Federal Student Aid
Financial aid can come from a variety of sources, including federal loans and grants, and state loans and grants. Students taking online courses at Dominican University have the same access to federal financial aid programs that are available to on-campus students. A University Alliance program representative will be happy to help you select the finance option that best suits your needs. From deciding on the right loan, grant or scholarship, to finding and filing the appropriate forms – your program representative will help you every step of the way.
FAFSA
Dominican University participates in the Federal Perkins Loan and Federal Direct Loan programs. Eligibility for these federal loans is based on a review of the Free Application for Federal Student Aid (FAFSA). The FAFSA is also used by most states and schools to award non-federal student financial aid. Take advantage of this opportunity by determining your eligibility today!
Federal Perkins Loans
The Federal Perkins Loan Program provides low-interest loans to students who demonstrate need. The maximum annual loan amount is $6,000 for graduate students, and these loans must be repaid.
Federal Direct Loans
Federal Direct Loans are one of the lowest-cost ways to fund your education and offer a long-term solution for your academic financial needs. Graduate students must be enrolled at least half-time to be eligible for federal loans. Direct Loans may be subsidized or unsubsidized, depending on a student’s financial needs. With subsidized Direct Loans, students won't be charged interest until they begin repayment of the loan or during authorized periods of deferment. While unsubsidized Direct Loans begin charging interest from the day the loan is disbursed.
Graduate students who qualify for an interest-subsidized Federal Direct Loan are eligible for up to an annual limit of $8,500, while the annual limit for an unsubsidized loan is up to $12,000. Therefore, Federal Direct Loans for graduate students are limited to a maximum of $20,500 per year in any combination of subsidized and unsubsidized loans.
Teacher Education Assistance for College and Higher Education (TEACH) Grant Program
The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides up to $4,000 per year in grants for graduate and undergraduate students who intend to teach full-time in high-need subject areas for at least four years at schools that serve students from low-income families. For 2011-2012, Dominican University will only have graduate students eligible to participate. For more information about the TEACH Grant Program and eligibility requirements for Dominican University students, visit the TEACH Grant website or contact a program representative.
Additional Resources
The Student Guide: Financial Aid from the U.S. Department of Education.
The National Association of Student Financial Aid Administrators (NASFAA) sponsors FinAid, the Financial Aid Information Page, at http://www.finaid.org. The FinAid page is the most comprehensive free resource for student financial aid information on the internet. Features on the FinAid page include access to four databases of private sector scholarships, fellowships, grants and loans that you may search free of charge, several financial aid calculators, including those on loan repayment and estimated financial contribution, and a savings plan designer.
Veterans
Troops to Teachers is a Nation-wide program that helps transitioning service men and women consider a second career in teaching. Please see http://www.ILTROOPS.org for more information.
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