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Financial Aid

for Graduate Programs

For the 2008-09 academic year, fill out the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1, 2008 and preferably before April 15. The FAFSA is a financial aid application prepared by the U.S. Department of Education to determine eligibility for federal, state,and college sponsored aid. The fastest method of filing the FAFSA is online at www.fafsa.ed.gov. If you would prefer to complete a paper FAFSA, you may order copies by calling Federal Student Aid at 1-800-433-3243 or you may download a paper FAFSA at www.federalstudentaid.ed.gov  
When completing your FAFSA, be sure to include the Elmhurst College school code number 001676.

How your Application is Processed
Award Notifications
Verification
Crediting your Account
Office of Student Accounts
Forms
To Apply for a Loan
Federal Direct Loans
Alternative Loans
Student Responsibilities for Loans
Graduate Terms and Conditions
 

How Your Application Is Processed
After you file a FAFSA, the Federal Student Aid Processor analyzes the information you have provided. If you supplied your email address when filling out the FAFSA, the processor will send you an electronic version of this analysis, called a Student Aid Report. If you included the Elmhurst College school code (001676) on your FAFSA, the processor will also send an electronic record of this analysis to the Office of Financial Aid. The Office of Financial Aid uses this analysis, in conjunction with other information, to determine your financial aid package. You can check the status of your Student Aid Report online at www.fafsa.ed.gov or you can call the toll-free service of the Department of Education at 1-800-4-FED-AID (1-800-433-3243).

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Award Notifications
The Office of Financial Aid sends award notifications two to four weeks after applicants submit their completed financial aid forms. The first applicants to submit forms are notified in February. Students must be admitted to Elmhurst College To receive an award notice. The awards process continues through the summer, as the College admits applicants and determines their aid eligibility.

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Verification
The files of about 35 percent of students who file a Free Application for Federal Student Aid are randomly selected for verification by the Federal Processor. If your file is selected, you will be required to supply the College with the documentation necessary to verify the information submitted on the FAFSA. In most cases, students are asked to submit copies of their federal income tax returns.

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Crediting Your Account
All admitted and pre-registered students have a student account. Once approved, all types of aid, are posted to your student account. In the event that your scholarship(s), and loan(s) exceed your tuition and fees, you will receive a refund of the difference. If you prefer, you can authorize the Office of Student Accounts to allow your credit to roll forward to your next term of enrollment.

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Office of Student Accounts
The functions of the Office of Student Accounts and the Office of Financial Aid frequently are confused. The Office of Financial Aid determines eligibility for aid and informs Student Accounts (via electronic posting) of each student's confirmed aid. The Office of Student Accounts sends bills and issues refunds.

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Forms
You can obtain the Free Application for Federal Student Aid online.

Also, many students complete both entrance and exit loan counseling online at www.dl.ed.gov

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To Apply for a Loan
To apply for Federal Direct Loans, complete the Free Application for Federal Student Aid (FAFSA) and return your award notice accepting your loans. Information about applying for alternative loans is given below.

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Federal Direct Loans
These are of three types — subsidized, unsubsidized and Grad PLUS. 

• Subsidized loans are based on need. Interest and principal payments are deferred until the student graduates or drops below half-time enrollment. Maximum subsidized loan limit per academic year is $8500 for graduate students.
• Unsubsidized loans are not based on need. Principal payments are deferred, but interest accrues while the borrower is in college. Interest rates on Direct Loans disbursed after July 1, 2006 have a fixed rate of 6.8%. The graduate annual unsubsidized loan limit is $12,000.
• Grad PLUS loans are available to graduate students whose cost of attendance is higher than their annual subsidized and unsubsidized loan limits combined. Grad PLUS loans have a fixed rate of 7.9%. Because all of the graduate programs at Elmhurst College are part time and have lower cost of attendence than a full time program, it is not anticipated that many graduate students will borrow Grad PLUS loans.
• Students offered Grad PLUS loans will be sent an application and a credit check will be done. A Grad PLUS Master Prommisory Note will have to be completed by the student. In addition, all Grad PLUS borrowers are required to complete entrance counseling at www.dl.ed.gov.  Loan repayment will be deferred until after the student graduates or drops below half time enrollment. Interest will accrue while the student is in school.
• For more information about Direct Loans, go to www.dl.ed.gov

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Alternative Loans
Alternative, or private, loans are offered by private lenders to assist with educational and living expenses not covered by other financial aid.  It is important that the student carefully reviews educational expenses before deciding the need to borrow.  These loans are generally more exepnsive than the federal student loans and therefore should not be considered until after all federal loan options have been utilized.  Most of these loans must be certified by the Office of Financial Aid.  All of these loans must be considered a part of the student's financial aid package.  Alternative loans are credit based and cannot be consolidated with federal student loans.

