Federal Consumer Information

KGI offers various types of financial assistance to students enrolling in degree and certificate programs. To view the specific financial assistance offered and how to apply, please learn more about types of funding.

• The Cost of Attending KGI
• Veterans’ Education Benefits

• Federal Loans
  • Unsubsidized Loan: Students who are U.S. Citizens or permanent residents have the option of borrowing from the Federal Direct Loan Program.
  • Graduate PLUS Loan: PLUS loans are federal loans that graduate or professional degree students can use to help pay education expenses.
• Need-Based Aid
  • Eligibility: Student must have accepted their admission offer at the time of the award.
  • Awarded to applicants based on a combination of financial need (as indicated on the FAFSA and Need Access applications) and the schools comprehensive standard selection criteria for admission.
  • Students must submit the FAFSA and Need Access Application by the deadline indicated for the year of application.
  • Award Amount: The determination of the amount of need-based aid awarded is established by the funded amount of aid available to KGI on an annual basis. The amount awarded to an individual student is based on the EFC results of the completed FAFSA and Need Access Applications.
• KGI International Student Loan
  • Eligibility: All non-U.S. citizen and non-permanent resident students are eligible for the KGI International Student Loan.
  • Award Amount:
    • MBS, MEng, MS, MSRA, MSTM, MSMDE, MSGC, and MSGDA  – $20,500 per year
  • Students must complete a KGI International Loan promissory note for each award year they will be receiving the loan.
  • Interest Rate: The interest rate for a given academic year is equal to the Wall Street Journal prime rate as of the preceding April 1 plus 5%, with a minimum interest rate of 8.5%
• Private Student Loans:
  • Students applying for private education loans must apply through the lender website or through the KGI FASTChoice portal. If you are considering a private loan, you should compare the loan terms offered by several programs in order to choose the best fit for your situation. Private loans typically have the student as the primary borrower, and require a co-signer as a secondary co-borrower. Students are encouraged to look into federal loan and institutional payment options before deciding to borrow a private loan. Once your loan is approved, the KGI Financial Aid Office will certify your loan verifying your enrollment and eligibility. Your maximum loan eligibility is your total cost of attendance minus any aid received. Unless a student has an approved budget adjustment, the financial aid office will only certify a loan up to the posted cost-of-attendance, even if their loan approval is for a higher amount.

Continued Eligibility Criteria:

• Aid is re-determined annually based on a number of criteria. Eligibility for one school year does not guarantee future eligibility.
  • Institutional Aid:
    • The student must be enrolled in a qualified program.
    • The student must be meeting all Satisfactory Academic Progress guidelines for the program in which they are enrolled.
    • The student must complete a KGI International Loan promissory note for all years in which they borrow.
  • Federal Aid:
    • The student must complete the FAFSA for every year they are awarded federal aid.
    • The student must be meeting all Satisfactory Academic Progress guidelines for the program in which they are enrolled.
    • If borrowing a Graduate PLUS loan, the student meet all qualifications as determined by the Department of Education.
• Satisfactory Academic Progress
  • Henry E. Riggs School of Applied Life Sciences (Riggs School): page 49, section J. of the Student Handbook
  • School of Pharmacy and Health Sciences (SPHS): page 17, section E. of the Student Handbook
• Re-establishing Eligibility after Failed Satisfactory Academic Progress
  • Riggs School: Once a student is dismissed for academic reasons they will not be readmitted to the program. In the rare case of an exception to this policy, approval must come directly from the Deans.
  • SPHS: page 78, section e. of the Student Handbook

The various forms of aid administered by the KGI Financial Aid Office are credited directly to the student account to offset billed tuition and fees. There are institutional and federal guidelines for checking eligibility prior to disbursement. If you have any outstanding documents that need to be completed in order to disburse your aid, they will be listed on the student portal. When students are registered and meet requirements for disbursement, aid will be disbursed as follows:

