How will I pay for my education? Financial Aid Guide FA_FinancialAidGuide_2011_US_V6.indd 6 2/28/11 3:10 PM Using Federal Financial Aid Federal financial aid is determined by a number of factors 1. Financial Need: Financial Need is based on the following formula: Cost of Education (Direct and Indirect Costs) – Expected Family Contribution (EFC) = Financial Need Direct Costs: Tuition, fees, books and supplies. Indirect Costs: Transportation, personal expenses, and room and board. EFC: Expected Family Contribution is determined by a federally defined formula using information you provide on your Free Application for Federal Student Aid (FAFSA). To best determine your eligibility, it is important that you inform DeVry Student Finance of recent changes to your family’s financial situation (loss of job or income, change in marital status, death of a family member, etc.) in writing with as much detail as possible. 2. Eligibility for Federal Programs: In order to qualify for federal financial assistance, you must: • Enroll as a degree-seeking student. • Not be in default on a federal educational loan. • Be a U.S. citizen or an eligible noncitizen. • Not owe a refund on a federal educational grant. • Demonstrate financial need. •Register with Selective Service (if you are a male born on or after January 1, 1960, over 18 years of age and not currently in the armed forces). • Make satisfactory academic progress. 3. Dependency Status: The federal government has established how dependency status is determined for federal financial aid purposes. If a student is considered a dependent, his or her parents’ income and asset information must be included on the FAFSA. This information will be used in addition to the student’s income and asset information to determine the Expected Family Contribution (EFC). The following questions will determine if you are an independent or dependent student. Yes | No Were you born before January 1, 1988? As of today, are you married? At the beginning of the 2011-2012 school year, will you be working on a master’s or doctorate program? Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training? Are you a veteran of the U.S. Armed Forces? Do you have children who will receive more than half of their support from you between July 1, 2011 and June 30, 2012? Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2012? When you were age 13 or older, were both your parents deceased, were you in foster care or were you a dependent/ward of the court? As of today, are you an emancipated minor or in legal guardianship as determined by a court in your state of legal residence? At any time on or after July 1, 2010, were you an unaccompanied youth who was homeless or at risk of being homeless? If you answered YES to ANY of these questions, you are independent and do not need to include your parents’ financial information. If you answered NO to ALL of these questions, you are dependent and must include your parents’ financial information, too. Need more help? Feel free to contact your local Student Finance Professional. FA_FinancialAidGuide_2011_US_V6.indd 1 2/28/11 3:10 PM Types of Financial Assistance – G Grants and Scholarships Grants and scholarships are aid provided by DeVry, federal or state governments, or other outside sources that DOES NOT need to be repaid. There are criteria you must meet in order to qualify, depending on the aid program. Federal Supplemental Educational Opportunity Grants (SEOG): Federal Pell Grants: Grants for undergraduate students (who have not earned a prior bachelor’s degree) range from $400 to $5,550 for the academic year. The actual amount of the grant is based on the cost of the education, number of hours enrolled and the Federal Pell Grant regulations. Grants for undergraduate students (who have not earned a prior bachelor’s degree) who show exceptional need; SEOG grants range up to $500 per semester for those who qualify. The federal government provides the school with a limited pool of money. When the funds are exhausted, no more funds are awarded for the year. State-Funded Programs: Many states have grant and scholarship programs that provide funding to students who demonstrate financial need or have successfully achieved certain academic qualifications. Recipients are typically required to: • attend a location within the state of legal residence, and • provide proof of residency. DeVry currently participates in state-funded programs in the following states: Arizona Florida Minnesota California Georgia Nevada Colorado Illinois New Jersey New York Oklahoma Pennsylvania Rhode Island Vermont Go to finance.devry.edu/devry/aid-US/state-aid/index.action for program details. DeVry Scholarships and Grants: Outside Scholarships: DeVry offers scholarships and grants each year for students who meet specified criteria. For scholarship and grant consideration, students are encouraged to apply for admission as soon as possible. Many outside scholarships are available from various sources. For more information on outside scholarships, visit DeVry’s website at: devry.edu/financial-aid-tuition/scholarships/outside-scholarships.jsp Please refer to DeVry’s website under the Financial Aid section for more information. Did you know? DeVry University is committed to helping you find the money to earn your degree and start your career. DeVry offers more than $29 million in scholarships annually. This funding doesn’t need to be repaid. Scholarships are limited, so apply early to be considered. Additional Resources: Federal Work–Study (FWS): Employer Tuition Assistance: Veterans and Military Benefits: Provides part-time work for students on or off campus. Wages are paid directly to the student through a combination of federal and institutional or agency funds. A number of students receive tuition reimbursement from their employers. For students whose companies finance their education, a direct billing arrangement between the employer and DeVry may be possible. Many students are eligible for GI Bill benefits and/or tuition assistance based on their prior or current military service. Active-duty military students may be eligible for tuition assistance through their branch of service or stationed base. DeVry will invoice the appropriate agency or base on a semester basis. For more information, contact your Student Finance Office. FA_FinancialAidGuide_2011_US_V6.indd 2 2/28/11 3:10 PM – Grants, Scholarships and Loans Loans Loans are aid that must be repaid once you have graduated or stopped attending school. Qualification may be based on need, and in some cases, a credit check may be