Program Information

Commonly Asked Financial Aid Questions

Q. What is financial aid?
A. Financial aid is money to help you and your family cover educational expenses. It is intended to supplement - not replace - the amount you and your family can afford to pay.

Q. Where do I get financial aid information and forms?
A. Doctoral Students should complete the financial aid application at http://www.fafsa.ed.gov/.

Q. What types of loans are there for doctoral students?
A. There are generally two types of loans offered for graduate/doctoral students: Subsidized Stafford Loans and Unsubsidized Stafford Loans (the latter does not require eligibility).

Q. What's the difference between the kinds of loans?
A. The Subsidized Stafford Loan is a long-term, low-interest loan. "Subsidized" means the interest on the loan is paid by the government while the student is in school. The principle must be repaid by the student. The Unsubsidized Stafford Loan is made for independent undergraduate and graduate students. "Unsubsidized" means the student is responsible for the interest on the loan while in school; however, payment can be postponed and repaid with principal upon graduation or withdrawal.

Q. What are the interest rates for these loans?
A. For subsidized and unsubsidized loans, borrowers who receive disbursements on or after July 01, 2001 will have an annual variable rate capped at 8.25%. (The current interest rate while students are in school changes, please contact the Financial Aid Office for rate). These rates may vary.

Q. How long does it take to get a loan?
A. It takes approximately 8 - 10 weeks, provided there are no unforeseen problems. Keep in mind that a student must first be fully admitted to the program of his/her choice to receive an award.

Q. How much money will I get?
A. Funds are awarded on the basis of financial need, academic performance and/or available funding at the time a student completes the financial aid application process. The amount of funds ranges from $100 to $18,500 for an academic year.

Q. When do I get my award, and will I get the full yearly award all at once?
A. The methods of distributing financial aid vary from school to school. ULV generally distributes the money in two equal shares at the beginning of each semester.

Q. How long do I have to repay my loan?
A. You start repayment after you complete coursework, or when you are dropped, withdrawn or attend school less than half time. You have ten years to repay the entire loan after completion of your education.

Q. What if I apply for the loan, start classes, but then don't get the loan?
A. Then you are responsible for tuition. Remember that financial aid is a supplement - not the source - for financing a student's education.

Q. What if my loan package is not approved right away - do I have to pay up front?
A. When registering, tell us that you are applying for financial aid and have started the process. You will then be asked to pay 20% down with the remaining 80% paid by loan. Any special considerations should be discussed with Geri Geissler.

Q. What if I don't want a loan, just a flexible payment plan - does ULV have options?
A. Yes! We have a Level Pay Plan whereby each year's prevailing tuition is paid on a twelve- month basis (the year's total tuition is divided by the number of months). We also offer a prepayment option whereby the student pays for the full 54 units at the beginning of the program. If this option is selected, the student avoids any tuition increases that my come about in the second and third years of the program.

Q. When I fill out loan paperwork, am I automatically considered for scholarships, too?
A. Basically, yes....each student must fill out a Free Application for Federal Student Aid (FAFSA). Then, after considering the expected family contribution, eligibility for grants is decided. Because ULV is a private institution, we do not have access to outside scholarships; however, a student can go to any public library and request to look at scholarship books. The student applies directly to those organizations.

Q. How long do I have to repay each semester's tuition?
A. You must repay the tuition by the end of the semester.

Q. Who do I need to speak with if my company reimburses me? Will I have to pay anything up front, and what paperwork will I need?
A. Set an appointment with Geri Geissler and bring a letter on company letterhead stating how they will pay your tuition. The student must make a 20% down payment.

Q. What if I have VA (Veteran's) Benefits? What paperwork do I need and do I have to pay anything out of pocket?
A. When registering, tell us that you have VA benefits. We will send you the appropriate paperwork to fill out. The student must make a 20% down payment.

Q. What if I fall behind in my repayment?
A. Failure to repay your loan will lead to default. As a result, your credit rating will be damaged for seven years; the entire unpaid amount of the loan will become due immediately; tax refunds may be withheld; wages may be garnished; you may become ineligible for additional aid; and your payment schedules and deferments may be adversely affected.

NOTE: If you are applying for financial aid, you must be granted admission status into the program before you will receive any monies, therefore; please send in any outstanding admission materials as soon as possible. The deadline to receive financial aid is one month after the last orientation of the semester.