Types of Available Aid

The types of Federal Student Aid available are dependent on three primary factors: Student’s program of study, enrollment status, and financial need. In addition, students must maintain satisfactory academic progress. The first step to be considered for Federal Student Aid is to be admitted to the University. To apply for Federal Student Aid funds, follow our step-by-step process.

Note: Certificate, Non-Degree, and Personal Enrichment students are not eligible to receive Federal Student Aid.

Types of Undergraduate Degree Aid Available

The following forms of aid are available for students pursuing an Associate or Bachelor’s degree. For a detailed explanation of the federal programs offered by the U.S. Department of Education on the Federal Student Aid website.

Need-based aid:

Grants are gifts of money that do not have to be earned or repaid. To apply for grants awarded by the Office of Student Financial Aid, students must file the Free Application for Federal Student Aid (FAFSA) each year.  Undergraduate students will automatically be considered for Federal Pell Grants once they have filed the FAFSA and are admitted to the University. For information on the financial aid application process, refer to our Step-by-Step Process web page.

This federal need-based grant is awarded to the most needy students, determined by filing the FAFSA. Only undergraduate students who have not earned a bachelor’s degree are eligible. The amounts vary each award year depending on program funding, number of hours for which the student is enrolled, and the expected family contribution. The maximum 2016-2017 academic year award for a full-time student is $5,815. Less than half-time enrollment is allowed in certain circumstances.

The U.S. Department of Education website has additional information on grant programs.

Students who are first-time borrowers of the Federal Direct Stafford Loans must complete an electronic Master Promissory Note (MPN) and online entrance loan counseling to receive the funds. In most cases, the student will be required to complete the MPN and entrance counseling session only once during their years in college.  Each year students will need to accept their loan(s). Obtain information regarding grace periods and repayment plans from the Federal Student Aid website.

Note that graduate and doctoral students are not eligible for Subsidized Stafford Loans. Interest subsidies for graduate and professional students were eliminated beginning July 1, 2012, by the Budget Control Act of 2011. Graduate and doctoral students should refer to Federal Direct Unsubsidized Stafford Loans below.

Lender:  Federal Government

Interest Rate – Undergraduate Students:

  • Fixed at 4.45% for loans disbursed July 1, 2017 – June 30, 2018
  • Fixed at 3.76% for loans disbursed July 1, 2016 – June 30, 2017

Interest Rate Cap:  8.25% for loans disbursed on or after July 1, 2013 (current through June 30, 2018)

Interest Free in School:  Yes

Loan Fee:

  • 1.066% for loans disbursed October 30, 2017 – September 30, 2018
  • 1.069% for loans disbursed October 30, 2016 – September 30, 2017

Annual Maximums:
(If you change grade levels mid-year, you may be eligible for an increase in your loan amount.)

  • $3,500 freshman (0-29 earned credit hours)
  • $4,500 sophomore (30-59 earned credit hours)
  • $5,500 junior and senior (60+ earned credit hours)

Cumulative Maximums:

  • $23,000 undergraduate

Grace Period:  6 months

Non need-based aid:

Students who are first-time borrowers of the Federal Direct Stafford Loans, must complete an electronic Master Promissory Note (MPN) and online entrance loan counseling to receive the funds. In most cases, the student will be required to complete the MPN and entrance counseling session only once during their years in college.  Each year students will need to accept their loan(s). Obtain information regarding grace periods and repayment plans from the Federal Student Aid website.

Lender:  Federal Government

Interest Rate – Undergraduate Students:

  • Fixed at 4.45% for loans disbursed July 1 , 2017- June 30, 2018
  • Fixed at 3.76% for loans disbursed July 1 , 2016 – June 30, 2017

Interest Rate CapFor loans disbursed on or after July 1, 2013: 8.25% for undergraduate students (current through June 30, 2018)

Interest Free in School:  No

Loan Fee:

  • 1.066% for loans disbursed October 1, 2017 – September 30, 2018
  • 1.069% for loans disbursed October 1, 2016 – September 30, 2017

Annual MaximumsDependent Student (Includes amount of Subsidized Stafford Loan):
(If you change grade levels mid-year, you may be eligible for an increase in your loan amount.)

  • $5,500 freshman (0-29 earned credit hours)
  • $6,500 sophomore (30-59 earned credit hours)
  • $7,500 junior and senior (60+ earned credit hours)

Annual MaximumsIndependent Student (Includes amount of Subsidized Stafford Loan):
(If you change grade levels mid-year, you may be eligible for an increase in your loan amount.)

  • $9,500 freshman (0-29 earned credit hours)
  • $10,500 sophomore (30-59 earned credit hours)
  • $12,500 junior and senior (60+ earned credit hours)

Cumulative Maximums:

  • $31,000 undergraduate*
  • $57,500 self-supporting (independent students or dependent students whose parents are unable to obtain a PLUS loan) undergraduate*

*No more than $23,000 of this amount may be in subsidized loans.

