Federal Financial Aid

Frontier Nursing University students are eligible for the Federal Stafford Subsidized and Federal Unsubsidized Stafford Loans. Students must submit a Free Application for Federal Student Aid (FAFSA www.fafsa.ed.gov/ ) in order to be considered for the loan. Loan amounts vary, but most students are eligible for the maximum of $20,500 per year.

Full time or twenty-four month students are eligible to borrow federal student loan monies twice during the program and must submit a FAFSA for both years of application. Normally twenty-four month students will be eligible to borrow only twice during the program. One year must have passed from the time you borrowed the first loan until you request funds for the second year.

Part-time or thirty-six month students are eligible to borrow federal student loan monies three times during the program and must submit a FAFSA application each year in the program. Normally thirty-six month students will be eligible to borrow only 3 times during the program. One year must have passed from the time you borrowed the first loan until you request funds for the second year.

To help you plan your loan repayment and future finances see a sample loan payment calculator at www.kheaa.com.

Federal Unsubsidized Stafford Loan

The Federal Unsubsidized Stafford Loan is not a need-based loan and currently has a fixed interest rate of 6.8%. Students are responsible for the interest from the day the loan is disbursed. Although students may request that the interest on the Federal Unsubsidized Stafford Loan be deferred while attending school and during the six-month grace period, the FNU strongly recommends that students make the interest payments if at all possible. Students will find their total payments greatly reduced if interest payments are made while in school. Principal and interest payments on this loan must be made beginning six months after the student ceases to be enrolled at the FNU.

Financial Aid Disbursements

Financial aid checks are disbursed from the guarantee agency around the same time tuition is due. Students must be making Satisfactory Academic Progress (SAP) in order to receive the loan disbursement. Students who are not making SAP may re-apply for their disbursements after they meet the requirements for SAP. Financial aid checks are deposited to the student’s account for tuition and fees. The remaining funds will be sent to the student within 7-10 business days of receipt of the financial aid checks.

Financial Aid during a Academic Hiatus (AH)

Students who are approved for an Academic Hiatus (AH) may have to begin making their student loan payments while on AH. Students should refer to the AH Policy for further information about financial aid during an AH.

Financial Aid Verification Process

The U.S. Department of Education requires that a certain percentage of FAFSA filers be selected for verification. These students are selected by the Central Processing System. If a student is selected for verification there are certain financial documents that must be provided to the Financial Aid Office for verification – IRS tax transcript and verification worksheet. Required verification items are household size, number in college, Adjusted Gross Income (AGI), US taxes paid, and certain types of untaxed income and benefits. For an explanation of the US Department Verification policy, please contact the Financial Aid Director.

Financial Aid Refund Policy

This policy applies to those students who receive loans from the Direct Loan Program as administered by the U.S. Department of Education.

Students who receive loans from the Federal Stafford Subsidized and/or Federal Stafford Unsubsidized and withdraw from the program may have to refund a portion of their student loans. Students who withdraw prior to 60 percent of completion of the term for which they enrolled will generally owe a refund. Refunds are calculated according to Title IV Refunds as prescribed by the U.S. Department of Education. Money is refunded based on those regulations. Please see the catalog for further description of refund of tuition percentages and contact the Director of Financial Aid for further explanation if needed

Note: If the student has made additional tuition payments past the term the student was working on at the time of the withdrawal, those tuition payments past that term will be refunded in full. The tuition payment corresponding to the term the student was working on at the time of withdrawal will be refunded according to the U.S. Department of Education Federal refund policy. No portion of a tuition payment corresponding to a quarter a student has already completed at the time of withdrawal will be refunded. For example: A student withdraws while in the second term of the two-year period, but has made three full tuition payments. This student will have the third tuition payment refunded in full and may have all, or a portion of, the second tuition payment refunded according to the U.S. Department of Education Federal refund policy. No portion of the first tuition payment will be refunded.