Stratford University participates in several Federal Financial Aid programs, including:
All Title IV financial aid funds received by the institution will be credited to the student's account (excluding Federal Work-Study) with the exception of requirements set forth in Section 682.604 of current federal regulations.
Subsidized and unsubsidized loans are federal student loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. The U.S. Department of Education offers eligible students at participating schools Direct Subsidized Loans and Direct Unsubsidized Loans.
Interest rates for Federal Direct Student Loans are fixed but are adjusted on an annual basis. For more information about the current interest rates of Federal Direct Student Loans, please visit https://studentaid.ed.gov/types/loans/interest-rates#what-are-the-interest-rates-of-federal-student-loans
In addition, most federal student loans have loan fees that are a percentage of the total loan amount. The loan fee is deducted proportionately from each loan disbursement you receive. This means the money you receive will be less than the amount you actually borrow. You're responsible for repaying the entire amount you borrowed and not just the amount you received. For more information on the current loan fee percentage for Federal Direct Student Loans, please visit: https://studentaid.ed.gov/types/loans/interest-rates#are-there-any-other-fees-for-federal-student-aid
Federal Direct Student Loans have two categories: subsidized and unsubsidized.
If you are considered a Dependent student for Federal Financial Aid purposes, and enrolled in an undergraduate degree program, your Stafford Loan (including both Subsidized and Unsubsidized portions) may be as high as:
If you are considered an Independent student for Federal Financial Aid purposes, and enrolled in an undergraduate degree program, your Stafford Loan (including both subsidized and unsubsidized portions) may be as high as:
If you are a graduate student, your Direct Unsubsidized Loans may be as high as:
Federal PLUS Loans are available to parents of dependent undergraduate students who are enrolled at least half-time. The PLUS Loan is also available to graduate and professional degree students. Financial need is not a requirement. PLUS Loans are unsubsidized: the borrower is responsible for interest that accrues during the life of the loan. Borrowers can request a loan for up to the full cost of attendance minus any other financial aid.
When a student takes on a student loan he/she has certain rights and responsibilities
The borrower has the right to receive the following information before the first loan disbursement:
The borrower has the right to receive the following information before leaving school:
The borrower has a responsibility to:
The Department of Education requires that any students receiving Federal Direct loans be notified concerning their loans. The University counsels each student regarding loan indebtedness and gives each student an entrance test and mails an exit interview regarding the loan to make sure the student understands the amount borrowed and the student's rights and responsibilities regarding repayment. The student must report to the Student Accounts Office prior to withdrawal or graduation for loan counseling. The purpose of this session is to inform the student of their tentative total loans received while in attendance at the University, refunds that may be made, and to provide the student with an estimated payment schedule. If the student is unable to meet with the Student Finance Office, an exit interview will be mailed. Students are also informed of the option to conduct entrance and exit interviews online at NSLDS Student portal. Student must login using their personal identifiable information and FASFA PIN. Click here for access to the NSLDS Student portal.
Federal Pell Grants, unlike a loan, does not have to be repaid. Pell Grants can be awarded to undergraduate students who have not earned a bachelor's or a professional degree. Pell Grants are considered a foundation of Federal financial aid, to which aid from other Federal and nonfederal sources might be added. The maximum Pell Grant award is determined each year through the Federal budgeting process. For the current maximum Pell Grant amount please visit this link https://studentaid.ed.gov/types/grants-scholarships/pell. The amount you will receive, however, will depend not only on your financial need, but also on your costs to attend school, your status as a full-time or part-time student, and your plans to attend school for a full academic year or less.
The Federal Supplemental Educational Opportunity Grants (SEOG) can provide additional grant money. You must be an undergraduate student enrolled at least half time to be eligible. The award is administered by the Student Financial Services office and is part of your overall aid package. The specific amount is based on your financial need, funding availability, and the amount of aid you are already receiving. Priority is given to students already receiving a Federal Pell Grant.
The Federal Work-Study program provides part-time employment to students who need the earnings to offset the cost of their education. Students may work on or off campus for a qualified public, private or community service organization. Application for the Federal Work Study program may be made through the Student Accounts office and eligibility is based on financial need and the availability of funds. The University will attempt to place students in jobs related to their program of study, and work schedules will be arranged according to class schedules.