Federal & State Financial Aid

In order to be considered for these loans, you need to fill out a current FAFSA on the web

• Eligible U.S. citizens and permanent residents may qualify for up to $20,500 each year from the Stafford Loan programs.

• Students who have completed their coursework but are registered for Doctoral Studies or Continuous Registration still qualify for Federal Stafford Loans.

• These loans are made by various lending institutions and are insured by the federal government.

• There are two types of loans available, subsidized and unsubsidized (see below for clarification).

• An average origination fee of 1.5% is deducted from the loan proceeds prior to disbursement, which means that if you are offered $20,500 in Federal Stafford Loans, you will net $20,192 (usually to be split between two semesters, depending on enrollment).

• The interest rate for unsubsidized loans is currently a fixed rate of 6.8%. There is no interest on the subsidized loan until you go into repayment and then the interest rate is the same as the unsubsidized loan.

• Repayment begins six months after the borrower graduates, leaves school, or drops to less than half-time enrollment (under 4 units).

• First-time Stafford loan borrowers are required to show evidence of completing a loan counseling session before their funds will be disbursed.  You may satisfy this requirement by completeing the on-line Entrance Counseling questionaire at Complete your Graduate Entrance Counseling.

Subsidized Loans

The subsidized Federal Stafford Loan is for students who demonstrate financial need. The federal government subsidizes (pays) the interest until repayment begins. The federal limit is $8,500 per academic year.

Unsubsidized - (currently 6.8% fixed interest)

The unsubsidized Federal Stafford Loan is the portion of the Federal Stafford Loan for which the student does not show need. It may be all or part of the Federal Stafford Loan up to the annual and aggregate loan limits. Eligibility for the subsidized portion must be determined prior to the unsubsidized portion, and the student is responsible for the interest on the unsubsidized portion, which begins to accrue at the time of disbursement. The student may or may not elect to defer this interest while in school at least half-time. A student who is eligible for a reduced amount on the subsidized Stafford loan may receive the balance through the unsubsidized Stafford loan. The combination of the subsidized and the unsubsidized may not exceed the annual and aggregate loan limits on the Federal Stafford Loan program. The federal limit per academic year is $12,000. 

Federal Grad PLUS is a credit based loan that allows students the opportunity to borrow up to their cost of attendance, minus any financial aid received. The loan has an origination fee of 3%, which is assesed by the lender and is deducted from the original loan amount prior to the funds being released to the school to credit a student's account. The current interest rate fro a Grad PLUS loan is 8.5% fixed rate * please note: you must be enrolled in at least four degree-seeking units OR doctoral studies/continuous registration in order to apply for any type of Federal funding and have completed a current FAFSA.

LOAN Assumption Program for Teacher Education Students 
If you are a teacher serving in a low-income or subject-matter shortage area, it might be possible to cancel or defer your Federal Stafford and/or Perkins loans.  
http://studentaid.ed.gov/PORTALSWebApp/students/english/teachercancel.jsp?tab=repaying

Federal Work Study program is designed to provide assistance to students in meeting their educational costs while enrolled at CGU by providing employment opportunities both on and off-campus. Hourly pay rates vary depending upon the individual employer and type of work performed. Receiving a work-study award does not guarantee employment. Awarded students are eligible to interview for available positions. Current listings of open positions are posted in the Office of Student Financing. Priority for the 2009-2010 academic year is given to those students who meet the financial aid priority deadline of March 2, 2009.