Grace Period:  6 months

Additional information on Federal Direct Loans is available on the U.S. Department of Education website.

Parent PLUS Loan eligibility is determined by subtracting the financial aid that has been awarded from the student’s estimated cost of attendance.

After a parent has been awarded a PLUS Loan, the following documents are required to receive the PLUS (Parent) Loan funds:

  • Direct PLUS Loan Request – The Shiloh University Financial Aid Office (SU FAO) requires the parent borrower to request the Federal Direct PLUS Loan each trimester (fall, spring, summer) by completing an electronic Direct PLUS Loan Request on the StudentLoans.gov website. Until this request is processed, the SU FAO will not proceed with the parent loan even if there is a valid MPN on file. Separate requests must be completed for fall and spring semesters.
  • Federal Direct PLUS (Parent) Master Promissory Note – Parents who are first-time borrowers of the Federal Direct PLUS Loan must complete an electronic Master Promissory Note (MPN) to receive the funds. In most cases, the parent will be required to complete the MPN only once during their student’s years in college. If the parent borrower is ineligible because of an adverse credit history, the parent may obtain an endorser for the loan. If an endorser is required, the Financial Aid Office must have a new MPN completed for each loan.

Lender:  Federal Government

Interest Rate:

  • Fixed at 7.00% for loans disbursed July 1, 2017 – June 30, 2018
  • Fixed at 6.31% for loans disbursed July 1, 2016 – June 30, 2017

Interest Rate Cap:  10.50% for loans disbursed on or after July 1, 2013 (current through June 30, 2018)

Interest Free in School:  No

Credit Check:  Yes

Loan Fee:

  • 4.264% for loans disbursed October 1, 2017 – September 30, 2018
  • 4.276% for loans disbursed October 1, 2016 – September 30, 2017

Annual Maximums:  Student cost of attendance minus other financial aid awarded

Cumulative Maximums:  None

Grace Period:  None. Repayment begins 60 days after the PLUS Loan is fully disbursed unless deferment is requested as described below.

Loan Deferment:  May be requested for loans disbursed after July 1, 2008, by calling the borrower’s PLUS Loan Servicer. Request must be made after the loan funds have disbursed. The borrower will be notified of their loan servicer at the time of disbursement; the Office of Student Financial Aid will not be notified of this information. If the borrower is unsure of their servicer, the borrower can log onto the Federal Student Aid website to view this information. Login requires an FSA ID (see What is an FSA ID?).

Standard Repayment:  Up to 10 years (additional repayment options beyond 10 years are available)

Minimum Payment:  $50 per month

Additional information on PLUS Loans is available on the Federal Student Aid website.

Undergraduate students must be enrolled at least part time to be considered for Federal Student Aid; at least 4 semester hours (units) each trimester. Three-quarter-time is 6-7 units per trimester and full time is at least 8 units per trimester.

Need-based aid is available for students whose Federal Expected Family Contribution is lower than a student’s Estimated Cost of Attendance.

Types of Graduate/Doctoral Degree Aid Available

The following forms of aid are available for students pursuing a Master’s or Doctoral degree:

Students who are first-time borrowers of the Federal Direct Stafford Loans, must complete an electronic Master Promissory Note (MPN) and online entrance loan counseling to receive the funds. In most cases, the student will be required to complete the MPN and entrance counseling session only once during their years in college.  Each year students will need to accept their loan(s). Obtain information regarding grace periods and repayment plans from the Federal Student Aid website.

Lender:  Federal Government

Interest Rate – Graduate Students:

  • Fixed at 6.00% for loans disbursed July 1, 2017 – June 30, 2018
  • Fixed at 5.31% for loans disbursed July 1, 2016 – June 30, 2017

Interest Rate CapFor loans disbursed on or after July 1, 2013: 9.50% for graduate students (current through June 30, 2018)

Interest Free in School:  No

Loan Fee:

  • 1.066% for loans disbursed October 1, 2017 – September 30, 2018
  • 1.069% for loans disbursed October 1, 2016 – September 30, 2017

Annual Maximums: $20,500

Cumulative Maximums: $138,500 graduate and professional (includes amount borrowed as undergraduate)*

*No more than $65,500 of this amount may be in subsidized loans.

Grace Period:  6 months

Additional information on Federal Direct Loans is available on the U.S. Department of Education website.

Graduate/Professional students who are first-time borrowers of the Federal Direct PLUS Loan must complete an electronic Master Promissory Note (MPN) and online entrance loan counseling to receive the funds. In most cases, the student will be required to complete the MPN and entrance counseling session only once during their years in college.  Each year students will need to accept their loan(s). Obtain information regarding grace periods and repayment plans from the Federal Student Aid website.

