Financial Aid
Please view our resources below. We encourage you to make additional inquiries by calling or visiting our office. We are located in E.L. Cullom Rotunda, room 130.
GRADUATE
Doctor of Occupational Therapy
Welcome to the Doctor of Occupational Therapy program and thank you for considering Faulkner University to continue your education! I look forward to helping you with any financial aid needs you may have. I hope the information below gives you a better understanding of your financial aid eligibility and the application process. The estimated cost of tuition and fees for the first year (fall, spring, and summer semesters) is $38,775.00. The maximum amount of financial aid you can receive is $80,850.00 for the first year. Financial aid includes all federal aid, scholarships, and other outside aid.
A variety of financing options are available to help students meet the cost of the program, including Federal Direct Loans, Private Lenders, Personal Scholarships, and VA benefits.
Federal Student Loans
With an approved FAFSA, you are automatically qualified to borrow a maximum of $20,500.00 per award year in a Direct Unsubsidized Loan as a graduate student. The interest rate is set by the Federal government each year; for loans issued on or after July 1, 2026, and before July 1, 2027, the interest rate will be 8.07% for the life of the loan. There is a 1.057% origination fee charged by the U.S. Department of Education on all Direct Unsubsidized Loans, which is deducted before disbursement. The borrower should expect to receive 1.057% less money than he or she asked to borrow.
Private Student Loans
In addition to the Federal Direct education loans, there are Private education loans available through lending institutions. Since the maximum available to borrow in federal student loans is not enough to cover the estimated tuition and fees, private loans may be a good option to make up the difference. These loans are independent from the federal government, and interest rates and repayment terms are set by the lending institution and will depend on your creditworthiness. Just as with the federal loans, private loans require that the school certify your cost of attendance and academic eligibility as an enrolling or continuing student. To borrow private loan funds, apply directly with the lender of your choice. The two most used lenders by our students last year were Sallie Mae (salliemae.com) and College Ave (collegeave.com). However, there are many to choose from, and we encourage you to do your own research and comparisons.
What to Do Next
Based on your anticipated schedule, the estimated cost of tuition and fees for the first year (fall, spring, and summer semesters) is $38,775.00, not including books. The maximum you can borrow for the year is $80,850.00. However, a loan request of $39,000.00 should be enough to cover the estimated cost of tuition and fees plus the loan origination fee charged by the Department of Education.
- If you intend to borrow (federal or private funds or utilize both), click on the link below for the loan information sheet and complete the form to let us know how much you will borrow for the entire year (fall, spring, and summer semesters).
https://faulkner.edu/forms/student-loan-information-sheet/
- If you choose federal student loans, make sure you have completed the Entrance Counseling and signed a Master Promissory Note for the Direct unsubsidized loan. You can go to studentaid.gov to complete these items. If you borrowed previously at the undergraduate level, you may already have completed these items.
Entrance Counseling | Federal Student Aid
Completing a Master Promissory Note | Federal Student Aid
- If you choose private loans, you will follow the directions on the website of the lender you choose.
- Additionally, the Department of Education requires we receive permission from you to send the summary of financial aid, once the aid is processed, via your Faulkner email. Otherwise, it will be mailed to the address we have for you in our system. The link for the form granting permission is below:
Frequently Asked Questions (FAQs)
Why do I fill out the same forms every year?
Financial assistance from both federal and state sources is based on your financial and resident situation from the previous year. If you are applying for any Federal Aid you must complete the FAFSA each year.
When does my financial aid get paid?
Most graduate programs the first disbursement is made two to three weeks once classes begin, if your file is complete. The second disbursement is made past the half point of the semester.
Law students disbursements are made 3-5 days after the term begins, if your file is complete.
How does my financial aid get paid?
All aid, whether grants, scholarships, or loans, is credited to your account in the Student Accounts Office. Once your university charges are paid, any credit balance is yours to (1) leave on your account for the next term; (2) request part and leave part on your account; or (3) request the entire balance.
How do I apply for a student loan?
Faulkner University acts as an agent for the Direct Loan Program. For that reason, the first time you apply for a loan through our university, you must complete the Free Application for Federal Student Aid (FAFSA), (2) Master Promissory Note, (3) Faulkner University Loan Information Sheet, and (4) Loan Entrance Interview.
For subsequent loans during the same financial aid year, you complete only the Loan Information Sheet.
How are my loan disbursement dates determined?
The disbursement dates are determined by the individual programs and the start dates. However, if you have not completed your academic file with the Admissions Office, your loan will be delayed until it is completed. After your financial aid has been processed, an award letter will be mailed to you. Do not lose this letter as this information will be not be given over the phone.
My loan is for one term only. Why do I have 2 disbursements?
Federal regulations require two disbursements. The first disbursement can be scheduled on the normal disbursement date, but the second disbursement must be after the mid point of the term.
Why do I have to wait 10 days for my credit balance from my loans?
Stricter federal regulations have prompted the university to check students’ attendance to verify who has “earned” their aid by attending all classes for which they are registered. Loan money is transferred to the university electronically with the recipients listed on a roster. These rosters are often very large especially at the beginning of each term. Verification of each student’s status is time consuming. For this reason federal regulations state that universities have 14 days in which to pay credit balances. Our business office has been able to provide credit balance checks within 10 days.
When do I need to reapply for financial aid?
Students in all programs need to re-apply by May 1 of each year in order to establish eligibility for the next school year.
How do I purchase books and other supplies?
Financial Aid funds will not be available early enough each term to purchase books and supplies or make required down payments. Be prepared to make these purchases through other sources. If your financial aid is complete 10 days before the start of classes, then you can request a book voucher up to the 7th day of classes.
I am eligible for Veterans Benefits. How do I apply?
Students in an associate degree program in the Birmingham, Mobile, or Huntsville center are to check with the center registrar. All other students should contact the Military and Veteran Services Department located on the Montgomery campus at (334) 386-7146 for information.
Want to Learn More?
We encourage you to make additional inquiries by calling or visiting our office. We are located in Collum Rotunda, room 130.
Office Hours: 8:00-5:00 CST Monday – Friday
Phone: (334) 386-7195
Fax: (334) 386-7201
Email: faid@faulkner.edu