Catalog 73 - National University

Financial AidGrantLoanUndergraduateGraduateCRED - 1CERT - 2Need-BasedFinancial Aid Programs 2009-2010ApplicationDeadlineDate FundingBegins• • • • • •SUBSIDIZED FEDERAL STAFFORD STUDENT LOAN is a loan program to assiststudents with educational expenses. The undergraduate interest rate is capped at8.25% and is adjusted July 1 of each year. The 2009-2010 rate is 6.8%. Staffordrecipients are not required to make payments or pay the interest during full-timeattendance or the first six months after the student’s last date of attendance.Loan Amount: For each academic year, a dependent student may borrow:• up to $3,500 as a first year undergraduate• up to $4,500 as a second year undergraduate• up to $5,500 as a third, fourth, or fifth year undergraduate• up to $8,500 as a graduateDependent students may receive both an unsubsidized and subsidized Staffordup to the amounts listed above.Applications: FAFSA, IAFFA, Loan ApplicationThree monthsprior to thestudent’s lastcourse of theacademic yearBased on eachstudent’sindividualcourseschedule• • • • •UNSUBSIDIZED FEDERAL STAFFORD LOAN is a program available to students whomay not qualify for a subsidized Stafford Loan or for students who may qualify foronly a partial subsidized Stafford Loan. This loan has a variable interest ratecapped at 8.25% adjusted July 1 of each year. The terms and conditions are thesame as the subsidized Stafford Loan, except that the borrower is responsible forthe interest that accrues while the student is in school and during the grace period.Loan Amount: Students may receive both subsidized and unsubsidized StaffordLoans totaling up to the applicable Stafford limit (based on grade level).Applications: FAFSA, IAFFA, Loan ApplicationLoan Amount: For each academic year, an independent student may borrow:• up to $9,500 as a first year undergraduate• (at least $6,000 of this amount must be in unsubsidized Stafford)• up to $10,500 as a second year undergraduate• (at least $6,000 of this amount must be in unsubsidized Stafford)• up to $12,500 as a third, fourth, or fifth year undergraduate• (at least $7,000 of this amount must be in unsubsidized Stafford)• up to $12,500 for a credential(at least $7,000 of this amount must be in unsubsidized Stafford)• up to $20,500 as a graduate(at least $12,000 of this amount must be in unsubsidized Stafford)Note: Students enrolled in an academic year requiring lessthan 36 units will be subject to a pro-rated loan.Three monthsprior to thestudent’s lastcourse of theacademic yearBased on eachstudent’sindividualcoursescheduleAggregate Stafford Loan LimitsDependent Undergraduate: $ 31,000Independent Undergraduate: $ 57,500Graduate: $138,500($65,500 in subsidized Stafford and $73,000 in unsubsidized Stafford)Note: The graduate debt limit includes any Stafford Loans received as an undergraduate.Fees:• Loan Origination Fee: A loan origination fee of up to 1% of the loanprincipal is deducted proportionately from each loan disbursement.• Insurance Premium: An insurance premium of up to 1% of the loanprincipal, called the Federal Default fee, may also be deductedproportionately from each loan disbursement.TEACH GRANT PROGRAM was created by Congress through the College CostReduction Act of 2007. The Teacher Education Assistance for College and HigherEducation Grant Program (TEACH) provides grants of up to $4,000 per year tostudents who intend to teach in a public or private elementary or secondary schoolthat serves students from low-income families.http://studentaid.ed.gov/PORTALSWebApp/students/english/TEACH.jspAward Range: $100 to $4,000Applications: FAFSA, IAFFAJune 30, 2010July 200940