Academic

year on the unpaid balance of the loan. Repayment may
be made on a monthly, quarterly, semiannual or annual
basis beginning nine months after the borrow er ceases
to be a full-time student. The length of the repayment
period varies according to the total amount borrowed,
but it may not exceed ten years.
Federal Direct Stafford Loan
Federal Stafford Loans are obtained though the United
States Department of Education. Eligibility is limited to
U.S. citizens and per manent residents who are enrolled
in coursework that satisfies degree requirements and
engaged at least in half-time study. Current regulations
permits borrowing up to $3,500 as a freshman, $4,500
for sophomores and $5,500 for juniors and seniors. An
additional $2,000.00 unsubsidized loan is available to
all eligible students. A dependent undergraduate may
borrow a maximum of $23,000 in Stafford subsidized
loans. In all cases, all accruing interest is paid to the
lender by the government until the borrower begins
repaying the loan. Repayment is deferred until six
months after the borrower has graduated, with drawn
from study, or entered less than half-time enrollment.
The interest rate changes every July 1, and there may
be an origination fee of 3% deducted from the gross
loan amount. The length of the repay ment period
varies according to the total amount borrowed.
Federal Direct Unsubsidized Stafford Loan
Federal Unsubsidized Stafford Loans are for
independent student borrowers. Dependent
borrowers whose parents are denied the PLUS loan
are also eligible to borrow this loan. Current regulation
permits unsubsidized borrowers up to $4,000 per year
as freshman and sophomores and $5,000 as juniors and
seniors. Unlike the subsidized loan, interest accrues
while the student is in school.
Please note that the aggregated limit is $57,500 (of
which no more than $23,000 can be subsidized).The
unsubsidized amount is in addition to the Subsidized
Stafford Loan and unlike the subsidized loan; interest
is accruing on the loan, while the student is in school.
Federal Direct PLUS Loan (Parent Loan)
Plus Loans are for parents (and stepparents) who
want to borrow to help pay funds for their child’s
educational expenses. Current regulations allow PLUS
borrowers to borrow up to the cost of the education
for each dependent child enrolled at least half-time in
an eligible institution, minus any aid already awarded.
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Student Employment
The primary purpose of the Federal Work Study
Program is to stimulate and promote the part-time
employment of students. In order to qualify, students
must demonstrate financial need. During the summer
or other vacation periods, full-time employment is
sometimes possible. The basic pay rate is usually the
existing federal minimum hourly wage. Those stu dents
who meet the March 1 deadline and show a high need
are given first priority. Students are placed in jobs both
on and off campus.
Satisfactory Academic Progress to Maintain
Financial Aid Eligibility
Satisfactory Academic Progress (SAP) for financial
aid is defined as passing a required number of hours
and achieving a required grade point average during
any semester or academic year. The minimum
progress standards will be reviewed once at the end
of every semester. All semesters attended including
all credits accepted and transferred to Dillard must
be considered in making a satisfactory progress
determination without regard to whether or not
the student received aid in a given semester. Also,
Academic Progress through Academic Affairs and
Financial Aid SAP are independent and separate from
others. See the Office of Academic Affairs for the
policy on Academic Probation.
There are three components to the University’s SAP
policy:
Component 1: Qualitative Standard
Each student must meet the cumulative grade point
average to remain eligible for federal aid
Attempted Hours
Required GPA
First-Year Students 0 through 29 1.50
Sophomores 30 through 60 1.75
Juniors & Seniors 61 and above 2.00
Component 2: Quantitative Standard
Each student must successfully pass a minimum of 70%
of their credit hours attempted during the preceding
fall and spring semesters at the University (rounded
to the next highest number). Drops, Withdrawals,
Incompletes, repeated and non-credit remedial
coursework will be counted toward the hours
attempted. Transfer credits are also used in determining
compliance with the University’s SAP policy. Transfer