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OBU—Oklahoma Baptist University

Financial Aid Process and Overview for Health Science Programs

  1. Apply for Admission - The first step is to submit your admissions application for a graduate program and wait for your acceptance decision. While we can discuss generalities with you prior to admission, we can’t make any official aid offers until you are an admitted student.
  2. Review Cost And Determine How Much You Will Borrow - There are two terms when looking at cost for an education program. Direct cost includes your actual charges that the school will bill you for like tuition and fees. Cost of Attendance includes additional indirect costs like living expenses and transportation. Students are allowed to borrow up to the full Cost of Attendance, but may not always need to. Review your expenses and only borrow what you need to keep your loan debt minimal. 
  3. Compare Loans and Apply for Aid – As a graduate student, your financial aid offer will consist of graduate level student loans. First, compare the loan options to decide which is the best option for you. Once you have chosen a loan or combination of loans, complete the necessary applications which may include the FAFSA and/or an additional loan application.
    1. Federal Direct Unsubsidized Loan – The Unsubsidized Loan is offered through the Federal Government by completing the FAFSA application. This loan has a loan fee of 1.057% and a fixed interest rate of 8.08% for loans first disbursed 7/1/2024 – 6/30/2025. The maximum you can borrow with this loan is $20,500 per academic year. Your full loan eligibility will also depend on any previous direct loans you have borrowed during your undergraduate degree and any previous graduate work you may have done. Graduate students may borrow up to $100,000 aggregate limit for their graduate level of study (this excludes undergraduate borrowing) but may never exceed the lifetime maximum of $257,500 (undergraduate and graduate work combined). Your payments for this loan will be deferred until six months after you graduate as long as you remain enrolled half-time.
    2. Federal Direct Graduate PLUS Loan – Students beginning in the Spring 2026 cohort may borrow through the Graduate PLUS loan program. The PLUS Loan is also offered through the Federal Government and requires both a FAFSA application and a separate PLUS Loan application. The PLUS loan has a loan fee of 4.228% and a fixed interest rate of 9.08% for loans first disbursed 7/1/2024 – 6/30/2025. You can borrow up to your full cost of attendance minus any other financial aid with this loan. Your payments for this loan may be deferred until six months after you graduate as long as you remain enrolled half-time. The Graduate PLUS loan program is being eliminated July 1, 2026. Students beginning their program after this date will not be eligible to borrow undert his program. However, students in the Spring 2026 cohort who borrow from the program prior to it's elimination will be grandfathered in to continue borrowing for the duration of their program of study.
    3. Private Loans – Private loans are non-federal loans offered by various lenders. Loans are based on credit and interest rates vary based on the lender and your personal credit history. Most students will need a co-signer to secure a private loan. The terms and conditions for these loans vary by lender. A list of recommended lenders can be found on the ELMSelect website.
  4. Complete any Loan Requirements for Disbursement
    1. Once you have chosen a loan or combination of loans to fund your program, complete the necessary applications. If you choose to borrow either the Direct Unsubsidized Loan or the Direct Graduate PLUS loan you will first need to complete the FAFSA application. You will automatically be considered an Independent Student as a graduate student and will not be required to provide any parent information. Be sure to include OBU in the list of schools to receive your application by entering our school code of 003164.
    2. You will then complete any additional loan applications for either the PLUS Loan or private loan.
    3. If you choose to borrow either the Direct Unsubsidized Loan or the Graduate PLUS Loan you will need to visit studentaid.gov to complete the graduate Master Promissory Note and Graduate Entrance Counseling before any funds can be disbursed to your account.
    4. If you choose to borrow a private loan, you will need to work with your lender to satisfy any outstanding requirements for release of funds.
  5. Complete the Process Annually – You will need to complete the above requirements annually throughout the duration of your program. Each FAFSA and loan application will cover fall/spring/summer of one year and subsequent applications will be required for each new academic year of the program. If you will begin your program in the Spring of 2026, you will start with the 2025-2026 FAFSA, which will cover your spring 2026 and Summer 2026 terms. You will need to complete the 2026-2027 FAFSA to cover Fall 2026, Spring 2027, and Summer 2027. Last, you will need to complete the 2027-2028 FAFSA to cover your final Fall 2027 semester. You should expect to complete the FAFSA and/or loan applications three times throughout the duration of your program.
  6. What if my Aid Offer is Not Enough? – Your overall loan offer will be limited to the Cost of Attendance for your Program. If your costs are higher than the total Cost of Attendance you may submit an appeal request through the Student Financial Services office by completing the attached form and submitting it for review. A copy of this form can be found here. 
  7. What if I have questions? Reach out to your Student Financial Services counselor for help. We are here to help!