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GRAD STUDENT LOAN INFORMATION
Federal Stafford Loan (subsidized and unsubsidized)
Loans are available to students enrolled for at least five credit hours per semester. You may borrow up to $20,500 per academic year- $8,500 subsidized and $12,000 unsubsidized, depending on your need. The total amount outstanding that you may borrow for undergraduate and graduate study is $138,500, with no more than $65,500 in subsidized loans. The annual interest is a fixed rate 6.8%. The government will pay this interest on the subsidized Federal Stafford loans until six months after you have terminated your studies, or dropped below half-time status, at which time you must begin repayment of the principal and interest. The unsubsidized Federal Stafford Loan requires that the interest must be paid by the student, on a quarterly basis, while the student is enrolled in school. Deferment of the interest payments is available.
Under current regulations, all applicants must pass a "needs test" to qualify for this loan. A Free Application for Federal Student Aid must be filed at www.fafsa.ed.gov prior to certification of a loan application by the school. You must maintain satisfactory progress to renew your loan. (link to progress section)
You must also file a Federal Stafford Master Promissory Note at www.aessuccess.org to apply for a Stafford Loan. If you borrowed previously, your Federal Stafford Master Promissory Note is good for 10 years.
The interest paid toward your subsidized and unsubsidized Federal Stafford Loan in 2007 and beyond may be tax deductible. Check with your accountant or with the Internal Revenue Service at www.irs.gov for additional information.
There may be up to a 3% loan origination fee deducted by the bank from the face value of the loan. In addition, your lender may deduct an insurance fee of 1%.
Sample payment plans for Federal Stafford Loans and additional information regarding loan repayment and consolidation is available at http://www.youcandealwithit.com/index.shtml
Entrance and Exit Interviews
Federal law requires that when you borrow through the Federal Stafford Loan Program (subsidized and unsubsidized) for the first time; you must complete an entrance interview. This can be completed at www.aessuccess.org
In addition, when you graduate, withdraw or enroll less than half-time, you must complete an exit interview. The exit interview can also be completed at www.aessuccess.org
Federal Graduate PLUS Loan
Graduate students may borrow up to the student’s cost of attendance minus any financial aid that the student is expected to receive. Students must be enrolled in at least 5 credits per semester and be creditworthy. The annual interest rate is a fixed rate of 8.5%. Repayment of principal and interest begins 60 days after the loan is fully disbursed.
The interest paid toward your Federal Graduate PLUS Loans in 2007 and beyond may be tax deductible. Check with your accountant or with the Internal Revenue Service at www.irs.gov for additional information.
To apply, you will need to complete a Free Application for Federal Student AId (FAFSA) at www.fafsa.ed.gov and a Federal Graduate PLUS Master Promissory Note at www.aessuccess.org .
Sample payment plans for Federal Graduate PLUS Loans and additional information regarding loan repayment is available at http://www.youcandealwithit.com/index.shtml
Federal Perkins Loan
The Federal Perkins Loan program provides students with long-term, low-interest loans for educational expenses. The amount which can be made available to an applicant is based on the student's computed financial need and available funding.
Changes in federal law now allow you to borrow up to $5,000 during one academic year, but no more than $30,000 for undergraduate and graduate study. No interest is charged while you maintain at least half-time status.
Repayment of the loan with interest at 5% per annum on the unpaid balance begins either six or nine months (based on the conditions of your promissory note) after you graduate or terminate your student status or become less than a half-time student. Repayment must be completed within ten years after the interest begins to accrue.
Entrance Interviews
Federal law requires that every student who has obtained a Federal Perkins Loan through Philadelphia University must have the opportunity for an entrance interview. This can be completed at www.aessuccess.org.
Exit Interviews
Federal law requires that every student who has obtained a Federal Perkins Loan through Philadelphia University must have the opportunity for an exit interview before leaving the University. During this brief meeting, a representative from the Financial Aid Office will explain provisions for loan repayment and privileges for deferment of payment to the student borrower. The financial aid office will contact the borrowers prior to their anticipated graduation dates to remind them of the necessity for an exit interview. However, each student is responsible for scheduling the interview even if he or she withdraws from the University at any time prior to graduation.
Veterans and Veterans' Dependents Benefits
If you are veteran who served on continuous active duty for 181 days or more after January 31, 1955, you may be eligible for educational benefits under the Montgomery G.I. Bill or Veterans Educational Assistance Program (VEAP). In addition, a variety of loans, employment opportunities and other forms of financial assistance are available to veterans. If you are a dependent of a veteran who died or is permanently disabled as a result of service in the Armed Services, or if you are serving in the services, you may be eligible for educational benefits. For further information contact the Financial Aid Office.
International Students
International students applying for, or currently holding student visas or any type of non-immigrant visa, are not eligible for federal funds, including Federal Perkins Loan, Federal Work Study and the Federal Stafford Loan.
Tuition Payment Plan
At the point of registration, students may remit one-third of the balance due if they choose to participate in the deferred payment plan. A fee of 1% per month on the outstanding balance will be assessed. Students will be invoiced for the remaining payments.