Lender:  Federal Government

Interest Rate: 

  • Fixed at 7.00% for loans disbursed July 1, 2017 – June 30, 2018
  • Fixed at 6.31% for loans disbursed July 1, 2016 – June 30, 2017

Interest Rate Cap:  10.50% for loans disbursed on or after July 1, 2013 (current through June 30, 2018)

Interest Free in School:  No

Credit Check:  Yes

Loan Fee:

  • 4.264% for loans disbursed October 1, 2017 – September 30, 2018
  • 4.276% for loans disbursed October 1, 2016 – September 30, 2017

Annual Maximum: Annual Maximum: Student cost of attendance minus other financial aid awarded (See Graduate Cost of Attendance or Doctoral Cost of Attendance).

Cumulative Maximum:  None

The Federal Student Aid website provides additional information regarding PLUS Loans.

A credit check will be performed during the application process. If you have an adverse credit history, you may still be eligible to receive a Federal Direct PLUS Loan.

Graduate and Doctoral students must be enrolled at least part time to be considered for Federal Student Aid; at least 3 semester hours (units) each trimester. Full time is at least 6 units per trimester.

Deferment Status

Students with previous Federal Student Loans, who are enrolled in a degree program and maintain at least part time enrollment status, will be granted in-school deferment status. As long as deferment status is maintained, students will not have to repay principal, nor will interest accrue, on their previous student loans. Loans typically become payable six months after the student no longer maintains deferment status. Students who have to take a trimester off from school should refer to the University’s leave of absence policy.

Federal Direct Loan information will be submitted to the National Student Loan Data System (NSLDS). Your Federal Direct Loan servicer will be listed on the NSLDS website. NSLDS information is accessible to schools, lenders, and guarantors for specific purposes as authorized by the U.S. Department of Education.

Loan Counseling

Any student or parent borrower who has questions regarding their Federal Loans or Grants, as well as any institutional scholarship or discounts, is welcome to email the Financial Aid Office at any time. Financial Aid Office staff are also available for phone or video conference loan counseling by appointment.

Entrance and Exit Counseling

Federal Direct Loan student borrowers are required to complete mandatory online entrance and exit counseling. The purpose of the counseling is to provide the student with information regarding their rights and responsibilities, the commitment that comes with the acceptance of a student loan, and to help the student understand how to manage their student loans. It is important for all borrowers to realize that student loans are not grants or scholarships; they require repayment.

You will need to have an FSA ID (user name and password) to access the entrance and exit counseling websites (see What is an FSA ID?).

Entrance Counseling

Online entrance counseling is required for all first-time Federal Direct Stafford and Graduate PLUS loan borrowers. Entrance counseling takes approximately 20-30 minutes to complete.  After logging in on the StudentLoans.gov website to complete entrance counseling, be sure to click on the Entrance Counseling link, not the Financial Awareness Counseling link.

The Financial Aid Office receives results of entrance counseling daily. Federal Direct Stafford and Graduate PLUS loans will not disburse until entrance counseling has been completed.

Exit Counseling

All student borrowers who leave Shiloh University either by graduating, withdrawing, or failing to return for a subsequent trimester are required by Federal Law to complete exit counseling on the Web. Federal Direct Loan exit counseling is available at StudentLoans.gov. Student borrowers must complete exit counseling to obtain an official transcript from the Shiloh University Registrar’s Office.

Exit counseling takes approximately 30-40 minutes to complete.  The Office of Student Financial Aid receives results of exit counseling daily.  Official transcripts may be released only after results are received.

Loan Repayment Options

Many students use loans as a way to help pay for college. When they have finished school, it is time to pay these loans back. It is important that students understand the terms and repayment responsibilities of their loans. Student loans are very difficult to discharge in bankruptcy, so borrowing choices made now could affect a student for the rest of their life. The federal government wants to make it as easy as possible for students to repay their loans; therefore, repayment terms are often very flexible.

With every loan received, students have rights and responsibilities. Students should review their loan documents before they begin repayment to refresh themselves with their repayment options. If a student is unable to locate their Federal Direct Loan documents, they should log onto the Federal Student Aid website to determine their Federal Direct Loan servicer. Contact information for the various Federal Direct Loan servicers is available on the StudentLoans.gov website.

It is important for students to keep track of the total amount of loans that they have borrowed. Students can view their federal loan history using the U.S. Department of Education’s central database.

There are several loan repayment options that are available to federal student loan borrowers. These options are meant to help students stay on track with loan repayment as their financial situation changes. Students can estimate their monthly loan payment by using the U.S. Department of Education’s interactive calculator on the Federal Student Aid website and choosing different repayment options.

If a student ever experiences difficulty in making a loan payment, they should always contact their loan servicer to prevent loan default. The loan servicer will work with the student and explore all options to avoid default.

The Financial Aid Office awards loans, but does not work with the repayment of loans. For questions about repayment of Federal Direct Loans, log onto the Federal Student Aid website (SudentLoans.gov) to determine your Federal Direct Loan servicer and obtain contact information.

View information on the Federal Student Aid website to:

  • Calculate your estimated monthly and total loan payments
  • Compare the results of the different loan payment options

Use Studentloans.gov repayment option to find out which repayment option is best for you (in five steps or less).