3: Financial Aid

Applying for Financial Aid | Loans | Student Employment
Special Scholarships and Programs | General Requirements for All Forms of Aid
University and Federal Grants | Employment under the Federal Work Study Program
Student Rights and Responsibilities Regarding Financial Aid

Loans

Completion of the FAFSA is required to be considered for the Federal Perkins Loan, Federal Nursing Loan, and the Ford Federal Direct Loans (Subsidized and Unsubsidized).

Federal Perkins Loan   Under this federal program administered by the University, a student may borrow up to a maximum of $3,000 for each undergraduate year. The maximum for all undergraduate years is $15,000. Repayment, at an interest rate of 5 percent, begins six months after a student graduates, withdraws, or drops below half-time status.

Federal Nursing Loan   Students enrolled in the University School of Nursing are eligible to be considered for the Federal Nursing Loan Program. The conditions are similar to those of the Perkins Loan.

Ford Federal Direct Loan Program (Formerly Stafford Loan)   Students may borrow funds up to the following amounts: first year, $2,625; second year, $3,500; third, fourth, fifth years, $5,500 each. Undergraduates may borrow no more than $23,000 total. For students who demonstrate financial need, the federal government will pay the interest while the student is enrolled at least half-time (the Subsidized Loan). Students who do not demonstrate financial need may still borrow these funds but will be required to pay the interest at a rate not to exceed 8.25 percent. In some cases only a portion of the loan may be eligible for the federal interest subsidy. Repayment begins six months after leaving school (the Subsidized Loan). Payment of the interest on the Unsubsidized Loan begins 60 days after disbursement unless interest capitalization is requested. Independent students may borrow up to the following additional amounts through the Unsubsidized Loan program: first and second year, $4,000 each; third, fourth, fifth years $5,000 each. As above, payment on the interest begins 60 days after disbursement unless interest capitalization is requested. Through the Ford Federal Direct Loan Program, the lender is the federal government. Application materials are available from the Office of Financial Aid.

Ford Federal Direct PLUS Loan Program   These non-need-based loans are available to parents of dependent students. The maximum that parents of dependent students may borrow in a year is the cost of attendance minus any financial aid awarded to the student. The interest rate is variable but will not exceed 9%. Repayment begins 60 days after disbursement. Through the Ford Federal Direct PLUS Loan Program, the lender is the federal government. Application materials are available from the Office of Financial Aid. PLUS proceeds are applied to tuition charges first, before calculating any credit balances. Credit balances are refunded to the student unless the parent requests otherwise.

Short Term Loan   Under the terms of the Lee Emergency Loan, a student enrolled in any of the University Schools may borrow from $30 to $500 cash for a period of approximately 30 days. Loans are interest free and are available during the academic year through early March. Lee Loans are not available during the summer session. Students must apply in person at the Office of Financial Aid.


Continue to: Student Employment
Return to: Chapter 3 Index