Financial Aid for Degree Programs
Presidio Graduate School believes students are making a great investment in their personal and professional development and strives to make the programs affordable. Financial aid may make it possible for students to borrow money at a low interest rate.
Through Alliant International University, Presidio Graduate School has a number of resources available, including:
- Federal Stafford and Perkins Loans
- Federal Grad Plus Loans
- Alternative Loans
- Outside Scholarships
Financial aid application materials are available each December for the following academic year. Students wishing to be considered for assistance from federal, state, or institutional sources must complete all required forms, which can be found on the Alliant Web site. Check back periodically for special news and announcements on new scholarships, etc.
If students have any questions regarding the financial aid policies, processes, or procedures, they should contact Presidio’s Director of Financial Aid.
Where to Begin
The following steps will help make applying for financial aid easier and more understandable for students.
1. Obtain a Department of Education PIN Number. A PIN is necessary to electronically sign your FAFSA online. If you do not have one or have forgotten your PIN go to www.pin.ed.gov to obtain one before starting the FAFSA online.
2. Complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. You will need to have your 2009 Federal Tax information handy to complete the FAFSA. Alliant International University’s Federal School Code is 011117.
3. Determine Financial Aid Eligibility. Factors include: being a U.S. citizen or eligible non-citizen;
not being in default on a federal student loan or has made satisfactory repayment arrangements;
not owing money back on a federal student grant or has made satisfactory repayment arrangements; being registered with Selective Service (males at least 18 years old, unless not required); having a valid social security number; being enrolled at Presidio/Alliant for a minimum of 5 units per semester (8 units for some aid such as Perkins) in a degree program; making Satisfactory Academic Progress (SAP) for financial aid recipients. Contact the Registrar for the status of your SAP.
4. Award of Financial Aid Package. After Alliant’s Financial Aid Office receives the results of your FAFSA, a budget will be created for you based upon the information you submitted in your financial aid application. You will be awarded an aid package based upon what qualifications fit you and your budget and resources.
You will receive an Electronic Award Letter in your email inbox. You will be notified via email when it is available to view AND accept or decline, within a specified time. Click on the “Your award letter” link and follow instructions to view and accept your offer of financial aid. There are several important steps to the award letter:
i. Acceptance of aid. You must indicate that you accept or decline the aid that is being offered. You also have the option to reduce the amount.
ii. Selection of a lender. You must indicate your choice of lender. A list of preferred lenders is provided when you click on “Select Lender.” There is also additional information available on Alliant’s website. You also have the option to type in a lender’s name if the lender you want to use is not on the list.
iii. Completion of a Master Promissory Note. Next to the lender’s name will be a link you should click on. This link will take you to your lender’s website where you can complete the Master Promissory Note. This is your contract with the lender. Once completed, you will need to click back to the award letter.
iv. Electronic Funds Transfer. You have the option to download an EFT form. The completed form should be sent to the Alliant Student Business Accounts Representative. Completion of this form will allow your refund to be directly deposited into your bank account.
v. Stafford Loan Entrance Counseling. A link is provided to the EdFund Web site where you can complete the Stafford Loan Entrance Counseling. Once you have completed the entrance exam, Alliant will be notified electronically. Print out a copy of the confirmation page also. This information is required and will delay the posting of your aid if not completed. Once completed you will need to click back to the award letter.
5. Submit. You will then need to click the submit button to fully submit the award letter.
Different Types of Student Loans
General Information about Stafford Loans
The federal Stafford loan program is the most widely-used loan program for graduate students. Federal Stafford loans offer many features, including:
Low interest rate. For the 20010-2011 academic year, subsidized Stafford loans have a fixed interest rate of 5.6%. Unsubsidized Stafford loans for graduate students will have a fixed interest rate of 6.8%.
No payments required while in school. Repayment begins six months after you graduate or drop below half-time enrollment.
Deferment options. You can apply for deferment of your repayment while you are enrolled in a graduate or professional program, if you become unemployed, or if you meet certain other conditions.
There are two types of federal Stafford loans: Subsidized and Unsubsidized.
Subsidized Stafford loans are interest-free while you are enrolled in school at least half-time. They are awarded based on demonstrated financial need. The federal government pays the interest while the student is in school and up to six months after the student has graduated or drops below halftime enrollment.
Unsubsidized Stafford loans are for all eligible students, regardless of financial need. The student is responsible for paying all the interest on the loan, but can allow it to accumulate while in school and during the grace period. The interest is capitalized and is added to the principal balance when the loan goes into repayment.
You may be eligible for subsidized or unsubsidized Stafford loan funds, or both. The Alliant International University Financial Aid Office will determine whether you qualify for subsidized Stafford loan funds based on the information you provide on your Free Application for Federal Student Aid (FAFSA), and depending on your total educational budget and other aid funds received. The maximum amount a graduate student can receive from a Federal Stafford Loan is $20,500 per year.
Loan Fees: An origination fee of up to 1.5% and a default fee of up to 1% may be deducted from each disbursement of your loan.
General Information about Perkins Loans
A Federal Perkins loan is a low-interest loan for students with financial need, and who meet the Student Financial Aid Office’s Priority Packaging Deadline (March 2). Perkins Loans are campus based aid and funds are limited, not all students who meet the qualifications for a Perkins will receive the loan. Alliant currently awards a maximum of $2000 to a student for an award year (An award year consist of the Fall and Spring semesters). If you are awarded a Perkins Loan it will appear on your award letter. You will need to complete your Perkins Master Promissory Note on-line.
The interest rate on the Perkins Loan is fixed at 5% and does not start accruing until 9 months after the student graduates or drops below half-time.
Additional Funding
If you need more funds than the Federal Stafford Loans provide, you have two options: the fixed rate Federal Grad Plus loan or a variable rate loan from a private lender. Both options are intended to cover the difference between your full cost of attendance and the other aid you are receiving.
Grad Plus Loan
The Grad Plus is a new federal loan program that allows you to borrow any amount up to the difference between your cost of attendance minus other aid, for periods of at least half time enrollment (6 units). You must be a U.S. citizen or Permanent Resident and pass a simple credit check. The interest rate for 2010-2011 has been set at 8.5%. A net 3-4% loan fee will be deducted from each disbursement. The Grad Plus Loan may be consolidated with your other federal loans when you leave school.
Alternative Loans
Alternative Loans are private loans, that are credit-based and have higher interest rates than federal loans. Neither Presidio nor Alliant can recommend one specific lender. The choice of which type of loan to use is one that rests with each individual student. Although it is recommended that students utilize the federal loan programs first, we understand that individual circumstances may make a private loan more appealing to some students. Presidio encourages students to compare the benefits associated with the different loan types—and in the case of private loans, benefits offered by different lenders—so that each student is able to make an informed choice.
Outside Scholarships
Presidio has put together a list of relevant scholarships for students. The School encourages students to apply, taking note of all deadlines for application. If students have any questions about scholarships, they may contact the Presidio Admissions department for more details. The list of scholarships is also available on the Presidio Network forum in an electronic format.
