Direct Unsubsidized: (Interest Rate is 6.00%): This loan is not need-based. The student is held responsible for paying the interest on this loan starting from the time of the first disbursement.
Direct Graduate PLUS Loan: (Interest Rate is 7.00%): This loan is not need-based. The student is responsible for paying the interest on this loan starting from the time of the first disbursement. The approval for this loan is established through a credit check, if denied a student may apply using a co-signer.
Financial Aid Disbursements
Loan payments are split into five equal disbursements for on-campus students and two equal disbursements for online students. Payments are delivered to the school from the disbursing agent, either by Electronic Funds Transfer (EFT) or paper check. The funds are then posted to the students account during the first week of every term or payment period. The student is responsible for any balance that financial aid does not cover and must adhere to the terms of his/her tuition payment option.
Please visit the Education Resource Organizations Directory (EROD) for a list of agencies administering state grants. You may contact these agencies directly for information regarding state grants that may be available.
Entrance and Exit Counseling
Entrance Counseling must be given to all financial aid students before aid is disbursed and Exit Counseling must be given to all financial aid students within 30 days of separation from the school. The entrance and exit counseling is available on StudentLoans.gov. Students may contact the financial aid office to receive individual repayment or account information.
A consolidation loan may help make loan repayment more manageable by combining multiple Federal Financial Aid Loans into one loan with one monthly payment. Loan Consolidation will make repayment more manageable and may lower your monthly payment by extending the period of time in which you pay back your loans. However, extending the loan period will increase the total amount you repay over the life of the loan.
For a list of FAQs on Loan Consolidation, please see Frequently Asked Questions.
Delinquent Accounts and Financial Hold
Your account is considered delinquent if full payment is not received the first week of the course resulting in an outstanding account balance. Any student with a delinquent account will be put on a financial hold and not be allowed to register for a subsequent term until payment is received in full or a payment plan is established and approved by the Financial Aid Office. If you have a delinquent account, you will not be permitted to take comprehensive exams, obtain copies of official transcripts, or graduate. An administrative fee will be assessed to your account for any outstanding balances, late payments or insufficient funds.
Return of Title IV Funds
The financial aid office will perform Return of Title IV Funds when a student drops from the program. This process ensures that the school keeps the amount of financial aid earned by the student and returns any unearned funds back to the lender. This may result in the student owing the school for tuition and fees.