How and when to apply
Student Loans
- How much loan money can I borrow?
- What is the difference between subsidized and unsubsidized loans?
- What is the interest rate on a student loan?
- Where can I get lender information?
- How often do I need to complete the Master Promissory Note?
- What do I do with my Master Promissory Note?
- How do I check to see if I have Financial Aid for a certain term?
- When can I expect my refund check?
Status Changes
- What happens to my loan if I withdraw from a class?
- What happens to my loan if I skip a term?
- What happens to my loan if I take a class for free (PASS Option)?
- What if my status changes from part-time to full-time and I need more money?
- Am I full time or part time?
- How do I defer prior student loans?
- How do I contact the Graduate Student Finance Services Office?
What needs to be done to apply for financial aid?
You must be degree seeking.
- Complete the 07/08 FAFSA at http://www.fafsa.ed.gov/. Be sure to have your 2006 Federal tax returns handy, and the school code for KGSM, which is G20754. Your signature is required on the FAFSA application. You have two options to sign the FAFSA: 1. Electronic signature with your Personal Identification Number (PIN) or 2. Print, sign, date and mail the signature page to the address provided on the form within 14 days.
- Complete the Keller Information and Authorization Form.
- If you plan on borrowing loans to finance your education, it pays to choose the DeVry University Stafford loan, sponsored by Keller Graduate School of Management. Working with Wachovia Education Finance, we offer our students a complete range of student loan resources and great ways to save on repayment.
In order to borrow loans in the Federal Stafford Loan Program, you will need to complete and sign a Master Promissory Note (MPN). Use the link below to electronically sign your MPN with DeVry University as your lender. http://educationloans.wachovia.com/schools/kellerlender/ - If you are a first time loan borrower, you must complete an Entrance Loan Counseling Session at www.mapping-your-future.org (be sure to choose IL as the state in Step 1).
- Submit your official academic transcripts to your center.
If any other documentation is required, you will receive an email or letter indicating the outstanding documents. Once all the requirements have been met, your loan will be certified and sent to your lender. Finally, an award letter indicating your total funding will be mailed.
For more information, review our Financial Aid Check List.
How much loan money can I borrow?
The maximum subsidized Stafford Loan for a scheduled academic year is $8,500. Students with limited eligibility or who are ineligible for the subsidized Stafford Loan may borrow up to the $8,500 base amount through the unsubsidized Stafford Loan program.
Students may borrow up to an additional $12,000, but the amount borrowed may not exceed the cost of attendance minus other aid per academic year.
Through the Federal Graduate PLUS Loan, students may borrow up to their cost of attendance minus any other aid per academic year. Repayment begins 60 days after the loan is fully disbursed, however students are eligible for an in-school deferment.
What is the difference between subsidized and unsubsidized loans?
Eligibility for the subsidized Stafford Loan is based on need. The government pays the interest on these loans while students are in school at least half time and during the six-month grace period before repayment begins.
Eligibility for the unsubsidized Stafford Loan is not based on need. The federal government does not pay the interest during school attendance or during the six-month grace period. Students may pay the interest while they are completing their program or allow it to accumulate and be added to the outstanding principle, thereby increasing the amount to be repaid.
What is the interest rate on a student loan?
Federal Stafford Loans certified after July 1, 2006 have a fixed interest rate of 6.9 percent. Graduate PLUS Loans have fixed interest rate of 7.9 or 8.5 percent.
Where can I get lender information?
Students with existing Federal Family Education Loan Program (FFELP) loans should continue to use their current lender, unless interested in changing lenders. Students with existing William D. Ford Federal Direct Loans should contact the Direct Loan Service (1-800-848-0979), or the FFELP lender of choice for information on consolidation of FFELP and Direct Loans.
How often do I need to complete the Master Promissory Note?
The Master Promissory Note MPN is good for ten (10) years as long as you stay with the same lender.
What do I do with my Master Promissory Note?
Complete it and return it to your lender.
How do I check to see if I have Financial Aid for a certain term?
If you are using one of our preferred lenders, the easiest way to see how much you have coming for any particular term is via the internet at http://www.elmresources.com/.
When can I expect my refund check?
ELM Resources shows the amount of the loan, scheduled disbursement amounts, and scheduled disbursement dates. Once the disbursement shows disbursed, it takes 3-5 days for Keller to receive the funds. If due a refund, the refund will be mailed within 14 days from the date Keller received the disbursement.
Please DO NOT call the Student Finance office during weeks one through four of the term to find out if your check has been mailed. We process loan funds as quickly as possible during this time, and answering calls of this nature only slows down the process. If ELM Resources shows that your funds were disbursed, then it is only a matter of a few days until they are credited to your account and a check is mailed if you have a refund due. If you have not received a check by Week 5, please contact us at that time.
What happens to my loan if I withdraw from a class?
If you withdraw from any course before Week 5, your tuition may be reduced in accordance with the Catalog policies. (See graduate catalog.) 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; any amount adjusted will be returned to your lender and charged back to your Keller 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.
Please keep in mind that you need to make incremental progress toward your degree. Too many withdrawals will result in you losing eligibility for financial aid until you are again making proper progress. Exact details are included in the graduate catalog. You should confer with your center dean before withdrawing from any class.
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 have your loan reinstated to the Graduated Student Finance Services at http://help.keller.edu.
What happens to my loan if I skip a term?
When a student skips a term it is assumed that they will not be returning, so future disbursements are canceled. You must submit a request to have your loan reinstated to the Graduate Student Finance Services at http://help.keller.edu.
What happens to my loan if I take a class for free (PASS Option)?
Your loan eligibility will be recalculated based upon your cost of attendance. Funds will be returned to the lender if the new calculation reduces the amount of your eligibility.
What if my status changes from part-time to full-time and I need more money?
If you need to request additional funds due to enrollment status change ( half time to full time ), you must submit the request to the Graduate Student Finance Services at help.keller.edu . The annual loan limit is $20,500, or your budget limit, whichever is less.
Am I full time or part time?
One course per term is considered half-time enrollment; two or more courses per term is considered full-time.
How do I defer prior student loans?
Deferments are processed by the registrar's office.
Keller Graduate Student Finance Office
Contact us with your financial aid questions. If we don't know the answer, we'll find out for you.
Keller Graduate School of Management
Keller Graduate Student Finance Services
One Tower Lane
Oakbrook Terrace, IL 60181-4624
help.keller.edu
630/572-0022 fax
866/553-3879 phone
