Types of Aid
Saba University School of Medicine has been approved to participate in the William D. Ford Federal Direct Unsubsidized Stafford and Grad PLUS Loan programs, which are both administered by the U.S. Department of Education. Additional information regarding these loan programs is available through the U.S. Department of Education website (studentaid.gov).
How to apply
To apply, complete the Free Application for Federal Student Aid (FAFSA) online (studentaid.gov). Note that you will need to create a Federal Student Aid ID (FSA ID), which you can do here.
Saba’s school code is G37803.
The general eligibility requirements are that you must:
- Be a U.S. citizen or an eligible non-citizen;
- Have a valid Social Security Number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau);
- Be registered with Selective Service, if you are a male (you must register between the ages of 18 and 25);
- Not be in default on a federal student loan and do not owe money on a federal student grant;
- Sign statements on the FAFSA stating you will use federal student aid only for educational purposes;
- Be accepted in an eligible degree program;
- Be enrolled at least half-time;
- Maintain Satisfactory Academic Progress (SAP). More information on SAP may be found under the Student Consumer Information section of our website.
This is a non-need-based loan in which the student is responsible for the interest during all periods, including times of enrollment and grace and deferment periods. You may decline all or a portion of the loan that is offered on the award letter. A student must notify the Office of Financial Aid in writing of any requests to decline this loan.
- Maximum annual loan amount: $20,500
- Fees: An origination fee of 1.057% will be deducted at the time of each disbursement.
- Interest rate: All loans disbursed after July 1, 2021 have a fixed rate of 5.28%. You may choose to pay the interest while you are in school. If you choose not to pay the interest while you are enrolled, it will be added to the unpaid principal amount of your loan (called capitalization).
- Grace period: There is a six-month grace period following graduation, withdrawal, or drop below a half-time enrollment status. Principal payments may be deferred during the grace period.
- Repayment: Repayment of both the principal and interest will begin six months after graduation, withdrawal, or an enrollment status of less than half-time. There are several repayment plans available such as Standard, Graduated, Extended and Income-Based Repayment. Additional information on each plan, as well as loan consolidation and sample repayment charts, may be found on the U.S. Department of Education’s website (studentaid.gov).
- Aggregate Loan Limit: $138,500, of which no more than $65,500 may be in Federal Subsidized Stafford Loan funds. This aggregate limit includes all federal loans received for undergraduate study.
- Entrance Counseling and Master Promissory Note (MPN): All first-time borrowers must complete the Federal Direct Stafford Loan Entrance Counseling and MPN before any funds may be disbursed to your student account. These requirements may be completed online (studentaid.gov). You will need your FSA ID to log on.
- Exit Counseling: Students who graduate, withdraw or drop below a half-time enrollment status are required to complete an exit interview. This counseling reviews your rights and responsibilities as a Federal Direct Stafford Loan borrower, as well as the repayment, deferment, forbearance, and consolidation options available. You may complete this requirement via the U.S. Department of Education’s website (studentaid.gov).
This is a loan available to students enrolled in a graduate program of study to assist in paying for educational expenses.
- Eligibility: In addition to the general eligibility requirements above, Grad PLUS Loan applicants must:
- Meet the general Federal financial aid eligibility requirements
- Complete the FAFSA
- Not have an adverse credit history (more information may be found on this at studentaid.gov)
- How to apply: Complete the online application (studentaid.gov).
- Maximum annual loan amount: Cost of attendance minus other financial aid.
- Fees: An origination fee of 4.228% will be deducted at the time of each disbursement.
- Interest rate: All loans first disbursed after July 1, 2021 have a fixed interest rate of 6.28%, which will begin accruing from the first date of disbursement.
- Repayment: Loan is placed in a deferment status while enrolled at least half-time and for an additional six months after you cease to be enrolled at least half-time. You are responsible for the interest during your periods of enrollment, grace and deferment. Several repayment plans are available, and you may learn more about these, as well as repayment charts, online (studentaid.gov).
- Entrance Counseling and Master Promissory Note (MPN): All first-time borrowers must complete the Federal Direct Grad PLUS Loan Entrance Counseling and MPN before any funds may be disbursed to your student account. These requirements may be completed online (studentaid.gov). You will need your FSA ID to log on.
- PLUS Counseling: Beginning March 29, 2014, all new Federal Direct Grad PLUS Loan applications are subject to new federal regulations. If a student borrower is denied a Grad PLUS Loan and the loan is subsequently approved for extenuating circumstances or the student borrower has obtained an endorser, the borrower will be required to complete a PLUS Counseling on the studentaid.gov website before any disbursements may be made.
- Exit Counseling: Students who graduate, withdraw or drop below a half-time enrollment status are required to complete an exit interview. This counseling reviews your rights and responsibilities as a Federal Direct Grad PLUS Loan borrower, as well as the repayment, deferment, forbearance and consolidation options available. You may complete this requirement via the U.S. Department of Education’s website (studentaid.gov).
Most awards are disbursed in equal amounts each semester and are applied directly to the student’s account. Disbursements are made once all required paperwork for the loan(s) has been completed and semester enrollment confirmed.
Any loan funds Saba University School of Medicine receives in excess of the allowable semester charges will be refunded to the student via a check.
Email address: firstname.lastname@example.org
Telephone number: 978-862-9600 press “3”
Fax Number: 978-862-9699
Office of Financial Aid
c/o R3 Education, Inc.
27 Jackson Road, Suite 301
Devens, MA 01434
Canadian students are eligible for Federal Loans through the Ministry of Education Student Support Branch in the province of residence. (For example, Ontario residents are eligible for the OSAP loan.) Students may apply for up to 52 weeks of financial assistance annually.
Canadian students should contact their individual province directly for information regarding additional requirements. Saba University’s school code is: NUBP.
Additional information may be available from the provincial and territorial student financial assistance offices—see the list below of Resources for Federal Loans in Canada.
Additional information may be available from the provincial and territorial student financial assistance offices:
In addition, numerous banks provide student lines of credit to supplement or substitute for the provincial loan alternative. Some of these banks include CIBC, RBC, TD and BOM, among others.
Canadian Dollar Rate Lock
To help ensure that fluctuations in currency rates do not impede your education at Saba University School of Medicine (“SUSOM”) all Canadian students matriculating on or after the Fall 2021 term are eligible for a CA$ exchange rate lock so long as they are actively enrolled. Students also benefit in future periods to the extent the Canadian $ strengthens relative to the US $. This offer applies to students that matriculate starting in the September 2021 semester or later.
Financial aid contact information:
Telephone number: 978-862-9600 press “3”Fax Number: 978-862-9699Mailing Address: Office of Financial Aid c/o R3 Education, Inc. 27 Jackson Road, Suite 301 Devens, MA 01434
Email address: email@example.com