Financial Aid Announcements
USA Funds Scholarship Finalists Selected
Congratulations to Ashley Martin, Master of Arts Online, for being named a recipient of the 2008-09 USA Funds Access to Education Scholarship! Ashley is one of 2,135 first-time recipients of the USA Funds scholarship for the 2008-09 academic year. Information about the 2009 USA Funds scholarship program will be posted on their web site beginning October 1, 2008. For more information visit https://www.usafunds.org
Student Aid Changes Effective July 1, 2008
(1) The maximum Pell Grant for the 2008-09 school years will grow to $4,731, an increase of more than $400 over the previous year's maximum Pell Grant. Pell Grants, which do not have to be repaid, are awarded by the federal government to eligible undergraduate students based on financial need.
(2) Undergraduate students qualifying for subsidized Stafford loans will pay a lower interest rate for new loans taken during the 2008-09 school year. Interest rates will fall from 6.8% to 6.0% offering savings for students once they graduate and enter repayment. Subsidized Stafford loans are awarded to students with financial need and interest is not charged while students are in school.
(3) Undergraduate students can borrow an additional $2,000 in unsubsidized Stafford loans each award year. Unsubsidized Stafford loans are awarded regardless of financial need and students are responsible for the interest that accrues while they are in school. Click here for more information.
(4) Graduate students and parents facing financial challenges may find it easier to qualify for a federal PLUS loan. Borrowers may be up to 180 days late on payments on their primary mortgage or medical bills and still qualify for a GradPLUS or Parent PLUS loan. Previously no bill could be more than 90 days past due to meet the federal credit requirements.
(5) Parents may opt to postpone beginning making payments on new PLUS loans until six months after their son or daughter graduates from college or drops below half-time attendance. In the past parents were required to begin payments while the student was still in school. If parents choose this new option to postpone payments, they can either make interest payments while their son or daughter is in school, or have the accruing interest added to the principal balance each quarter.
It's Time to File Your 2008-2009 FAFSA
If you will be enrolled at Union Institute & University during the upcoming 2008-09 academic year (July 1, 2008 – June 30, 2009), it’s time to file your 2008-09 Free Application for Federal Student Aid or FAFSA! Remember, the federal school code number for Union Institute & University is 010923.
Click here for great information from fastweb.com regarding common errors on the FAFSA!
For more information and to file your 2008-09 FAFSA online from the Union Institute & University Web site, click here.
Public Service Loan Forgiveness
The College Cost Reduction and Access Act of 2007 established a new public service loan forgiveness program. This program discharges any remaining debt after 10 years of full-time employment in public service. The borrower must have made 120 payments as part of the Direct Loan program in order to obtain this benefit. Only payments made on or after October 1, 2007 count toward the required 120 monthly payments. Borrowers may consolidate into Direct Lending in order to qualify for this loan forgiveness program starting July 1, 2008.
For more information or to obtain a Direct Consolidation loan go to http://loanconsolidation.ed.gov/ or call the US Department of Education at 1-800-557-7392 (TDD 1-800-557-7395).