations, physicals, and uniforms before the first day of class.
Depending on the program of study, these additional costs may be included in the tuition. Contact your admissions representative for more details.
Payment Plans
Payment plans allow students to spread tuition and fee payments over time instead of paying everything at once. This can make college costs more manageable by breaking them into smaller monthly payments.
Learn more about PCHS Student Accounts here.
Veteran's Educational Benefits
Veteran's educational benefits help eligible veterans, service members, and dependents pay for college. These benefits may cover tuition, fees, housing, and other education-related costs, depending on the program.
Questions about your veteran benefits? Contact Pepperdine's Veteran Affairs Department at vabenefits@pepperdine.edu or 310.506.6129.