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Financial Aid
Direct Federal Unsubsidized Loans - To be eligible for a Direct Federal Unsubsidized Loan, students must be enrolled half-time (at least three graduate credits for graduate students and at least three doctoral credits for doctoral students), be accepted in a degree or teacher certificate program, and be a U.S. citizen or national or permanent resident of the United States. Also, students must be making satisfactory academic progress to be considered for a Direct Federal Unsubsidized Loan.
Students may borrow up to $20,500** per academic year (depending on their costs) in the Direct Federal Unsubsidized Loan Program. (The aggregate borrowing limit for Direct Federal Loans is $138,500, which includes Direct Federal Loans received for undergraduate study.) Direct Federal Unsubsidized Loans are not based on financial need and accrue interest while the borrower is attending school. The principal payments are deferred, but the student either pays the interest or allows it to accrue through capitalization. The interest rate is fixed at 4.3%. Federal regulations require that the loan be disbursed in two equal installments less a 1.057% origination fee (see Various Financial Aid Policies for information on the timing of disbursements). Repayment of the loan begins six months after the student ceases to be enrolled half-time (fewer than three graduate credits for graduate students and fewer than three doctoral credits for doctoral students).
** Due to federal regulations, students enrolled in teacher certification programs who are seeking certification only (i.e., are not candidates for a master’s degree) are considered fifth-year undergraduates for financial aid purposes and may borrow up to $12,500 per academic year between the Direct Federal Subsidized and Direct Federal Unsubsidized
Loans, with a maximum of $5,500 from the Direct Federal Subsidized Loan, depending on financial need and costs.
Direct Federal Graduate PLUS Loan – This loan is a non-need based federal loan designed to assist graduate students in financing their education above their Direct Federal Unsubsidized Loan eligibility, up to their cost of attendance. Students must be enrolled half-time (at least three graduate credits for graduate students and at least three doctoral credits for doctoral students), be accepted in a degree program (not a teaching certification only), and be a U.S. citizen or national or permanent resident of the United States. Also, students must be making satisfactory academic progress to be considered for a Direct Federal Graduate PLUS Loan.
Depending on credit worthiness, the student can borrow up to the cost of attendance minus other financial aid, including Direct Federal Unsubsidized Loans. The interest rate is fixed at 5.3% and begins accruing on the date of the first disbursement. A 4.228% origination fee is deducted from the loan before it is disbursed. Repayment can begin either 60 days after the loan is fully disbursed or deferred until six months after the student graduates or drops to less than half-time (fewer than three graduate credits for graduate students and fewer than three doctoral credits for doctoral students).
Students who currently are in default on a federally funded loan or owe a refund on a federally funded grant received for attendance at any institution will not receive or be certified for a Direct Federal Unsubsidized Loan or Direct Federal Graduate PLUS Loan unless they can provide proof that they have rectified the aforementioned default or have made satisfactory arrangements for repayment through the federal loan rehabilitation program.
Application Procedures - To apply for a Direct Federal Unsubsidized Loan or Direct Federal Graduate PLUS Loan, students should visit Holy Family’s website, www.holyfamily.edu/finaid/forms. Students need to complete the Free Application for Federal Student Aid (FAFSA), as well as the Direct Federal Loan Master Promissory Note (MPN), which both have links on the “forms” page. Also, students need to download, print, complete and submit to Holy Family’s Financial Aid Office the Summer Financial Aid Application if applying for a loan for summer sessions. Students that wish to apply for a Direct Federal Graduate PLUS Loan need to also go to studentaid.gov, select “Apply for Aid” to apply for the Direct Federal Graduate PLUS Loan and select “Complete Aid Process” to complete the Direct Federal Graduate PLUS Loan Master Promissory Note (MPN). After all forms are submitted, students may be asked (by Holy Family University, the federal processor, or loan agencies) to supply additional information. It is important to respond to all requests promptly to avoid delays in processing financial aid.
Various Financial Aid Policies
1. Students must reapply for their loan by completing the FAFSA each academic year. 2. Students who borrow Direct Federal Unsubsidized or Direct Federal Graduate PLUS
Loans are required to have entrance loan counseling prior to borrowing and exit loan counseling prior to graduation. This is normally done at studentaid.gov. Also at studentaid.gov, students must complete the Annual Student Loan Acknowledgment each year a federal student loan is borrowed. 3. Federal regulations require students to report to the Financial Aid Office any changes of enrollment or housing status or any changes in their financial situation (including receipt of gifts or outside scholarships and/or tuition reimbursement for expenses related to attending Holy Family). 4. Graduate students can only receive financial aid for graduate credits since undergraduate credits are not degree requirements. 5. Federal regulations do not allow repeated courses when evaluating eligibility for federal aid, except for failed courses and one repeat of a passed course. Students repeating a course that will not be counted for aid eligibility must make sure that they are registered for enough additional credits (without counting the repeated course) to be enrolled at least half-time (at least three graduate credits for graduate students and at least three doctoral credits for doctoral students). 6. Financial Aid is disbursed in two equal installments (fall/spring) and is not disbursed to accounts until after the add/drop period of each semester. Students enrolled in modular sessions (sessions shorter than 15 weeks, i.e. 6 week and/or 8 week sessions), will not have their aid disbursed to accounts until after the add/drop period of the last session of each semester.
