2012-2013 SNU Graduate Academic Catalog - Southern Nazarene ...

30 FINANCIAL INFORMATIONTUITION/FEESEach of the graduate programs have different tuition and fee structures. Please contact the graduateprogram offices listed on p. 17 of this catalog for information about costs.FINANCIAL ASSISTANCEFinancial Assistance is all federal and state assistance. Financial Assistance is specifically used to helpstudents with the costs of college education. Federal financial aid is provided for eligible studentsthrough federally funded programs. Although federal financial aid is not designed to cover the entirecost, applying for federal aid can be the first step in meeting educational expenses.Assistance from the graduate financial assistance office (Royce Brown building, 2nd floor) is availablebetween the hours of 8:00 a.m. and 6:00 p.m. (Central Time) Monday through Thursday, and 8:00 a.m.and 4:00 p.m. on Friday, by phone at 405/491-6685, or by e-mail at GradStudiesFA@snu.edu.Subsidized Stafford LoanA Subsidized Stafford Loan is a federal loan that must be repaid. For new borrowers, the interest rate isvariable (not to exceed 8.25%) and is reviewed and determined by July 1 each year. Eligibility isdetermined by the results of the FAFSA, but application for the loan is made through a separate lendinginstitution. Interest does not accrue and repayment does not begin until six months after the student hascompleted the program or has withdrawn from the University. Prior to disbursement, the lenderwithholds approximately 3% from the loan amount to cover loan origination and insurance fees. Fordetails on the maximum annual loan limits, contact the Professional Studies Financial Assistance officeat 405/491-6685 or 405-717-6204.Unsubsidized Stafford LoanIf the student is not eligible for a Subsidized Stafford Loan, as determined by the results of the FAFSA, anUnsubsidized Stafford Loan can be an alternative. Unsubsidized means that interest will accrue whilethe student is in school. The student can choose to pay the interest while in school or defer the interestand have it added to the principal balance. As with the subsidized loan, repayment on the principal doesnot begin until six months after the student has completed the program, or withdrawn from theUniversity. The interest rate is variable (not to exceed 8.25%) and is reviewed and determined by July 1each year. Eligibility is determined by the results of the FAFSA, but application for the loan is madethrough a separate lending institution. Prior to disbursement, the lender withholds approximately 3%from the loan amount to cover loan origination and insurance fees. For details on the maximum annualloan limits, contact the Professional Studies Financial Assistance office at 405/491-6685.Payment PlansPayment Plans are available through the SNU Graduate Studies Business Office, phone 405/491-6685,e-mail GradStudiesFA@snu.edu.