Applying for Loans
There are three types of educational loans for which you may apply. You may apply for these loans as late as July each year, although we strongly encourage you to apply as soon as you have accepted the School’s offer for a place in the Class.
Federal Direct Loans
$40,500 each year - Each student is guaranteed to receive this funding by completing the FAFSA on line and acceptance into veterinary school.You will receive $40,500 each year, during the four years of your veterinary education.
Perkins and Health Profession Loans
Approximately $5,000 - $8,000 each year - Students must have very high need and must submit parent and student tax information. Eligibility is determined by your parents' assets (income, property, savings), and your assets. Regardless of your age or marital status, if you wish to apply for a Perkins or a Health Profession Loan, you MUST complete the Penn Financial Aid Application Form and provide your parents' tax information. These forms can be found on the Student Financial Services website at www.sfs.upenn.edu.
Federal Direct GradPlus Loans
Filing and Submitting Loan Applications
All students MUST submit a Free Application for Federal Student Aid (FAFSA) form between January 1 and May 1 each year. You may do this via the website at: www.fafsa.ed.gov. The College Code for the University of Pennsylvania is 003378. Your Grade Level is graduate or professional eligibility. A FAFSA must be completed and filed every year in order to receive Federal Stafford Loans.
If you are applying ONLY for a Federal Direct Loan or Federal Direct GradPlus Loan, you do not need to complete any other form nor provide parent information when you complete your FAFSA. Simply complete the FAFSA form online.
After completion of your FAFSA and your acceptance into the Class, you will receive further instructions from the University of Pennsylvania's Office of Student Financial Services and the School advising you of the next steps regarding your financial aid.
If, in addition to your Federal Direct and Federal Direct GradPlus Loans, you wish to have your eligibility determined for a Federal Perkins Loan and/or Health Profession Loans, you must complete and submit the Penn Financial Aid Application form, with student and parent tax return and W2 and, if applicable, prospective spouse or spouse tax return and W2. If you wish to apply for Perkins and/or Health Profession loans, you must complete the Penn Financial Aid Application Form and supply parent and spouse information regardless of age or marital status. These forms are available on the Student Financial Services website at www.sfs.upenn.edu.
We regret that the University cannot inform you of your eligibility for Perkins and/or Health Profession Loans, should you apply, until you have accepted our offer to attend our School, completed the Student Data Form and all additional forms, and submitted your $500.00 deposit. If you apply for Perkins and/or Health Profession Loans and are denied, you may apply for the Federal Direct GradPlus loan program, or any other private/alternative loan of your choice, up to your educational budget.
Again, every student will receive a Federal Direct Loan ($40,500) each year, for four years, upon completion of the FAFSA. The Federal Direct Loan is guaranteed to each student, so you may be assured of receiving this funding upon your acceptance to veterinary school.
This all seems a bit over-whelming for you now, and we understand your concern regarding paying for your education. When you accept a seat at our School as a member of the Class, please be assured that we will be available to help you with the process at each step.