Elmhurst College has open relationships with many lenders and service agencies from all across the country.  Because we want to emphasize how important it is for the student to choose a lender, we do not state any preferences for any lender over another and hence do not have a "preferred lender list".  Research and shopping around for the best loan is a good idea.  Taking advantage of established relationships with lending insitutions and the internet are two good places to start. 

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Student Responsibilities for Loans

• All new student borrowers must complete entrance counseling which covers your rights and responsibilities under the loan's provisions. The entrance counseling can be completed online at www.dl.ed.gov 
• Your award notice from Elmhurst describes how much you are eligible to borrow. You may borrow a lesser amount by crossing out the amount(s) listed and writing in the amount that you want to borrow per term. If you accept a Direct Loan and have not borrowed from Direct Loans in the past, you must complete a Master Promissory Note. This can be done online at www.dlenote.ed.gov or you may request that paper Master Promissory Notes be sent to you.  By completing and submitting the promissory note, you agree to the terms of the loan. When the College receives notification that your promissory note has been accepted, we will credit the loan to your student account.
• Any time you make a change (in enrollment dates, credit hours, residency status, etc.) that causes your tuition to change, a loan may be rendered invalid. In this event, the loan must be refigured and reprocessed.
• When you graduate or leave the College, you must complete exit counseling to review the provisions of the reapyment of your loan(s). This may be completed online at www.dl.ed.gov 

For the direct loan calculator page, click here.

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Graduate Terms and Conditions

Eligibility Parameters for Financial Aid

• Any student interested in receiving financial aid must apply each year.
• Application materials become available in January. File as early as possible. File online at www.fafsa.ed.gov
• A student must be enrolled at least half-time (six hours per term) to be eligible for federal student loans.
• Because federal loans have annual maximums, amounts borrowed for Summer Term are part of the annual allocation of the previous year.
• Financial aid can be used only for courses that are part of a degree program.

Changes in a Student's Status
To keep any form of financial aid, a student is expected to attend classes. If a student withdraws from one or more courses, financial aid is adjusted according to institutional and federal guidelines. If a student is unable to attend classes for one week or longer, the student or a family member must contact the Office of Financial Aid.

Satisfactory Academic Progress

• Failure to make satisfactory academic progress in courses can result in a loss of eligibility for financial aid.
• Students must maintain a cumulative grade-point average of 3.00.
• Students must earn 66 percent of the course credits for which they register, not including those dropped within the first week of a term.
• Continued eligibility for financial aid is evaluated on an ongoing basis.
  

If a student has failed to make satisfactory progress according to these standards, financial aid normally is denied for the next academic year. Following a one-year suspension, a student may reapply for financial aid. Withdrawal from a course, or an unresolved incomplete grade, constitutes failure to complete the course. Repeated withdrawals can lead to the loss of financial aid eligibility for a student whose GPA is 2.00 or above. Students may appeal suspension of aid decisions by writing the Director of Financial Aid within two weeks after notice of lost eligibility. Successful appeals will allow the student one additional year of aid eligibility, at which time the student's cumulative record must fully meet the requirements for satisfactory progress.

Financial Aid & Student Accounts

• Loan assistance cannot be credited to a student's account until a promissory note is signed, submitted, and accepted by the U. S. Department of Education.
• Financial aid is credited to tuition and fees.
• Financial assistance may change if a student receives funding from an outside source. It is the student's responsibility to check with the Office of Financial Aid to determine the impact of outside funds.
• Financial aid offered for a particular term applies only for that term. It cannot carry forward or backward to cover the costs of another term. (For example, funds awarded for Spring Term cannot be used to cover unpaid tuition from Fall Term.)

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