• Aid Disbursed by the KGI Financial Aid Office
  • Scholarships or Grant Aid – For students who have met eligibility requirements, all KGI administered scholarships and need-based aid will be disbursed to the student’s billing ledger no more than 10 days before the start of classes each semester (orientation not included). On the date of disbursement the status of the aid will change from pending or anticipated to disbursed on the student’s billing ledger.
  • Loans – If all eligibility requirements are met, federal loans will be disbursed to the student’s billing ledger no more than 10 days before the start of the semester (orientation not included). If eligibility requirements are met late, the disbursement will be made within 10 days of the requirements being completed. All loans will show on the student’s billing ledger as pending or anticipated aid until the funds are disbursed to the account. If the student’s billing ledger has a credit balance due to a federal loan disbursement, the student will receive notification to pick up a refund check within 14 days of the disbursement date posted to the student’s billing ledger.
• Aid Disbursed by Outside Agencies
  • The grants, scholarships, and loan funding received from outside agencies (state, local, and private) are disbursed to the student’s account as they are received from the outside agency.

• Federal Loans
  • Master Promissory Note – The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s); for instance, it will include information on how interest is calculated, when interest is charged, available repayment plans, and deferment and cancellation provisions.
  • You must sign your MPN before you receive your loan funds. Sample Loan Repayment Schedule: Sub-Unsubsidized MPN, pages 10-11; Graduate PLUS MPN, pages 10-11
• Private Loans
  • To learn more about private student loans, view loan product summaries, and loan term examples, please visit the KGI FASTChoice Loan Options portal

Being delinquent or defaulting on a loan may affect many areas of your life:

• Student Loans
  • You may be required to immediately repay the entire unpaid amount of your loan. This is known as acceleration.
  • You will not be eligible for additional federal student aid.
  • You will lose eligibility for loan deferment, forbearance, and choice of repayment plans.
• Future Income
  • Your loans may be turned over to a collection agency and you will have to pay additional charges, late fees, and collection costs.
  • You may have part of your income withheld by the Federal government. This is known as wage garnishment.
  • Your Federal and State income tax refunds may be withheld. This is known as a tax offset.
• Credit Score
  • Your credit score will be damaged.
  • You may have difficulty qualifying for credit cards, car loans, or mortgages, and may be charged much higher interest rates.
  • You may have difficulty signing up for utilities, getting car or home owner’s insurance, or getting a cell phone plan.
  • You may have difficulty getting approval to rent an apartment (credit checks may be required).

There are many places to find outside scholarships. If you belong to clubs and organizations, please speak to their main office for scholarship information. Please follow us on Twitter for outside scholarship opportunities.

There are several searchable external scholarship databases provided online.  The following are some examples of scholarship search engines which may help you during your search:

 

• Bold.org  
• Collegeboard
• FastWEB Scholarship search
• myScholly.com
• Peterson’s
• The Sallie Mae Fund
• Scholarshipamerica.org 
• Scholarships.com
• Unigo
• U.S. Department of labor Free Scholarship Search

If you receive financial assistance from private sources such as external donors, company tuition remission, VA Education Benefits, these funds will need to be reported to the Financial Aid Office. This would include outside scholarships, tuition assistance, or educational benefits awarded within the academic year. The total amount received from all resources plus the Federal Loans cannot exceed the student’s cost of attendance.

In efforts to lower educational loan debt, it is our policy to apply all financial assistance toward the Graduate PLUS Loan should the amount requested is up to the student’s cost of attendance within their overall financial aid package.

Federal Work-Study is a federal financial aid work program funded by Keck Graduate Institute and the United States Department of Education. Federal Work Study awards are part of federal financial aid packages and are only available to U.S. citizens and permanent residents. Generally, F-1 or J-1 students are not eligible for a Federal Work Study position and should not apply. KGI administers this program in accordance with the laws, federal regulations, and instructions issued by or on behalf of the Department of Education, as well as its own institutional policies. KGI’s Federal Work-Study Program is administered without regard to race, creed, color, sex, non-disqualifying disability, or national or ethnic origin.

For additional information concerning KGI’s Federal Work-Study Program, contact the KGI Financial Aid Office at financial_aid@kgi.edu or 909.607.8258.

Exit Counseling is required when you graduate, leave school, or drop below half-time enrollment. The minimum hours or credit hours you need to be enrolled to be eligible for a federal student loan. Exit counseling provides important information you need to prepare to repay your federal student loan(s).

