FAQs About Financial Aid
1. What is Touro’s school code?
Touro’s school code is: 010142-00. Note that this code will show “Touro College” as the lender.
2. How do I complete my FAFSA?
Go to www.FAFSA.ed.gov. Follow the instructions on the website to obtain a PIN and prepare your FAFSA.
3. How do I correct or update my FAFSA?
Go to www.FAFSA.ed.gov. Follow the instructions on the website to correct or modify your FAFSA. You will need your Federal PIN number from www.PIN.ed.gov to access your record and to sign your correction. The school obtains a copy of your completed FAFSA electronically; you do not need to mail the Office a copy of your FAFSA or your Student Aid Report (SAR).
4. Do I have to update my FAFSA every year I am enrolled?
You must re-file your FAFSA for every year in which you request Direct Loans.
5. If I am a returning student, do I have to complete a new Student Loan Request Statement and Financial Aid Packet every year?
You must complete a new student Loan Request Statement and Financial Aid Packet for every year in which you are requesting Direct Stafford Loans.
6. What is the program’s Cost of Attendance? How is it determined?
The program’s Cost of Attendance (COA) is the estimated cost for a student to attend a particular program for a specific academic year. The COA is also referred to as the program budget. The cost of attendance typically includes tuition and fees, room and board, books and supplies, transportation, and personal expenses. The COA may vary for each year of a program to reflect specific costs required by the program and incurred by students during that year (e.g., Board exam fees). The COA may also differ depending on the number of academic sessions, number of months, or number of units included in that financial aid year. Thus, a COA for a twelve month academic/financial aid year would include tuition for twelve months, plus other estimated expenses (e.g., room and board) for a twelve month period. A COA for a nine month academic/financial aid year would include tuition for nine months, plus estimated other expenses (e.g., room and board) for a nine month period. The COA is determined by developing an average cost for students to attend a particular program in a particular year. Under federal financial aid guidelines, all expenses included in the COA must reflect the student’s educational expenses while enrolled in the program.
7. What is the maximum loan amount I can borrow in my academic/financial aid year?
The maximum loan amount a student may be eligible to borrow in a single academic/financial aid year cannot exceed the total Cost Of Attendance (COA) for that specific year. Thus, if the COA for a program in a specific year is $37,000, the student may request loans totaling $37,000. If the student requests loans in excess of this amount, the school will only certify loans up to the amount for which the student is eligible.
8. When will I receive my award letter?
Your award letter will be mailed to you as soon as the Office of Financial Aid is able to package and generate your loans.
9. How do I obtain an increase in my cost of attendance and my loans to cover my health insurance expense?
The Cost of Attendance can be increased only in very limited circumstances. To request an increase in the cost of attendance for your health insurance expense, you must provide the Office of Financial Aid with proof of your health insurance cost (e.g., an invoice showing the annual or monthly premium expense), plus proof that you are paying for the expense (e.g., copy of a cancelled check). If an increase in the cost of attendance is approved by Financial Aid, this increase may not necessarily reflect your full cost of health insurance if your cost exceeds standard expenses. After an increase in the cost of attendance is approved, the student is responsible for initiating an additional alternative loan to cover this expenditure.
10. Who initiates my Direct Stafford Loans?
Upon receipt of a completed and signed Financial Aid packet and Student Loan Request Statement the Financial Aid Office will initiate your Federal Stafford loans, provided you have completed your FAFSA, an entrance exam and signed the eMPN.
11. Who initiates my Direct Grad Plus or Private/Alternative Loan?
The Financial Aid office will initiate the Direct Grad Plus as long as you complete the Credit Verification Form. For Private/Alternative loan you select a lender, and go to that lender’s website. Then you follow the instructions to initiate the loan and sign an eMPN. You should follow up with the Financial Aid office after completing a Private Loan, once you receive confirmation that certification is required.
12. When will I receive my loans?
Typically students receive two disbursements of their Direct Stafford and Grad plus Loans, and two disbursements of the Private/Alternative loans. Generally, disbursements to students are 10-14 days after funds have been received by the school. Bursar will contact the student once a refund check is available for pick up.
13. Where do I pick up my loan/refund check?
All loan/refunds checks are given out by the Bursar’s office. The office can be reached at (212) 851-1199, Ext 2591 or in room 519G in 2090 Adam Clayton Powell Blvd. or E-mail: firstname.lastname@example.org
14. How do I report other sources of financial aid such as military or outside scholarships?
Be sure to record any other sources of financial aid on the Financial Aid packet under the section “Resource Information.” Failure to record these sources of financial aid may result in an over-award to you, which must then be cancelled and returned to the lender, resulting in a delay in your financial aid.
15. Who completes my In-School Deferment Form?
The Registrar completes and mails in your In-School Deferment Form to your previous lender on your behalf.
16. How do I contact Touro College of Pharmacy’s Financial Aid Office?
You may contact the office using the information noted below. You may also stop by the office between the hours of 9:00 am and 5:30 pm Monday through Thursday, and 9:00 am and 2:00 pm on Fridays. The office is located in 2090 Adam Clayton Powell Blvd in room 519C.