Student loans, scholarships and parent loans help pay for pharmacy school.
Scholarships, students loans and parent loans are three available payment options for pharmacy school. Scholarships and grants are applied for and earned based on grade point average, test scores, application essays or other criteria required by the donating organization. Organizations offer partial or full scholarships, depending on the student's need. Student loans are borrowed. At the end of the loan term, usually 60 days after the full amount is disbursed, monthly payments are made until the loan is paid back. Parent loans, the newest of the three options, allow parents to take out loans for their children's education. Similar to student loans, the repayment begins after the full disbursement of the loan.
Instructions
1. Apply for a scholarship. College Scholarships: Scholarships for Pharmacy Students recommends having "a great school record and competitive test scores" when applying for a scholarship. A popular scholarship for pharmacy students is the "Gateway to Research" scholarship, which awards students $5,000 scholarships to encourage research-centered careers. Qualifications include completing one year of a bachelor's degree program. Rite Aid Competitive Scholarships, another scholarship for pharmacy students, awards $1,500 to 10 students who have earned a 2.5 minimum grade point average and have finished two years of their degrees.
2. Apply for a student loan. The most popular student loans are the Federal Stafford and Perkins student loans. These loans are federally funded, have low, fixed interest rates and do not require collateral or credit checks, according to FinAid: Student Loans. These loans offer flexible repayment, including deferment, which allows borrowers to postpone their payments, and forgiveness, allowing borrowers to work off their loan rather than repay it. The loan amount depends on the needs of the borrower and is based on the annual gross income of the household.
3. Ask your parents to apply for a parent loan. Parent loans, also referred to as Parent Plus loans, allow parents to borrow money to cover their dependent child's partial or full tuition. Parent Plus loans are similar to the student loans, as they do not require repayment until after the full amount of the loan has been disbursed. However, the most important difference is that the parents are responsible for the loan rather than the child. Both private lenders and the government fund Parent PLUS loans.
Tags: after full, student loans, after full amount, allow parents, awards students, full amount, grade point