Frequently Asked Questions for the School of Business
Online Graduate Students
1. Is Financial Aid available for the Online Graduate Business Degrees?
Yes. Financial aid is available in the form of federal or private loans for graduate
students, but there are no institutional scholarships or grants available for the
Online Graduate Business Degrees. Financial aid is available in the form of federal
loans—the Federal Direct Unsubsidized loan or the Federal Direct Graduate PLUS
loan. A student may also borrow through a private educational loan program of his
or her choosing. More information about private educational loans and Villanova
University’s Preferred Lender Information through ELMSelect is available at
http://www1.villanova.edu/villanova/enroll/finaid/financing/options/privateedlo
ans.html
2. What applications are required for me to be considered for financial
aid?
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To be considered for federal loan eligibility, a student must complete the
2015-2016 FAFSA at www.fafsa.ed.gov using 2014 tax information. The
Villanova University school code is 003388.
o Students will need to create a Federal Student Aid log-in to sign the
FAFSA electronically at https://fsaid.ed.gov/npas/index.htm.
o Once submitted, the school will review and determine Federal Direct
Loan eligibility.
Students will also need to complete a Graduate Student Supplemental Loan
Application found on the financial aid website at www.finaid.villanova.edu.
o On this application, students need to provide the number of credit
hours s/he plans to attempt in the academic year (including summer,
fall, and spring) as well as the amount of Direct Loan funds the
student wishes to borrow for each term. Students will also need to
sign the application before submitting to Villanova University.
3. How do I know if I am eligible for federal financial assistance?
In order to be eligible, students must meet the following criteria:
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Admitted as a matriculated student in an Online Graduate Business
Degree
Be a U.S. Citizen or Permanent Resident
Meet half-time enrollment status requirement (3 credits per
semester)
Maintain Satisfactory Academic Progress each academic year
Must not have a previous Federal Loan in a default status
4. How do I accept my financial aid award?
Once a student is admitted into the program, the student will receive access to
MyNova. Students will receive an award notification in their Villanova email account
Frequently Asked Questions for the School of Business
Online Graduate Students
with specific instructions for viewing their financial aid award in MyNova. Students
will need to print and sign the Financial Aid Reply Page and accept/decline their
offer of financial aid. The Reply Page needs to be submitted back to the Office of
Financial Assistance via email at finaid.award@villanova.edu or via fax at 610-5197599.
5. Will I have to pay back my financial aid if I withdraw from my program?
A student’s withdrawal from the program may necessitate a return of federal aid.
The return of funds will be based on the percentage of the semester completed using
the last day a student participated in an online academically-related activity. For
more information on the impact of withdrawal on tuition charges and federal aid, a
student should contact the Office of Financial Assistance. The full policy is also
available on the Office of Financial Assistance website.
6. What is a Master Promissory Note (MPN)?
The MPN is a promissory note that can be used to disburse one or more loans for
one or more academic years (up to 10 years). There are two types of MPNs in the
Federal Direct Loan Program: one for Federal Direct Unsubsidized Loans and one
for Federal Direct Graduate PLUS Loans.
7. When is payment due?
Payment for tuition and any fees is due before the first day of classes. If you will be
receiving loan funds to cover the cost of tuition, the Bursar’s Office will be notified of
your pending disbursement, which will be after the add/drop period has ended for
the first session. In order for a student to receive a Direct Loan to pay for the initial
session by the payment date deadline, a FAFSA must be submitted to the
Department of Education for processing at least one month prior to enrolling. To
ensure that students have a smooth transition to future financial aid years it is
recommended that the student submit their renewal FAFSA as soon as possible after
January 1st.
8. How much can I borrow through the Federal Direct Unsubsidized Loan?
A graduate student can borrow up to $20,500 per academic year in Federal Direct
Unsubsidized Loan if the student’s cost of attendance equals at least $20,500.
Disbursements must be in equal amounts for each semester. Students who attend in
the summer semester are eligible for a Federal Direct Loan so long as a student
enrolls in at least half-time status in the summer term.
