2"How College Shapes Lives: Understanding the Issues." The College Board, 2013, visited July 10, 2014, at http://trends.collegeboard.org/education_pays, p.6. Education Pays 2013: The Benefits of Higher Education for Individuals and Society. The College Board, 2013, visited July 10, 2014, at http://trends.collegeboard.org/education_pays, p. 19.
How is financial need determined?
When you complete the Free Application for Federal Student Aid (FAFSA), the federal government sends your FAFSA information to the DeVry University Student Finance Office. Our student finance professionals use this information to assess your need based on a federally defined methodology.
What is included in a financial award?
Your personalized financial plan may consist of several types of aid such as grants, loans, scholarships, or self-help aid.
When do I need to complete the financial aid process?
Students should apply for financial aid as soon as possible each year. The FAFSA is available on January 1.
How do I apply for a DeVry University scholarship?
Once you are admitted to DeVry University, you may work with your admissions advisor to apply for scholarships. Your Student Finance professional will help determine which scholarship(s) you are eligible for and submit the paperwork for you.
How will my financial aid change if I receive a scholarship or grant?
We encourage you to investigate all possibilities for assistance, including DeVry University scholarships, outside scholarships from corporations and private organizations and state-funded programs. If you receive such awards, your award may be revised to reduce or remove your loans.
What if I don't qualify for need-based aid?
Students who do not receive need-based financial aid awards are still eligible to apply for certain other loans, payment plans, and parent loans. These are all made available to help families fit tuition payments into their budgets more easily. To learn more about loan options, click here.
What if my personal or financial information changes after I complete the financial aid process?
Federal regulations allow aid administrators to consider extenuating circumstances when calculating aid eligibility, especially if your situation changes during the application process. If you or your family experiences any of the following, please contact your Student Finance Professional and submit an appeal to your DeVry University Student Finance Office.
How do I obtain more information about education tax credits?
You may be eligible for credit that could save you money at tax time. To learn about education tax credits and other tax information for students please visit www.irs.gov.
How much loan money can I borrow?
The academic year amounts of your Federal Direct Subsidized and/or Unsubsidized Loans are determined by several factors such as your grade level and financial need. Your Student Finance professional can provide detailed information based on your individual situation.
Do I have to accept all of the loans funds I am offered?
You can reduce the amount of your loan(s) or refuse them entirely and still keep the other portions of your financial aid package. We will offer an initial award to assist with paying for tuition and related expenses that the student is eligible for and you are encouraged to only borrow what you need. A student finance professional will work with you so that you can determine what makes sense in your unique situation.
What is the interest rate on a student loan?
Please visit http://studentaid.ed.gov/types/loans/interest-rates for the most up to date interest rate information.
What is the difference between subsidized and unsubsidized loans?
Federal Direct Unsubsidized loans are available to eligible undergraduate and graduate students. Federal Direct Subsidized loans are available only to eligible undergraduate students. The main differences between the two loans are 1) Subsidized loan eligibility is based on financial need, whereas an unsubsidized loan is not, 2) The government pays the interest on subsidized loans while the student is enrolled in school at least half-time, and 3) Subsidized loans are available only to eligible undergraduate students.
How often do I need to complete the Master Promissory Note (MPN)?
The Master Promissory Note (MPN) is good for ten (10) years in most cases.
When can I expect my credit balance?
Disbursements occur between weeks two through five of each session. Credit balances will be mailed within 14 days from the date of the resulting credit balance on your student account. If you are eligible for a credit balance and have not received your check within 14 days of your credit balance notification, please contact us at that time.
What happens to my financial aid if I withdraw?
Federal Return of Funds Policy
According to federal regulations, a federal refund calculation must be performed if a student financial aid withdraws completely from all classes after the start of the enrollment period. Length of enrollment is equal to the number of calendar days, including weekends and holidays, in the periods in which the student was registered. However, breaks of five days or more are excluded. The withdrawal date is the date the student begins the official withdrawal process – electronically, in writing, in person or by telephone, whichever is earliest – or otherwise officially notifies the institution of his/her intent to withdraw. For a student who withdraws without notification, the school may use either the last date of academic attendance or the midpoint of the enrollment period as the withdrawal date. Failure to notify the Financial Aid Office of a withdrawal may result in additional tuition liability. Return of funds is calculated as follows:
Return of funds occurs in the following order:
Tuition refunds are calculated independently from financial aid award (or return) calculations. Official course withdrawal requests must be submitted to the appropriate academic administrator or an online student services advisor either in person or in writing. Review the Academic catalog for complete information regarding withdrawal policies.
If you withdraw from any course before Week 5, your tuition may be reduced in accordance with DeVry University policies. If such a reduction occurs, the amount of adjustment will be returned to your lender as an early repayment of funds. Also, under U.S. Department of Education policy, the amount of expenses to which you are entitled may be prorated if you withdraw from a class. This amount will be calculated from software provided by the U.S. Department of Education; and any amount adjusted will be returned to your lender and charged back to your DeVry University account. Thus, you may have already have received a refund check and an adjustment will be made to your account resulting in a balance. You will be required either to pay that balance before you are allowed to register for your next class or, in some instances, arrangements may be made to pay the balance with funds from your next loan disbursement.
When funds are returned to the lender, it is assumed that a student is no longer attending class and is not returning, so future disbursements are canceled. For that reason, if you drop a class and plan to attend class the following term you should submit a request to the DeVry University Student Finance Office at http://help.devry.edu to have your loan reinstated.
What happens to my loan if I need to take a semester off?
When a student is unable to attend a term, future disbursements are canceled. You must submit a request to have your loan reinstated to the DeVry University Student Finance Office at http://help.devry.edu.
1Greenstone and Looney (2011) of the Brookings Institution's Hamilton Project, cited in "Education Pays 2013: The Benefits of Higher Education for Individuals and Society," The College Board, 2013, visited July 10, 2014, at http://trends.collegeboard.org/education_pays, p. 8