Physical Therapy Financial Aid Resources

Why There Is A Need For Financial Aid

The cost of education and the rest of our living costs are not always structured in such a way as to be affordable. Many student who can afford to study, do not qualify to study because of their grades and many of the students who do qualify for the education, simply do not have the funds to study. To make the dreams of these individuals come true and to even the playing field, many institutions have pulled together to lend a financial hand to these students who deserve to study because of the hard word they have put in during High School.

Where To Get Physical Therapy Financial Aid

Know Where To Start

Studies show that a physical therapist has a high earning potential, but to get there, you need to afford the studies first. Finding the physical therapy financial aid can be really easy if you know where to start looking. There are various avenues to follow such as:

  • The American physical therapy association
  • Federal PELL grants
  • Federal Supplemental Education Opportunity Grant
  • Federal work study
  • Stafford Loans
  • Perkins Loans
  • Parent Plus Loans

When applying for any of these financial aid resources, the applications should be handed in as early as possible because the resources are limited and not everyone can qualify for all types of grants and scholarships. Should you not qualify for the free financial aid, you will still have enough time before the term starts to apply for a loan.


The first step is to apply for Free Application for Federal Student Aid or FAFSA. As the name says, this financial aid is for free. The funds are paid over to the student and the student does not have to pay them back. The sooner you apply for this financial aid, the sooner you will know if you have qualified for an amount and the better your chances are for getting the funds.

The American Physical Therapy Association

The American Physical Therapy Association has a few different grants and scholarships, but you have to qualify for them. These scholarships are not handed out on a first come first serve basis and so there will be entry level criteria that will have to be met first before receiving the funds.

Some of these grants include:

  • Federal/State Scholarship Resources
  • Private Scholarship Resources
  • Mary McMillan Scholarship Award
  • Minority Scholarship Award
  • Minority Scholarship Web Sites
  • Minority Grants

Financial need is not always a good enough reason for you to receive these scholarships. You would have to prove that you will not waste the money they give you and that you are able to apply yourself to your studies. This can be done by presenting good grades during High School as well as any other studies that are done after graduating.

Federal PELL Grants

A Federal PELL grant is like a scholarship that does not have to be repaid to the government like a loan. The Federal government sets aside a set amount of funds for education and these are handed out according to set standards and criteria. The student applies via the FAFSA application and if the application is accepted the student can receive up to the maximum amount based on their financial need and their qualification as well as how many funds are still available at the time of the application.Physical Therapy Financial Aid

The student’s status as a full-time or a part time student will also make a difference on the amount is received. A full time student will of course receive more funds than a part time student, because full time courses are often more expensive and requires more travelling expenses than studying a part time course or a course from home.

Federal Supplemental Education Opportunity Grant

The FSEOG may sound like a mouthful, but these grants are basically handed to low income families for tertiary education as well as giving a supplemental income to those who have already qualified for a Federal Pell grant. These grants are needs based which means that those with a low family income can apply for these grants and the greater the need, the higher the grant.

The funds are gained from the Federal government’s budget as well, but the criteria for receiving funds are more specific than for the Federal Pell Grants. The applications are available from a range of postsecondary institutions and the student will also have complete the FAFSA forms in order to apply and submit as early in the year as possible to qualify before the start of the school term and to ensure that the funds needed are the funds that will be allocated.

Federal Work Study

Getting an education is one thing, but having to pay for it is another. The Federal Work Study program offers employment opportunities for part time students. These students can then earn the money they need to study while they are studying. The program also gives the students the chance to build up experience while they are studying.

To qualify for this type of physical therapy financial aid, you would need to have proof that you have enrolled into a vocational school, university or any other tertiary educational facility that offers the courses for the line of work you would like to go into. These working opportunities can be the stepping stone that the student needs as well to get into the work force at a later stage as the jobs are not usually given to students or to someone who has just graduated.

Stafford Loans

A Stafford loan is fund that can be borrowed from the Federal Government at rates as low as 3.4 percent. These funds are available to students that study at least half time and have registered at a tertiary school. The Stafford Loans are the lowest cost forms of financial aid for students and are very popular. Applications should be submitted as early as possible in the year to secure the funds and to ensure that the funds are paid over before they are needed for tuition and other payments.

Unlike grants and scholarships, these loans will have to be paid back to the lender within a certain period from the time of graduation so that penalties are not applied to the capital amount. Students can borrow up to $20 000 and these funds do not necessarily have to be towards the tuition itself, but can go towards accommodation and travelling costs as well.

Perkins Loans

The Federal Perkins Loans are also loans made from funds supplied by the Federal Government. The loans are also funded by the repayments that are made from students who are paying their loans back. To qualify for this type of loan, you will have to fill in a Perkins Promissory Note which is obtained from your school. You can also apply through your school for the loan and then start to pay it back when you have finished with your studies and when you start to earn an income.

You will also need to prove that you have enrolled in a study program in order to qualify for this loan. The loans are only given out to students and if you do not have proof that you will be studying at the institution, you will not be granted the funds.

Parent Plus Loans

These loans are not for students who borrow from their parents, but are for parents to take out a loan for their children to study. The parent should have a good credit record to qualify and the loan will be taken out in the parent’s name. This is a good way for the lenders to ensure they receive the payment back in case the student is not employed directly after graduating and it gives the student the peace of mind to focus on their studies instead of cracking under the pressure of finding employment to pay back the loans they have taken out to study.

Making Sure You Qualify

The saying of the early bird catching the worm also applies to applying for grants, scholarships, loans and any other type of financial aid. Not only do you need to submit your application, but you have to check and double check that you have attached all of the necessary documentation that is required for your application. With applications pouring in every year for all corners of the United States and the rest of the world, it becomes difficult to give leeway to someone who does not submit all of the documents that are needed. Your application could be turned down because of a lack in documentation.

Keeping up your grades up to standard or even above standard will also give you a better chance in qualifying for a scholarship or grant. If this does not help, then there is always the option of paying it off in monthly installments to your school or to take out a student loan.

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