required. Federal Stafford Loans: Low-interest loans that offer in-school deferment provided the student is enrolled in at least six credit hours per semester. Loan amounts are based on the number of credit hours earned toward your DeVry degree. Eligibility for a subsidized Stafford Loan is based on need. Independent Students: Eligible for a maximum combined Stafford Loan (subsidized and unsubsidized) in the amount of: Maximum/Semester Maximum/Academic Year Freshman: $4,750 $9,500 Sophomore: $5,250 $10,500 Junior and Senior: $6,250 $12,500 Dependent Students: Eligible for a maximum combined Stafford Loan (subsidized and unsubsidized) in the amount of: Maximum/Semester Maximum/Academic Year Freshman: $2,750 $5,500 Sophomore: $3,250 $6,500 Junior and Senior: $3,750 $7,500 • Interest rates are fixed at 3.4% for subsidized loans and 6.8% for unsubsidized loans disbursed after July 1, 2011. • Once you graduate, leave school or enroll for less than six credit hours per semester, you will have a six-month grace period before repayment begins. Federal Perkins Loans: Federal Parent PLUS Loans: Low-interest subsidized loans awarded to students who demonstrate exceptional need. •Up to $500 per semester. •5% fixed interest rate. •Once you graduate, leave school or enroll for less than six credit hours per semester, you will have a nine-month grace period before repayment begins. Unsubsidized loans specifically for the parents of dependent students. •Interest rate is fixed at 7.9% for loans disbursed after July 1, 2006. •Parent may borrow up to a maximum of the student’s unmet costs (cost minus aid per academic year). •A credit check on the parent will establish creditworthiness. •Repayment begins 60 days after the loan is fully disbursed, but payments can be deferred. Private Loans: Loans provided by outside resources. •Private education loans through lenders offer competitive interest rates and borrower benefits, including deferment options. Visit DeVry’s Student Finance website at finance.devry.edu for more information. • Home equity or retirement fund loans. • Private loans through banks and credit unions. DeVry Loans: Low-interest financing program with extended repayment terms. •12% fixed interest rate. •Loan funds may be used for direct costs (tuition, fees, books and DeVry housing programs). •Continued funding available as long as you make your monthly payments. •Repayment begins immediately with a minimum monthly payment of $100 due while in school. •Up to 5 years to repay your loan after graduating or leaving school. • To be considered for the DeVry Loan, you must have exhausted all other lending options. The parent borrower must be: •One of the student’s biological parents, •One of the student’s adoptive parents, or •The stepparent whose information was included on the student’s FAFSA. A DeVry education is an investment that will pay off for years to come. Over 80% of DeVry students take out some sort of loan to finance their education. Definitions: Subsidized Loan: The government pays interest on the loan while the student is in school. Once the student graduates, leaves school or enrolls for less than six credit hours per semester, the borrower will have a grace period and then must assume responsibility for paying interest on the loan. Unsubsidized Loan: The borrower is responsible for paying interest on the loan once the loan is disbursed to the student’s account. Deferred Loan Payments: A period of time when the borrower is not required to make principal payments provided they meet certain conditions. NOTE: If you obtain a loan, you are legally obligated to repay the loan. Your academic success does not affect this obligation. Borrowers typically have up to 10 years to repay the loan. Check with specific lenders for details. FA_FinancialAidGuide_2011_US_V6.indd 3 2/28/11 3:10 PM DeVry University’s philosophy is that no student should be denied an education because of financial need. We’ll help you develop a personalized financial plan so you can reach your educational The time, effort and financial resources you contribute to your education are among the most important investments you will ever make. and career goals. Please read this handy guide first, and at any time, you may contact a helpful DeVry Student Finance Professional for assistance. Get started by completing the Student Financial Checklist. We also ask that you complete the enclosed Free Application for Federal Student Aid (FAFSA) Worksheet. This prep work will start you on the path to a DeVry education with your very own financial plan. Your personalized financial plan may consist of: • Student self-help • Family assistance • Outside financial assistance DeVry participates in most financial assistance programs. Students may apply, qualify and accept assistance from various programs including: • Federal and state grants • Scholarships • Work study programs Over 85 % • Federal, state and private loans • Veterans and military benefits • Employer tuition assistance of DeVry students use some form of financial assistance to help cover the cost of their education. FA_FinancialAidGuide_2011_US_V6.indd 4 2/28/11 3:10 PM Nondiscrimination Policy DeVry is an educational institution that admits academically qualified students without regard to gender, age, race, national origin, sexual orientation, political affiliation or belief, religion or disability and affords students all rights, privileges, programs, employment services and opportunities generally available. U.S. Department of Education The Help Line: 800.4.FED.AID (800.433.3243) DeVry complies with Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990 and does not discriminate on the basis of disability. Student Loan Ombudsman: 877.557.2575 fsahelp.ed.gov Additional information about this policy or about assistance to accommodate individual needs is available from: finance.devry.edu General Counsel DeVry Inc. 3005 Highland Parkway Downers Grove, IL 60515 DeVry is a signatory to the New York Attorney General’s Code of Conduct insuring all students will have fair and equal access to student loans. In New York, DeVry University operates as DeVry College of New York. Financial aid is available to those who qualify. DeVry is certified to operate by the State Council of Higher Education for Virginia. AC0060 DeVry University is authorized for operation by the THEC, www.state.tn.us/ thec. Nashville Campus: 3343 Perimeter Hill Dr., Nashville, TN 37211. ©2011 DeVry Educational Development Corp. All rights reserved. 02-700739 1/11 125M FA_FinancialAidGuide_2011_US_V6.indd 5 2/28/11 3:10 PM