You’ll need to provide the name, address, e-mail address, and telephone number for your closest living relative, two references who live in the U.S., and current or expected employer (if known).

Access Exit Counseling.

Loan Repayment

Grace Period

After you graduate, leave school, or drop below half-time enrollment, you may have a period of time before you have to begin repayment.  This “Grace Period” will be six months for Federal (FFEL) or Direct Subsidized/Unsubsidized Loans.

(If you’re a parent reading this and you have a FFEL or Direct PLUS Loan, you don’t have a grace period. Repayment generally must begin within 60 days after the loan is fully disbursed unless you’ve requested that the payments be deferred until after your student graduates.)

The government pays the interest on Direct Subsidized Loans, and no payment is required while you’re enrolled in school at least half-time.

If you have a Direct Unsubsidized Loan, no payment is required while you’re enrolled at least half-time, but interest accrues from the time the loan is first disbursed.  You have the option to make interest-only payments while in school, or to defer payments until you graduate or are no longer enrolled at least half-time.  If you choose to defer payments, interest will capitalize, which means the interest will be added to the principal of the loan.

For Alternative/Private Education Loans, depending upon the lender, you may have payments due even while you’re attending school.

If you can make payments while you’re in school and during your grace period, it’s a good idea.  You will save money on interest charges and you will have less to repay after graduation.

Exit Counseling

If you have taken out a Federal Student Loan, Loan Exit Counseling is required when you graduate or leave college to help you understand your rights and responsibilities as a borrower.  Your loan provider will notify you of the date loan repayment begins and contact information.  Remember, you are still responsible for repayment, even if you don’t hear from your lender.

Paying Back Your Loan

You have a choice of repayment plans if you received a FFEL or a Federal Direct Loan.  Your monthly payment will depend on the size of your debt and the length of your repayment period.  The links listed below under “More Resources” may provide available repayment options, including examples of monthly payments for different loan amounts, and other topics you need to consider when managing your loans.  The importance of making your full loan payment on time either monthly (which is usually when you’ll pay) or according to your repayment schedule cannot be emphasized enough.  If you don’t, you could end up in default, which has serious consequences.  Student Loans are real loans, just as real as car loans or mortgages.  You have to pay back your student loans.

Postponing Federal Student Loan Payments

Under certain circumstances, you can receive a deferment or forbearance that allows you to temporarily postpone or reduce your federal student loan payments.  Postponing or reducing your payments may help you avoid default.  For more information on postponing your Federal Student Loan payments, go to Federal Student Aid – Deferment and Forbearance.

Federal Loan Consolidation

A Direct Consolidation Loan allows you to consolidate (combine) multiple federal education loans into one loan.  Consolidating your federal education loans can simplify your payments, but it can also result in loss of some benefits.  Before consolidating your loans, you should weigh the pros and cons and decide whether a Direct Consolidation Loan is right for you.  To learn more about Federal Loan Consolidation, go to Federal Student Aid – Loan Consolidation.

Loan Forgiveness and Cancellation

Federal student loan forgiveness, cancellation, or discharge allows some or all of your federal student loan debt to be forgiven depending upon your employment circumstances.  See below for other types of loan forgiveness.

AAMC State and other Loan Repayment and Forgiveness Programs

Available to students in the College of Osteopathic Medicine, as well as students in the Master of Social Work, Physician Assistant and Dental Hygiene programs.

Public Service Loan Forgiveness

The Federal Public Service Loan Forgiveness (PSLF) Program was established by Congress as part of the College Cost Reduction and Access Act of 2007 to encourage individuals to enter into and continue to work full-time in public service jobs.  Under this program, borrowers may qualify to have the remaining balance due on their eligible federal student loans forgiven after making 120 qualifying monthly payments while employed full-time by certain public service employers.  If you are or plan to be employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness Program.  To learn more about this program, go to Federal Student Aid – Forgiveness, Cancellation, and Discharge.

State Loan Repayment Program (SLRP)

The National Health Service Corp’s State Loan Repayment Program, or SLRP, grants full or partial student loan forgiveness to students who work in a Health Professional Shortage Area (HPSA).

