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Pepperdine | College of Health Science

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 Subsidized and Direct Unsubsidized Loans

Federal Direct Subsidized and 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 subsidized and 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 Subsidized Loans are available to undergraduate students with financial need. The U.S. Department of Education pays the interest on the loan while the student is enrolled in school, for the first six months after the student leaves school, and during a period of deferment.

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 subsidized and unsubsidized loans here.

 

Federal Direct PLUS Loans

Direct PLUS Loans are federal loans available to parents of dependent undergraduate students and to graduate or professional students who are eligible based on the legacy provision as noted in the One Big Beautiful Bill Act (OBBBA). They can help cover costs not already paid for by other financial aid, and they require a credit check. The borrower is fully responsible for paying the interest regardless of the loan status. A Direct PLUS Loan is commonly referred to as a Grad PLUS Loan when made to a graduate or professional student, and a Parent PLUS Loan when made to a parent.

Learn more about PLUS loans here.

 

Federal PELL Grant

The Federal Pell Grant is federally funded and is awarded to families who demonstrate high financial need. All financial aid applicants must apply by filing the FAFSA form by the posted deadline. Grants are available to students pursuing their first baccalaureate degrees. Funds may be used for tuition, fees, books, room, board, or other personal expenses. Awards vary from year to year. Additional information regarding Pell Grants may be found here.

 

Federal SEOG Grant

The SEOG (Supplemental Educational Opportunity Grant) is a federal grant for PELL-eligible undergraduate students with exceptional financial need. Funding is limited, so students are encouraged to apply early. This grant is gift aid that does not have to be repaid.

 

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.

 

State Grant Programs

Cal Grant awards are offered by the State of California to California resident students who are U.S. citizens or eligible non-citizens.

The Cal Grant A program provides funds to be used for tuition only. The Cal Grant A award is based on academic achievement and financial need. The current Cal Grant A award range is $8,322 to $9,358.

The Cal Grant B program provides a stipend for living expenses in the first award year; in subsequent years, funds for tuition and fees as well as the stipend are provided. The Cal Grant B award is based solely on financial need. The current Cal Grant B award is a $1,648 stipend payment and up to a $9,358 grant for tuition and fees.

Students should apply for the Cal Grant by filing the FAFSA form and the G.P.A. verification form by the deadline of April 2. These amounts are subject to change based on pending legislation. For additional information regarding assistance available from the state of California as well as tips to apply for California aid, feel free to visit the California Student Aid Commission's website.

 

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.