Students receiving financial aid are required by federal regulation to be making Satisfactory Academic Progress in order to continue to receive aid while enrolled at Holy Family University.
Federal regulations require that an institution establish, publish, and apply reasonable standards for measuring whether a student, who is otherwise eligible for aid, is maintaining satisfactory academic progress in their course of study. The standards must be the same or stricter than the institution’s standards for a student enrolled in the same academic program who is not receiving financial aid. For the purpose of satisfactory academic progress,
financial aid includes all federal, state, and Holy Family University funded scholar-
ships, grants, discounts, work, and loans. Listed below is the complete statement of Minimum Standards for Satisfactory Academic Progress for financial aid. Please refer to our web site for the most up to date version of this policy (www.holyfamily.edu/finaid).
• Students are expected to complete their program of study (degree) in the number of semesters indicated in the catalog. Transfer students and students changing programs are placed in an appropriate semester on the basis of credits transferred.
Such students are expected to complete their degree according to the remaining semesters in their program plus one additional semester to allow for scheduling difficulties. • The maximum timeframe for completing degree requirements is three years for
School of Graduate and Professional Studies master’s degree candidates, and seven years for all other master’s degree and doctoral program candidates. Transfer credits earned at other institutions that are applicable to the student’s program of study will be considered in determining the student’s maximum time frame for program completion.
Students must make quantitative progress (pace of completion) and qualitative progress (minimum cumulative grade point average) toward their educational goals each academic year to receive aid. The academic year consists of the summer sessions and two regular semesters (Fall and Spring).
Quantitative Standards
To be eligible for continued receipt of financial aid, students must satisfactorily complete at least 75% of all courses attempted.
Qualitative Standards
To be eligible for continued receipt of financial aid, students must achieve a cumulative grade point average (GPA) of at least 3.0.
Academic Progress measurement includes all semesters and is usually measured at the end of the Spring semester. Students beginning their program in the Spring semester will be evaluated based on their academic performance during their first Spring semester and at the end of each subsequent Spring semester. Also, the satisfactory progress standards are cumulative and will include all semesters of the student’s enrollment, even those for which the student did not receive financial aid.
Failures and withdrawals are courses attempted, not completed. Incompletes are not counted toward credits completed until after the course work is successfully completed and posted by the Office of the Registrar. Repeat courses will be evaluated for satisfactory academic progress as outlined in the academic policy section of the University Catalogs.
When Minimum Standards of Academic Progress are NOT Achieved
Students who fail to meet these requirements will be notified in writing by the Financial Aid Office after information on academic progress is available at the end of the academic year (typically May). Students who fail to meet these requirements will not be considered for financial aid until all requirements have been met. Under no circumstances will financial aid be awarded retroactively to the semester(s) in which the requirements were not met. Students who fail to meet these requirements have the opportunity to make up the hours and grade point requirements needed during the Summer sessions (at their own expense). Once the Summer course work is posted by the Office of the Registrar, the student will be considered for financial aid for the next semester if the requirements are met. It is the student’s responsibility to ensure the grades and credits completed have been properly posted with the Office of the Registrar and to notify the Financial Aid Office once this has occurred.
The student may also submit a completed Financial Aid Appeal of Unsatisfactory Academic Progress form, available at our web site www.holyfamily.edu/finaid/forms. The appeal must include the following: • The events that occurred within the past academic year that prevented the minimum requirements from being met. It should specify mitigating circumstances such as extended illness, death in the family, or other extraordinary extenuating circumstances. The Financial Aid Office may request additional documentation to support the appeal. • What has changed in their situation that will allow them to make Satisfactory Academic Progress at the next evaluation. This should include an explanation of what actions will be taken to ensure the requirements are met the following year.
Approval or disapproval of this appeal will be made by the Financial Aid Appeals Committee. The student will be notified in writing of the committee’s decision. If the appeal is denied, the student will remain ineligible for financial aid until the minimum requirements are met. If the appeal is approved, the student will be placed on Financial Aid Probation for one semester. The student may also be required to complete an Academic Plan if it is determined it is not possible for the student to meet the minimum requirements after just one semester’s coursework. At the end of the probationary semester it will be determined