Program benefits and qualification requirements differ from state to state, so you’ll need to check with your state of residence, or the state where you plan to live after graduation for more information.

How to apply: Visit the Health Resources and Services Administration website to look up state loan repayment program options, eligibility requirements and application requirements for your state.

NHSC Loan Repayment Programs

In addition to SLRPs available through the National Health Services Corps, the organization also offers two other loan repayment programs that might work for pharmacists.

NHSC Substance Use Disorder (SUD) Workforce Repayment Program: Qualifying pharmacists may be eligible for up to $75,000 in loan repayment funds after working at least three years at an NHSC-approved substance disorder treatment facility.

NHSC Rural Community Loan Repayment Program:  Pharmacists may qualify for up to $100,000 in student loan repayment in exchange for a full -time commitment to work at least three years at a rural NHSC-approved substance disorder treatment facility.

How to apply:  You can submit an application with the National Health Service Corps.  Both of the programs above use the same application.  However, you have to choose which program to apply for, as you can’t receive loan repayment benefits from both.

National Institutes of Health Loan Repayment Program

The National Institutes of Health Loan Repayment Program seeks to attract high-quality healthcare professionals to careers in biobehavioral research.  The programs also aim to entice medical research professionals to remain in those positions.

Eligible pharmacists in research positions may be able to receive up to $50,000 per year of student loan repayment.  In return for this financial incentive, you must commit to engage in NIH “mission-relevant” research.

How to apply:  You can review the application requirements and apply for an NIH Loan Repayment Program via the National Institutes of Health website.

Indian Health Service Loan Repayment Program

Pharmacists who work at (or are interested in working at) a health facility that serves American Indian or Alaska Native communities may be eligible for partial or full student loan forgiveness through the Indian Health Service Loan Repayment Program.  Up to $40,000 of initial loan repayment benefits are available to pharmacists and other healthcare professionals through the program. 

To qualify, you must make an initial two-year commitment to serve in a qualifying health facility.  But you may be eligible to extend your contract beyond the first two years and qualify for more funding each year until you wipe out all of your qualifying educational debt.

How to apply:  You can fill out and submit your Loan Repayment Application online via the Indian Health Service website.

Get Your Federal Student Loan Information

The U.S. Department of Education’s studentaid.gov site allows you to access information on loan and/or federal grant amounts, your loan status (including outstanding balances), and disbursements made.  Go to https://studentaid.gov/h/manage-loans to log in and view your information.

Since federal student loans are usually less expensive and offer better terms than private student loans, you may want to consider exhausting your eligibility for federal student loans before resorting to private student loans.

More Resources

Federal Student Aid

Loan Simulator

US Department of Education

Withdrawal and Refunds

In cases of withdrawal, KGI reduces tuition, fees, fellowship awards, and eligibility for student loans according to the schedule below. Date of withdrawal is defined as the date that the KGI Academic Affairs Office receives a signed statement of withdrawal from the student. Reductions of student loans are returned directly to the lenders of the funds in compliance with U.S. Department of Education requirements for calculating refunds of federal student loans in cases of withdrawal from an academic program.

Note: If a student has already received checks from KGI for credit balances on student tuition accounts before withdrawal, the student will be required to reimburse KGI for all or part of the original credit balances. Please see the section on financial aid.

R2T4 Requirements

Return of Title IV funds (R2T4) requirements govern the return of “unearned” federal student aid when a student withdraws from all Title IV courses before completing a term. 

When distributing student financial assistance, the federal government assumes students will complete the entire academic term for which they’ve received aid. After withdrawing, students typically become ineligible for the entire aid package the institution originally awarded them. Therefore, when a student withdraws, the institution must report it and determine how much Title IV aid that student “earned” using R2T4 calculations.

Schools determine the “earned” and “unearned” portions of Title IV aid as of the student’s withdrawal date using a prorated schedule for the first 60 percent of the term. However, if the academic term is more than 60 percent completed at the time the student withdrew, then the student has “earned” 100 percent of the Title IV funds he or she was slated to receive during that period. After calculating the student’s earned Title IV aid, the institution must return the unearned portion that the school is responsible for and notify the student of any amount that he or she must return.