9. What if the Federal Direct Unsubsidized Loan has not covered all of my
educational costs?
Graduate students may be eligible to borrow through the Federal Direct Graduate
PLUS Loan Program which is a viable alternative solution to private educational
Frequently Asked Questions for the School of Business
Online Graduate Students
loans. The Federal Direct Graduate PLUS Loan has a fixed interest rate and various
repayment terms. The receipt of a Federal Direct Graduate PLUS Loan is based on
the creditworthiness of the borrower. To apply, please follow the information at
http://www1.villanova.edu/villanova/enroll/finaid/financing/options/direc
tplus.html.
10. I am attending a second graduate program at another university. Can I
receive financial aid at both institutions?
No. Students can only receive financial aid at one college or university at a time.
11. Where can I find information on scholarships?
Students can explore free scholarship searches online and also look into local civic
organizations, current employer’s human resource department and any support
through one’s other memberships or associations. Villanova University does not
provide scholarships for the online graduate business programs.
12. What happens to my previous educational loans?
Educational loan deferment is based on at least half-time enrollment (half time for a
graduate student is 3 credit hours, full-time is 6 credit hours) in a degree-seeking
program. Villanova University Registrar’s Office sends a monthly report called the
Clearinghouse Report to the National Student Clearinghouse. Federal Loan
Servicers and Private Lenders access this information in order to update your
deferment status based on your enrollment.
13. What is the interest rate on the Federal Direct Unsubsidized Loan for
graduate students? What about the Federal Direct Graduate PLUS Loan?
The Federal Direct Unsubsidized Loan has an interest rate of 5.84%. The Federal
Direct Graduate PLUS Loan interest rate is 6.84%. Rates are subject to change each
July 1st. Interest begins to accrue upon disbursement.
14. What are loan origination fees?
Loan origination fees are deducted from the loan funds at the time of disbursement
and are included in the amount you will repay. For Federal Direct Unsubsidized
Loans first disbursed on or after October 1, 2015 and before October 1, 2016 there
is a loan fee of 1.068%. Federal Direct Graduate PLUS Loans first after October 1,
2015 through October 1, 2016 the fee will be 4.272%. Students need to keep these
fees in mind when borrowing for the academic year.
Frequently Asked Questions for the School of Business
Online Graduate Students
15. How soon will I receive my financial aid award after the submission of
my FAFSA and my Graduate Student Supplemental Application?
Students are reviewed for financial aid on an ongoing basis throughout the
academic year. In order to be reviewed students must have the following in place:
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Acceptance and matriculation in an Online Graduate Business
Degree
Registration for the first session and/or semester of at least 3 credit
hours
Free Application for Federal Student Aid (FAFSA)sent to Villanova
University
Signed Graduate Student Supplemental Application on file with
Villanova University
The Office of Financial Assistance will notify students of their award eligibility by
sending an email to their Villanova University email account. The email will include
instructions on how to view awards in the MyNova student portal. If there is
additional documentation needed to complete the review of financial aid, then the
award notification may be delayed. Students are able to view outstanding financial
aid requirements in the Mynova portal.
16. How often do Federal Direct Loan Funds disburse?
Federal Direct Loan funds disburse once each semester for students in the Online
Graduate Business Degrees. The disbursement date will be at the beginning of the
second week of the first session within the semester, after the add/drop period had
ended. For Summer 2015, the disbursement date is May 18th. For Fall 2015, the
disbursement date is August 31st. For Spring 2016, the disbursement date is
January 19th.
17. Why hasn’t my loan arrived yet?
A student must complete four steps for a Federal Direct Loan disbursement.
1) A student must be matriculated in a graduate degree in the Villanova School
of Business.
2) Complete Direct Loan entrance counseling at www.studentloans.gov;
3) Complete & E-Sign Master Promissory Note for the Direct
Subsidized/Unsubsidized Loan at www.studentloans.gov
4) Once the FAFSA is completed, an award eligibility notification will be sent to
the Villanova University email account. The email will include instructions
on how to view the awards through the MyNova student portal which
includes access to a “Reply Page.” Students must print the reply page and
check the appropriate box to accept or decline the loan amount. The “Reply
Page” should be sent to finaid.award@villanova.edu.
