Federal Financial Aid
Frontier Nursing University students are eligible to apply for the Federal Stafford Unsubsidized Loans. Students must submit a Free Application for Federal Student Aid (FAFSA www.fafsa.ed.gov/ ) in order to be considered for the federal funds. Loan amounts vary, but majority of students are eligible for the maximum of $20,500 per award year.
To help you plan your loan repayment and future finances see a sample loan payment calculator at www.kheaa.com.
Federal Unsubsidized Stafford Loan
The Federal Unsubsidized Stafford Loan is not a need-based loan. The current interest rate for new loans made to graduate students is 5.41%. Students are responsible for the interest from the day the loan is disbursed. Although students may request that the interest on the Federal Unsubsidized Stafford Loan be deferred while attending school and during the six-month grace period, FNU strongly recommends students make interest payments. Students will find their monthly payments greatly reduced if interest payments are made while in school. Principal and interest payments on this loan must be made beginning six months after the student ceases enrollment at FNU.
Financial Aid Disbursements
Financial aid disbursements are generally requested from Direct Loans after the add/drop period of each term. Students must be meeting Satisfactory Academic Progress (SAP) in order to be considered eligible for federal student loans. Students who are not meeting SAP may be placed on financial aid Warning and possibly Probation losing eligibility to receive federal funds. Please refer to the SAP policy for full details.
Federal funds are received by FNU via electronic funds transfer. Funds are applied to student accounts approximately two to three days after receipt of funds. Once these funds are on the student’s account, tuition and fees are paid, any eligible residuals are processed. Residuals will be processed and sent to students within 10 business days of receipt of the funds.
Financial Aid during an Academic Hiatus (AH)
Students who are approved for an Academic Hiatus (AH) may have to begin making their student loan payments while on AH. Students should refer to the AH Policy for further information about financial aid during an AH.
Financial Aid Refund Policy
This policy applies to those students who receive loans from the Direct Loan Program as administered by the U.S. Department of Education.
Students who receive federal loans from the U.S. Department of Education and withdraw from the program may have to refund a portion of their student loans. Students who withdraw on or before the 60 percent of completion of the term for which they are enrolled will generally owe a refund. Refunds are calculated according to Title IV Refunds as prescribed by the U.S. Department of Education. Money is refunded based on those regulations. Please see the catalog for further description of refund of tuition percentages and contact the Director of Financial Aid for further explanation if needed
Note: If the student has made additional tuition payments past the term the student was working on at the time of the withdrawal, those tuition payments past that term will be refunded in full. The tuition payment corresponding to the term the student was working on at the time of withdrawal will be refunded according to the U.S. Department of Education Federal refund policy. No portion of a tuition payment corresponding to a quarter a student has already completed at the time of withdrawal will be refunded. For example: A student withdraws while in the second term of the two-year period, but has made three full tuition payments. This student will have the third tuition payment refunded in full and may have all, or a portion of, the second tuition payment refunded according to the U.S. Department of Education Federal refund policy. No portion of the first tuition payment will be refunded.
What can I use my federal student loan money for?
FNU encourages students to borrowing wisely. In the event a student borrows in excess of direct charges such as tuition and fees, and receives a residual/stipend, the overage may only be used for educational expense such as *room/board, books, educational supplies educational equipment, dependent child care expenses, transportation and rental or purchase of a personal computer.
*Room/board refers to lodging, utilities, and food provided for a fee.
My student loan debt and repayment options
FNU encourages students to borrow wisely. It is recommended for students to review their federal financial aid information via the National Student Loan Data System (NSLDS) on a regular basis at www.nslds.ed.gov. This site provides all federal student aid received at any college or university. It also lists outstanding principal and interest balances owed on any federal student loan. You may also view the contact information of your lender/servicer.
To review the various repayment options and repayment calculators access http://studentaid.ed.gov/repay-loans/understand/plans