Felician University Alumni Grant:
For alumni who graduated from a Felician degree program, do not have an outstanding balance on their account, and have been accepted into a Felician University degree program of a higher level, the Felician University Alumni Grant is awarded at the rate of $100.00 per credit for non-discounted courses offered. To maintain ongoing eligibility for the award, a student must maintain a cumulative GPA of 3.00 in their current program. The grant cannot be applied to tuition for courses offered by off-site partnership institutions or study abroad. It also cannot be combined with cohort, ministerial or Catholic school teacher discounts for Felician University programs.
Felician University Military Grant:
Veterans and those who served in the United States Military during any conflict era and their spouse can receive this grant toward the completion of any Bachelor Completion or Associate Degree program. This grant is not applicable to any other Felician University degree programs.
Federal Direct Loan Programs:
All students applying for a loan under the Federal Direct Loan Program must file the Free Application for Federal Student Aid (FAFSA). Eligible students enrolled at least half-time may borrow money at low interest rates directly from the U.S. Department of Education to help cover the cost of their education. The Financial Aid Office will recommend a loan amount based on student’s cost of education, other financial aid received and annual and aggregate loan limits as determined by federal guidelines.
Direct Unsubsidized Loans (formerly the Stafford Loan Program)
Borrowers are not required to demonstrate financial need on the FAFSA to receive a Direct Unsubsidized Loan. Interest accrues (accumulates) on an unsubsidized loan from the time it is disbursed. Borrowers can pay the interest while in school, or the interest will accrue and be capitalized (that is, added to the principal amount of the loan). If a borrower chooses not to pay the interest, this will increase the total loan amount to repay.
Students offered a Federal Direct Loan must complete a Master Promissory Note (MPN) and participate in a loan counseling entrance interview at www.studentloans.gov. The maximum loan limits for each 12 month period of enrollment are as follows:
Graduate Students (per year) - $20,500
Information about the Direct Loan application process will be provided to students when the student is issued an award letter by the Financial Aid Office.
Borrowers are required to complete an Exit Interview when they leave the University or drop below half-time enrollment. The Financial Aid Office will send information about this process when a student is no longer attending at least half-time.
Federal Direct Grad PLUS Loans
The Federal Direct Grad PLUS loan provides a borrowing option for graduate students, based upon the borrower’s credit worthiness. A student may borrow up to their cost of attendance minus all other aid from this federally guaranteed loan program. Students must exhaust their annual Direct Loan eligibility prior to borrowing funds from the Grad PLUS Loan program.
Students applying for a Federal Direct Grad PLUS Loan must complete a credit check, Master Promissory Note (MPN) and entrance counseling online at www.studentloans.gov.
Federal Teach Grant:
TEACH (Teacher Education Assistance for University and Higher Education) Grant is a merit based Federal Title IV program designed to encourage highly qualified teachers to serve in low-income schools in high-need fields.
Teaching Obligation:
Grant recipients agree to teach for at least four years within eight years of finishing their teacher preparation program and to teach high-need students in designated schools that serve low-income students. If you do not complete the four-year teaching obligation, your grant will convert into an unsubsidized loan, which you will have to repay with interest calculated back to the date the funds were originally disbursed. The field in which you teach must be a high need field in the state where you teach in order to satisfy your service requirement.*
- According to some estimates, only 20 percent of students who participate in the TEACH Grant Program will be able to use the funds as grants, while many students will see their funds converted to loans with accumulated interest.
Alternative Loan Programs:
Several banks and lending institutions offer credit-based loans to students and families to assist with educational expenses. You may choose any lender of your choice. Additional information is available on the Felician University web site and in the Financial Aid Office.
Employment
Jobs are available to students through the Federal Work Study or Felician University Student Employment programs. Students who are offered jobs have the opportunity to work on or off campus to earn money to help pay educational expenses.
Federal Work-Study Program (FWS):
Students with financial need may earn money to pay for University expenses by working at a variety of on or off-campus jobs. The federal government finances the major portion of a student's earnings, and the University or off-campus employer finances the remainder. Work-Study provides an opportunity for students to learn professional skills while working for financial assistance. Determination of eligibility is made by the Financial Aid Office. Students interested in obtaining employment on campus should contact the Career Development Office.