ALTERNATIVE LOANS
Loans are available to students enrolled for at least five credit hours per semester. You may borrow up to $20,500 per academic year- $8,500 subsidized and $12,000 unsubsidized, depending on your need. The total amount outstanding that you may borrow for undergraduate and graduate study is $138,500, with no more than $65,500 in subsidized loans. The annual interest is a fixed rate 6.8%. The government will pay this interest on the subsidized Federal Stafford loans until six months after you have terminated your studies, or dropped below half-time status, at which time you must begin repayment of the principal and interest. The unsubsidized Federal Stafford Loan requires that the interest must be paid by the student, on a quarterly basis, while the student is enrolled in school. Deferment of the interest payments is available.
Under current regulations, all applicants must pass a "needs test" to qualify for this loan. A Free Application for Federal Student Aid must be filed at www.fafsa.ed.gov prior to certification of a loan application by the school. You must maintain satisfactory progress to renew your loan. (link to progress section)
You must also file a Federal Stafford Master Promissory Note at www.aessuccess.org to apply for a Stafford Loan. If you borrowed previously, your Federal Stafford Master Promissory Note is good for 10 years.
The interest paid toward your subsidized and unsubsidized Federal Stafford Loan in 2007 and beyond may be tax deductible. Check with your accountant or with the Internal Revenue Service at www.irs.gov for additional information.
There may be up to a 3% loan origination fee deducted by the bank from the face value of the loan. In addition, your lender may deduct an insurance fee of 1%.
Sample payment plans for Federal Stafford Loans and additional information regarding loan repayment and consolidation is available at http://www.youcandealwithit.com/index.shtml
Entrance and Exit Interviews
Federal law requires that when you borrow through the Federal Stafford Loan Program (subsidized and unsubsidized) for the first time; you must complete an entrance interview. This can be completed at www.aessuccess.org
In addition, when you graduate, withdraw or enroll less than half-time, you must complete an exit interview. The exit interview can also be completed at www.aessuccess.org
Federal Graduate PLUS Loan
Graduate students may borrow up to the student’s cost of attendance minus any financial aid that the student is expected to receive. Students must be enrolled in at least 5 credits per semester and be creditworthy. The annual interest rate is a fixed rate of 8.5%. Repayment of principal and interest begins 60 days after the loan is fully disbursed.
The interest paid toward your Federal Graduate PLUS Loans in 2007 and beyond may be tax deductible. Check with your accountant or with the Internal Revenue Service at www.irs.gov for additional information.
To apply, you will need to complete a Free Application for Federal Student AId (FAFSA) at www.fafsa.ed.gov and a Federal Graduate PLUS Master Promissory Note at www.aessuccess.org .
Sample payment plans for Federal Graduate PLUS Loans and additional information regarding loan repayment is available at http://www.youcandealwithit.com/index.shtml
Federal Perkins Loan
The Federal Perkins Loan program provides students with long-term, low-interest loans for educational expenses. The amount which can be made available to an applicant is based on the student's computed financial need and available funding.
Changes in federal law now allow you to borrow up to $5,000 during one academic year, but no more than $30,000 for undergraduate and graduate study. No interest is charged while you maintain at least half-time status.
Repayment of the loan with interest at 5% per annum on the unpaid balance begins either six or nine months (based on the conditions of your promissory note) after you graduate or terminate your student status or become less than a half-time student. Repayment must be completed within ten years after the interest begins to accrue.
Entrance Interviews
Federal law requires that every student who has obtained a Federal Perkins Loan through Philadelphia University must have the opportunity for an entrance interview. This can be completed at www.aessuccess.org.
Exit Interviews
Federal law requires that every student who has obtained a Federal Perkins Loan through Philadelphia University must have the opportunity for an exit interview before leaving the University. During this brief meeting, a representative from the Financial Aid Office will explain provisions for loan repayment and privileges for deferment of payment to the student borrower. The financial aid office will contact the borrowers prior to their anticipated graduation dates to remind them of the necessity for an exit interview. However, each student is responsible for scheduling the interview even if he or she withdraws from the University at any time prior to graduation.
Veterans and Veterans' Dependents Benefits
If you are veteran who served on continuous active duty for 181 days or more after January 31, 1955, you may be eligible for educational benefits under the Montgomery G.I. Bill or Veterans Educational Assistance Program (VEAP). In addition, a variety of loans, employment opportunities and other forms of financial assistance are available to veterans. If you are a dependent of a veteran who died or is permanently disabled as a result of service in the Armed Services, or if you are serving in the services, you may be eligible for educational benefits. For further information contact the Financial Aid Office.
International Students
International students applying for, or currently holding student visas or any type of non-immigrant visa, are not eligible for federal funds, including Federal Perkins Loan, Federal Work Study and the Federal Stafford Loan.
Tuition Payment Plan
At the point of registration, students may remit one-third of the balance due if they choose to participate in the deferred payment plan. A fee of 1% per month on the outstanding balance will be assessed. Students will be invoiced for the remaining payments.
ALTERNATIVE LOANS
An alternative loan can help to pay the student’s remaining expenses after financial aid has been applied to the bill. The alternative loans are credit-based and offer flexible repayment options. Alternative loans are to be used to supplement other forms of financial aid. Alternative loans are student loans, with the student listed as the borrower. Most alternative loans will require that the student also have a credit worthy co-signer in order to be eligible. Interest rates are variable and are set by the individual lender. Additional information about alternative loans is available in the financial aid office.
For more information, download the GraduatePLUS vs. Alternative Loans PDF on the http://www.aessuccess.org website.
