Applying for financial aid
Federal Stafford and PLUS Loans
In addition to completing the FAFSA, there are three steps that must be completed when applying for a Federal Stafford or PLUS loan:
- Select a lender
- Sign a Master Promissory Note (MPN)
- Complete the Loan Entrance Counseling
Selecting a Lender
There are many reasons why students choose to work with a particular lender, including; previous experience, other financial relationships, combined servicing with other loans, better terms or the recommendation of friends or the school. Keller works with hundreds of lenders each year and will honor a student’s request to use the lender of their choice.
Keller does provide a preferred lender list for those students unsure of whom to use. Lenders appearing on this list were selected from responses to a DeVry-issued Request for Proposals. All have demonstrated the ability to quickly and reliably deliver student loan funds. Additionally, preferred lenders were selected based on their commitment to:
- Timely and accurately deliver student loan funds (this included an assessment of prior performance)
- Develop and deliver financial literacy information and materials for Keller students,
- Provide supplemental assistance (Private Loans) to students needing additional funding to meet their educational expenses,
- Reduce the costs of student borrowing,
- Develop and deliver professional training for student finance staff.
Federal Stafford and Federal PLUS Loan Applications
To select a lender, all you have to do is notify your student finance advisor of the lender you wish to work with or provide a lender code in the award information on your financial aid award at my.devry.edu. For more information on participating lenders, visit Finaid.Org.
- (at http://finaid.org/loans/educationlenders.phtml)
Federal Stafford Loan
Federal Stafford Loan money is available to students through the Federal Family Education Loan Program (FFELP). These loans are made by lenders such as banks or credit unions or private lenders.
Federal Stafford Loans are insured by the federal government and have a variable interest rate capped at 8.25 percent. A guarantee fee of up to 1 percent and an origination fee of up to 2 percent may be deducted from the loan proceeds by the guarantor.
Note: Students who obtain a student loan of any type have a legal obligation to repay the loan. Their degree of success at Keller Graduate School of Management does not change this obligation.
Stafford Loan
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. The maximum subsidized loan for an academic year is $8,500. Students with limited eligibility or who are ineligible for the subsidized loan may borrow up to the $8,500 base amount through the Unsubsidized Stafford Loan program.
Eligibility for the unsubsidized Stafford Loan is not based on need. These additional loan monies carry the same variable interest rate as subsidized loans. However, 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. 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.
Graduate PLUS Loan
Eligibility for a Graduate PLUS Loan is not based on need. The federal government does not pay the interest during school attendance. Students have the option of paying the interest while completing their academic program or allowing it to accumulate and be added to their outstanding principle. A credit check will be done to establish credit worthiness.
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.
Loan Period
For financial aid purposes, an academic year comprises four consecutive eight-week sessions of study. A loan period matches a student's expected attendance within the scheduled academic year. One course per session is considered half-time enrollment; two or more courses per session is considered full-time.
The combined maximum subsidized and unsubsidized Stafford Loans for graduate students may not exceed $20,500 or the cost of attendance minus other aid, whichever is less, for each academic year. The maximum aggregate student loan debt for undergraduate and graduate loans from all FFELP and Direct Loans may not exceed $138,500 (subsidized and unsubsidized combined). Total subsidized loans may not exceed $65,000.* There is no aggregate maximum for Graduate PLUS Loans.
*Students may not be eligible for Stafford Loans at the graduate level if they have exceeded undergraduate loan limits. Undergraduate Stafford Loan limits may not exceed $23,000 (subsidized) and should not exceed $46,000 (combined subsidized and unsubsidized). Satisfactory repayment of the over award must be made in order to regain eligibility.
Questions?
For more information on eligibility requirements or application procedures, review the information in the Graduate Academic Catalog.
