Fund Your Undergraduate Degree

Prepare to Meet the Costs of Your Education

There are a number of things prospective students can do to help themselves prepare financially to meet their educational costs. These include:

• Apply early! Grant availability is dependent on an early application. Bastyr's priority deadline is April 15 of each year. Be sure to have your FAFSA and your Bastyr Financial Aid application in by that date.
• Reduce consumer debt. The financial aid budget does not provide funds for students to carry substantial consumer debt. If you have credit card debt or other consumer obligations, you will do better financially if you are able to eliminate or reduce these obligations before you begin at Bastyr.
• If at all possible, have some funding set aside for emergencies. If you have savings, work with the financial aid advising staff to determine how best to plan for the use of your funds in conjunction with available financial aid.
• The Federal Government has a new website to help students manage their money. The web address is mymoney.gov. You can also get a "My Money" tool kit that has helpful publications on savings, investing and protecting your money.
• Check out our Outside Scholarship Search brochure to help identify possible outside scholarships that you may qualify to receive. Also check out our Online Resources page for good scholarship search websites.

Financial Aid Checklist

To request the Bastyr University financial aid packet, find out the status of your application or have your questions answered, please contact us.

To be considered for financial aid:

• Complete the FAFSA online at fafsa.ed.gov.
• Complete the Bastyr University Financial Aid Application, which can be printed and sent to: Office of Financial Aid, Bastyr University, 14500 Juanita Dr. NE, Kenmore, WA 98028.
• Award Letter received.

Loan Programs

Federal Direct Subsidized and Unsubsidized Loans

Federal Direct Loan eligibility requirements differ between students considered independent for federal student aid purposes and students considered dependent for aid eligibility. Dependent students are defined as currently under the age of 24 and single with no dependents. They are not veterans of the U.S. armed services and are not orphans or wards of the court.

• Independent students may borrow up to $12,500 per academic year under the Federal Direct Loan program.
• Dependent students may borrow $7,500 under the Federal Direct Loan program. At that point, parents of these students are expected to seek PLUS loans on behalf of the student (see below). However, if a parent is denied a PLUS loan—usually because of financial problems or unemployment—the dependent student is then eligible to borrow up to the $12,500 maximum.

Most Federal Direct loan borrowers qualify on a need basis to have the first $5,500 of their Federal Direct Loan considered as a subsidized loan. The federal government pays the interest on the borrower's behalf during the time the student is in school.

Any amounts that do not qualify for subsidized loan status become unsubsidized Federal Direct Loans. The borrower can pay the interest on these loans while in school or can choose to let the interest accumulate and add it to the amount borrowed at the beginning of repayment. The interest rate for undergraduate Federal Direct Loans guaranteed after July 1, 2011 is a fixed 3.4 percent for subsidized loans and 6.8 percent for unsubsidized loans. 

Federal Parent PLUS Loan

This loan enables parents with good credit histories to borrow funds to pay the educational expenses of each child who is a dependent undergraduate student. The yearly limit on a PLUS loan is equal to the student's cost of education minus any other financial aid received. The interest rate on PLUS loans guaranteed after July 1, 2008 is a fixed 7.9 percent.

Federal Perkins Loan

This need-based, low-interest loan is available to students who have exceptionally high financial need. No interest accrues while the student is enrolled in school and there is a nine-month grace period before payment begins. The interest rate is 5 percent.

Work-Study Program

The University's work-study program offers a wide variety of on-campus and off-campus jobs. These jobs provide learning and earning opportunities to help students meet their living costs. There is also a small international student work-study program. Undergraduate students are eligible for consideration for both the federal and state (Washington residents) work-study programs.

For additional information about the work-study program, please contact Danielle Worley, Work Study Coordinator, at (425) 602-3081 or dworley[at]bastyr[dot]edu.

Special Programs

Undergraduate students should inquire into possible financial aid programs sponsored by fraternal organizations, clubs, etc., in their home area. Alaska residents should ask about the Alaska Student Loan Program. Private educational loans are available for undergraduate students with an eligible co-signer. The interest rates on private educational loans are variable with no cap. You will need to check with the lender for information on interest rates and repayment terms. Canadian citizens can borrow under both the Canadian federal and provincial loan programs.

Private Student Loans

Private educational loans are also available for students who wish to receive additional resources to cover the gap in funding or to replace federal loans. It is the responsibility of the student to seek out a lender and apply for a private student loan. Private loans require a credit check and may require a co-signer. We encourage students to pay attention to interest rates, fees and repayment terms as these may be different than federal student loans.