Frequently Asked Questions for the School of Business
Online Graduate Students
For a Federal Direct Graduate PLUS loan to disburse, a student must:
1) Complete a Federal Direct Graduate PLUS electronic application and credit
request at www.studentloans.gov
2) Complete & E-Sign Master Promissory Note at www.studentloans.gov
3) Complete the Villanova University Federal Direct Graduate PLUS Loan paper
application and send it to finaidloan@villanova.edu
18. Can I get more Federal Direct Loans than what I was awarded?
Students can only be awarded Federal Direct Loans up to the cost of attendance for
the program. The Federal Direct Unsubsidized Loan has an annual loan limit of
$20,500. The Federal Direct Graduate PLUS Loan can be borrowed up to a student’s
cost of attendance, minus other financial aid. If a student has a question about their
loan amount, please direct them to the Office of Financial Assistance.
19. When do I pay back my loan?
Loan repayment begins six months after a student completes the program of study
or withdraws from the program. Students will coordinate loan repayment with their
Federal Direct Loan Servicer. More information on a student’s Federal Direct Loans
can be found at the National Student Loan Data Service, www.nslds.ed.gov. Students
are able to make payments on student loans while enrolled, however it is not
required.
20. I wasn’t eligible for financial aid as an undergraduate student, should I
apply as a graduate student?
Yes. Undergraduate financial aid eligibility assesses the parents’ ability to contribute
to educational expenses. Graduate students are considered independent and
parents’ income and assets are not assessed. However, there is no need-based
Federal Direct Loan assistance for graduate students. The only federal financial aid
options are the Federal Direct Unsubsidized Loan and Federal Direct Graduate PLUS
Loan.
21. Should I report an outside scholarship, tuition discount, or tuition
reimbursement, to the financial aid office?
Outside scholarships, tuition discount and/or tuition reimbursement are to be
included as a financial aid resource. A student must report a scholarship, discount,
or tuition reimbursement, as early as possible in order to create a more accurate
financial aid package. If a scholarship, discount and/or tuition reimbursement is
reported after the initial financial aid package is sent, the original financial aid
award will be reduced to include the outside resource within the students cost of
attendance.
Frequently Asked Questions for the School of Business
Online Graduate Students
22. What benefits am I eligible for as an active duty service member or
veteran?
A student who is the dependent of a veteran or active duty service member may
qualify for governmental aid from the Armed Forces towards graduate program
costs. Students will need to visit http://gibill.va.gov/benefits/index.html.
23. I get tuition benefits from my employer, but it doesn’t cover all of my
tuition charges. Can I apply for financial aid to cover the rest?
Yes, students can apply for a Federal Direct Unsubsidized Loan as long as the total
amount of the financial aid resources doesn’t exceed the annual cost of attendance.
24. What if I decide to stop using financial aid during my program?
If at any time a student decides to cancel or reduce his/her approved loan eligibility
they will need to communicate this request to the Office of Financial Assistance via
email at finaidloan@villanova.edu.
25. Can I use financial aid to cover living expenses?
Yes a student can borrow Federal Direct Loans or private education loans to
assist with living expenses. The Office of Financial Assistance includes an
“Independent Student Living Allowance” within the cost of attendance so that
a student can borrow additional loan funds to cover these expenses. To view
the “Independent Student Living Allowance” allotment for the academic year,
please visit the MyNova student portal. The maximum Federal Direct
Unsubsidized Loan is $20,500, and so a student may need to pursue a second
loan option such as a Federal Direct Graduate PLUS Loan or private
education loan to borrow for living expenses.
26. What is the total cost of attendance? The total cost of attendance includes
both direct and indirect costs that may be included with attending an Online
Business Graduate program. The following components are included in a
cost of attendance: tuition, fees, books and supplies, loan fees, and an
Independent Student Living Allowance. To view the total cost of attendance,
please visit the MyNova student portal.