Financial Aid Types for Physical Therapy Students

Mary Baldwin creates customized financial aid packages that reward academic and extracurricular accomplishments and address financial needs. These packages may include:


Scholarships are financial awards given to students based on their academic achievements, talents, or other criteria. They can be offered by MBU, various organizations, institutions, or private donors. Scholarships do not have to be repaid, making them a popular form of financial aid.

If you have any questions, talk to an MBU advisor today.


Grants are similar to scholarships in that they are financial awards that do not require repayment. However, grants are typically based on financial need rather than academic merit. They are often provided by government agencies, institutions, or private foundations to help students cover educational expenses.

MBU advisors can help you find available grants, but the best place to start is by submitting a Free Application for Federal Student Aid (FAFSA) to find out what grants you may be eligible for.


Loans are a type of financial aid that students or their families can borrow to cover educational expenses. Unlike scholarships, grants, or work-study, loans need to be repaid over time, often with interest. Loans can be obtained from the government (federal loans) or private lenders, and the terms and interest rates may vary.

For the Fall 2023 and Spring 2024 semesters, approximately 66.5% of all enrolled students at MBU (undergraduate and graduate students combined) have used federal student loan funding. MBU’s most recent federal student loan default rate is 0%, while the national average is 0%.

Loan repayment options for physical therapy students:

Indian Health Services Loan Repayment Program

HRSA Workforce Faculty Loan Repayment

Federal Loans

Most students are eligible for Federal Direct Loans, and eligibility is determined by completing the Free Application for Federal Student Aid (FAFSA). There are two types of federal student loans available to graduate students:

  • Direct Unsubsidized loans begin to accrue interest immediately. Borrowers are not required to make payments while in school but may make payments at any time. You do not need to demonstrate financial need for an Unsubsidized loan, and the maximum amount per academic year is $20,500 as a graduate student.
  • Direct Graduate PLUS loans begin to accrue interest immediately. Borrowers are not required to make payments while in school but may make payments at any time. A credit check is required for this type of loan for any adverse credit history. The maximum amount that can be borrowed is the total cost of attendance minus other financial aid received.

More information about federal loans can be found here.

Private/Alternative Loans

If you have used all of your federal loan eligibility you may want to consider applying for an alternative loan. An alternative loan is a student loan that may be borrowed through an outside lending institution to assist with education-related expenses such as tuition, housing, travel, and books. Alternative loans are based on credit, so loan applications are based on the credit of the student (and, if applicable) the cosigner. The Financial Aid Office strongly recommends that students exhaust all federal aid options before applying for alternative loans. We also caution students to be aware that alternative loans are credit-based, often carry variable interest rates, and cannot be consolidated with federal loans.

Mary Baldwin University is pleased to offer a list of lenders for review using the FastChoice lender selection and application tool. On this site, you will be able to compare the lenders on our list side by side, check out their benefits, interest rates, and terms. When you choose a lender, you can apply right from the site. You can access the FastChoice lender selection here. Please note, Mary Baldwin is happy to use any loan from any lender, provided that they are willing to lend to a student at Mary Baldwin. Students may apply for a loan with any lender they choose.

MBU wants to ensure you graduate with as little debt as possible.

Whenever possible, we want you to finance your education through scholarships, grants, and other forms of funding you won’t have to pay back. MBU advisors can also help you with any questions you have regarding loans to help you minimize your student loan debt after you graduate.

Additional Financial Support Options

There are additional opportunities available for veterans. Explore more, find answers to some Frequently Asked Questions, or talk with an MBU advisor to learn how we make an MBU education affordable for you!