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    Kaplan University Graduate

    Here you will find some answers to commonly asked questions about financial aid. Should you have any additional questions please contact the Financial Aid Office at 866.458.2008 (Toll Free).

  • Educational Expense Loan Application

    Notice to Students
    As of November 16, 2012, you will no longer need to submit an Educational Expense Loan Application to receive excess funds. If you are receiving federal financial aid to pay for your education related costs you will automatically be eligible for the maximum aid for which you qualify. In some cases, depending on your particular financial situation, you may be automatically eligible for aid above the direct cost of your education (tuition, fees and other related charges).

    You should be cautious only to request the amount you need and not to over borrow. Over borrowing will result in increased debt and increased loan payments.  

    This may result in you borrowing federal student loans above the direct cost (tuition, fees, and other related charges) of your education at the University. If you elect to receive that amount, when we apply your financial aid to your student account, we will refund any credit balance in the manner you have authorized on the Credit Balance Statement. Upon disbursement, any federal student loans returned to you can be used to repay other educational costs, or you may elect to repay part of your loans early. It will be your responsibility to repay these loans according to their terms and conditions on your promissory note. For more information regarding loan fees, loan limits, and repayment, please click here.

    If you wish to decline, cancel, or reduce the amount of your loans awarded, you must notify the Financial Aid Office by sending an email to fastudentsupport@kaplan.edu. At the time your student loans are disbursed, you will receive a notification from us when your loan funds are posted to your student account. You will also be provided an opportunity at that time to decline, cancel, or reduce your loan amount.

  • Where can I obtain an Educational Expense Loan Application?

    As of November 16, 2012, the EEL application will no longer be available for downloading or printing.

    How do I request additional funding?

    Students wishing to request additional funding should contact the Financial Aid Office by calling 1.866.458.2008 (non-military students) or 1.877.855.8648 (military students).

    What if I send in an Educational Expense Loan Application after November 16, 2012?

    In such cases, the Financial Aid Office will continue to accept and process these forms; however Kaplan will discontinue issuing them.

    How do I decline any excess funding to ensure I only receive Title IV funds to cover tuition and fees?

    Students wishing to decline additional funding must submit an email to fastudentsupport@kaplan.edu (non-military students) or Militaryfinance@kaplan.edu (military students).

    How long will my request to increase or decrease my Title IV awards be valid?

    Requests are valid for the current academic year only. New requests will need to be made for any future academic years or loan periods.

    How long will it take for me to receive the Title IV credit on my account?

    This will be dependent on your selection on the Credit Balance Statement. Students who authorize Kaplan to retain Federal Title IV funds will receive any remaining excess funds at the completion of the academic year or loan period.
     

    What is the process to update my Credit Balance Statement?

    To cancel or modify any information on the Credit Balance Statement, students should contact the Financial Aid Office by calling 1.866.458.2008 (non-military students) or 1.877.855.8648 (military students) to request the scheduling of a new Credit Balance Statement.

    Will my current financial aid package be revised?

    Students whose Financial Aid package was completed prior to November 16, 2012, will have their packaging remain the same. If any adjustments are needed the Financial Aid Office will adjust all Federal Title IV funds scheduled to reflect the maximum eligible amount up to the Cost of Attendance.

    Where can I locate information regarding Title IV loan amounts and loan limits?

    Information regarding loan amounts and loan limits can be found on the U.S. Department of Education Federal Student Aid page.

  • Federal Stafford Loan Questions

    See below for frequently asked questions about federal Stafford loans.

  • What are federal Stafford loans?
    PFS - FATV: Stafford Loans

    Federal Stafford loans are fixed-rate educational loans sponsored by the federal government. Two types of federal Stafford loans are available to undergraduate students: subsidized and unsubsidized.  As of July 1, 2012, graduate students are only eligible for unsubsidized Stafford loans.

    What is the difference between subsidized and unsubsidized federal Stafford loans?
    PFS-FATV-Stafford-Subsidized.jpg

    Subsidized loans: the U.S. Department of Education pays the interest while you are enrolled at least half-time in an institution of higher education.

    Unsubsidized loans: You are responsible for paying all interest that accrues after disbursement. You have the option of capitalizing the interest while in school and deferment periods or repaying the interest while in school on a quarterly basis.

    What fees are associated with federal Stafford loans?

    Federal Stafford loan lenders carry a net origination fee. The fees apply to both subsidized and unsubsidized loans. This means you will not be receiving checks for the full loan amount. Stafford loans carry a 1 percent fee and PLUS loans carry a 4 percent fee.

    How much can I borrow from the federal Stafford loan program?

    The amount you may borrow is determined by several factors:

    • Grade level and year in school (undergraduate or graduate/first year, second year, etc.)
    • Classification: dependent or independent student 
    • Cost of attendance
    • Other financial aid received 
    Note: The expected family contribution (EFC) does not affect the federal Stafford loan amount a student may borrow; however, it may affect the classification of subsidized and unsubsidized loans.

    Annual Stafford Loan Limits

     DependentIndependent
    First-Year Student  $5,500$9,500
    Second-Year Student  $6,500$10,500
    Third- and Fourth-Year Student  $7,500$12,500
    Graduate/Professional  n/a$20,500

    Lifetime Stafford Loan Limits

     Subsidized Combined
    Dependent Undergraduate  $23,000$31,000
    Independent Undergraduate  $23,000$57,500
    Graduate/Professional  $65,500$138,500

    Note: dependent undergraduate students whose legal guardians do not qualify for a Parent PLUS Loan may qualify for the same maximum amounts as independent students. 

    What is the difference between a dependent and independent student?

    An independent student must meet one or more of the following criteria:

    • Be enrolled in a graduate or professional degree program
    • Be at least 24 years old by December 31 of award year
    • Be married
    • Have a legal dependent(s) other than a spouse
    • Be a veteran of the U.S. Armed Forces or currently in active duty
    • Be an orphan (because parents are deceased) or ward of the court, or a ward or dependent of the court until the age of 18
    • Have documented unusual circumstances and have been determined to be “independent” by the University’s Financial Aid Administrator

    If you do not meet one or more of the criteria above, then you are considered a dependent student.

    How can I track how much money I have borrowed and how much I have to pay back?

    You are able to track your total federal Stafford loan indebtedness from all schools attended at www.nslds.ed.gov. Students are able to access details about each loan, including lender information. Please note you will need to have your U.S. Department of Education PIN.

    When does repayment begin for federal Stafford loans?

    You have a 6-month grace period from the day you graduate, withdraw, or drop below half-time enrollment status.

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