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park universityENDOWED SCHOLARSHIPSEndowed scholarship selections are madeyear round. Applications should be made byFebruary 1. Brochures with more detailedinformation are available in the StudentFinancial Services Office at (816) 584-6290or they are listed on the website atwww.park.edu/scholarship. The applicationfor the endowed scholarships is available onthe student portal.NOTE ON FINANCIAL ASSISTANCENon-repayable gift awards (other thanemployment) are directly credited againstcharges after the Enrollment AdjustmentPeriod each semester/term if all paperwork iscompleted. For example, a valid Student AidReport (SAR) must be on file for the FederalPell Grant to be credited to an account; FederalPerkins Loans require a signed promissory noteto be credited to the student’s account. Studentemployment awards are never directly creditedagainst charges. State grants are credited to thestudent’s account when funds from the state arereceived by Park University.Financial assistance may be awarded to fulland part-time students who qualify. Reductionfrom full-time to part-time status may result ina decrease in financial assistance.INSTITUTIONAL GRANT /SCHOLARSHIP ADJUSTMENTSThe student have to be full-time to beeligible for the full grant awarded. Apro-rated amount of the grant awarded maybe given if less than full-time under specialcircumstances; and must be appealed for. Ifthe student drops below the number of hoursfor which the grant or scholarship wasawarded, the grant or scholarship will bepro-rated based on the tuition charge at thetime of withdrawal.LOANSFederal Perkins - Information on FederalPerkins Loan can be found at:studentaid.ed.govThis Aid Must Be Repaid!Federal Direct Stafford Loans - Theseare long-term, low-interest loans designed toprovide students with additional funds forcollege whether they qualify for other types offederal financial aid. All of these federal loanshave up to 10 year repayment term with aminimum monthly payment of $50.00. Pleasecheck with the Student Financial Services office83for additional information on the federal loanprograms. (FED)This Aid Must Be Repaid!UNDERGRADUATE LOAN PROGRAMSFOR DEPENDENT STUDENTSFederal Direct Stafford (subsidized):Subsidized means the interest on the loan is paidby the government while the student is in school.To be considered for eligibility the student mustbe enrolled at least half-time, complete theFAFSA to determine need, not be in default on aprevious loan or owe a refund on a federal grant.First-time borrowers must also be informed oftheir rights and responsibilities while borrowingfrom the federal loan program through anEntrance Interview. The maximum annualamount a dependent student can borrow is:• Year 1 - $3500• Year 2 - $4500• Year 3, 4, 5 - $5500Funds are not to exceed an aggregate limit of$23,000. A master promissory note must besigned. The Master Promissory Note (MPN)is a multi-year (serial) note. Once the MPN issigned, additional loans can be made withoutsigning a new promissory note. The MPN canbe revoked by the student through the followingmeans: Student must send a WRITTEN notice.The MPN expires 12 months after the note issigned, if there is no initial disbursement; and theMPN expires 10 years from the date it is signed.Interest is variable but capped at 8.2 percent,and repayment begins when the six-month graceperiod ends after the student ceases to be enrolledat least half-time. (FED)Federal Direct Stafford (unsubsidized):Unsubsidized means the student is responsiblefor the interest on the loan amount while inschool. Students can (1) pay their interest whilein school, (2) pay their interest during their sixmonth grace period, or (3) postpone interestpayment and have it added to the principle whenrepayment begins after the six-month graceperiod ends.The unsubsidized Federal Direct StaffordLoan can be offered by itself or made inconjunction with the subsidized Federal DirectStafford Loan. Dependent students are eligiblefor a maximum of $2000 in unsubsidized peracademic year, not to exceed the aggregate loanlimit of $31,000. The student must apply for thesubsidized Federal Direct Stafford Loan beforeapplying for the unsubsidized Federal DirectStafford Loan. (FED)