Types of Financial Aid, Eligibility Requirements
The Academy provides access to several low-interest financial aid programs and Work-Study, a program that allows FA students to work and go to school at the same time. Federal Direct Loans (Stafford Loans) can be utilized by degree-seeking students who qualify. Alternative loans are also available for students who meet credit criteria.
General Eligibility Requirements
Eligibility for ACCHS SFA programs (other than unsubsidized loans) is based on financial need. to have the financial need determined, a student must complete and file the FAFSA. Additionally, to be eligible for SFA program funds, a student must:
- Have a high school diploma or GED or receive a passing score on an independently administered examination provided by the Department
- Enroll as a regular student in an eligible degree or certificate program
- Be a U.S. citizen or eligible non-citizen
- Have a valid Social Security Number (SSN)
- Make satisfactory academic progress
- Sign statements on FAFSA regarding educational purpose and overpayments and defaults.
A student must enroll at least half time to be eligible for Direct Loans Program at ACCHS. For more information on eligibility requirements, refer to the the current ED info.
Federal Direct Student Loans
The US Department of Education provides the funding to ACCHS, and the Office of Student Financial Aid (OSFA) makes subsidized* and unsubsidized loans directly to you. Your loan checks typically will be disbursed along with your other financial aid.
Description of the FDSL Program. The FDSL program has two components. The Subsidized Loan* is available to students who have financial aid eligibility or financial need. The interest is paid by the government until the student graduates or is no longer enrolled at least half-time in an institutional program recognized by the U.S. Secretary of Education.
Subsidized Loan – interest is paid the by government while you’re in school.
Unsubsidized Loan – is available to students who have limited or no financial aid eligibility or who need to borrow an additional amount of loan. The interest on an unsubsidized loan, though deferred must be paid by you while you are in school, and during any grace or in-school deferment periods.
Enrollment Requirements: You must enroll in at least half-time units to receive a FDSL loan. Graduate students at ACCHS must enroll in at least 6 units.
* Due to the 2011 Budget Act, the Department of Education has discontinued subsidized loans for graduate programs. Graduate program financial aid students will be able to borrow up to the maximum in student loans ($20,500); however, the student aid awarded to graduate program students will be comprised of unsubsubdized loans only.
Applying for a FDSL
You automatically applied for the FDSL program when you applied for financial aid using the FAFSA. The OSFA will award you the maximum in FDSL program funds based on your financial aid eligibility, other awarded aid, and the type of loan you choose.
You may borrow up to the maximum amount for which you are eligible, depending on your year in school, your dependency status, the other aid you have accepted, and the annual loan limits established for the Stafford program. Currently, the maximum amount that can be awarded to you as a combination of subsidized and unsubsidized loans is $20,500.
Unsubsidized FDSL for Dependent Students: If a dependent student’s parents are denied a PLUS loan, the student may be eligible for an unsubsidized FDSL. Interested students should speak with a financial aid advisor.
Federal Grad PLUS Loans
Congress grants graduate students access to the Federal Grad PLUS Loan for loans certified after 7/1/2006.
The Federal Grad PLUS Loan offers an affordable, accessible way for graduate students to cover the full cost of education after the borrower has reached the annual or cumulative maximum on Federal Stafford Loans.
- The Federal PLUS Loan provides these terms and benefits:
- Fixed interest rate of 7.4%
- 4% origination fee
- Students may apply on line without a co-signer with streamlined credit requirements (e.g. no derogatory credit)
- A qualified co-signer may be provided if applicant is rejected based on credit.
- These credit requirements are less restrictive than for alternative, privately funded students loans
- Ability to finance the entire cost of a graduate or professional education, less any other aid awarded by the school or received from other sources.
- Option to defer payments while in school.
- No prepayment penalty
- Possible tax deductibility of interest (consult a tax advisor or the IRS)
- May be included in Federal Loan Consolidation
- Lenders may offer borrower benefits.
- We strongly suggest you borrow Federal PLUS Loan and Federal Stafford Loan from the same lender
Interest Rates (Current Interest Rate = 6.80% fixed on all Direct Loans)
Interest Rates For all Stafford loans: If the interest rate is variable, even if you have previously borrowed a Federal Stafford Loan at a different interest rate, the interest rate is dependent upon the yearly 91-day Treasury bill, plus 3.1 percent with a cap of 8.25 percent. Your interest rate on the variable rate Direct or Stafford loan may rise or fall depending on the 91-day Treasury Bill. If your interest rate is fixed, the interest rate is dependent on the 91-day Treasury bill, plus 3.1 percent. However, your interest rate will not fluctuate over time. The rate will remain the same as the day that you first originated the loan.
Origination and Insurance Fees: FDSL loans have origination and insurance fees totaling 1 percent that will be deducted from the loan amount before disbursement.
The Academy allows students to work on campus and earn compensation through the Federal Campus-Based, Work-Study Program. Students may apply for the Work-Study Program at the time they submit the FAFSA. For detailed information regarding positions and payment, go to the Work-Study page.