FINANCIAL AID FOR US CITIZENS
United States Federal Regulations require all universities with Financial Aid Program (Title IV) to disclose important information to prospective and current students and other groups of interest.
This information also satisfies the disclosure requirements by the U.S. Department of Education and the Higher Education Opportunity Act (HEOA).
Direct loan application guidelines
From July 1st 2011, the Direct Loan program will replace the FFELP program (Federal Family Education Loan Program). For the 2011/12 academic year US Federal loans (Stafford & PLUS) will now be made available to students directly from the US Department of Education and not private lenders (i.e. Sallie Mae, Chase, Wachovia, AES).
1) TREATMENT OF TITLE IV
Universidad Nacional Pedro Henríquez Ureña (UNPHU) is required by federal statute to determine how much financial aid was earned by students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a payment period or term.
The Title IV programs that are covered by this statute are: Federal Subsidized and Unsubsidized Stafford Loans.
For a student who withdraws after the 60% point-in-time, there are no unearned funds. However, a school must still complete a return calculation in order to determine whether the student is eligible for a post-withdrawal disbursement.
The calculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:
Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.
Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:
Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.
If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind, that when Title IV funds are returned, the student borrower may owe a debit balance to the institution.
If a student earned more aid than was disbursed to him/her the institution would owe the student a post-withdrawal disbursement which must be paid within 120 days of the student’s withdrawal.
The institution must return the amount of Title IV funds for which it is responsible no later than 45 days after the date of the determination of the date of the student’s withdrawal.
The Federal Government requires that all full-time students make satisfactory academic progress toward a degree or certificate.
FAFSA / SAR
The student must log on to the FAFSA (Free Application for Student Aid) website and make an online application. The FAFSA website address is www.fafsa.ed.gov.
The school code for Universidad Nacional Pedro Henriquez Urena (UNPHU) is 00956500. Once you have completed your online application you will receive a Student Aid Report in the mail (approx. 1 week after application has been made) If you provide an e-mail address you can request that your Student Aid Report be sent via e-mail.
The following documents must be sent to the Financial Aid Officer in UNPHU:
Student aid report
Official offer letter/acceptance to UNPHU (copy)
Copy of your Social Security Card and passport
Copy of Master Promissory Note(s) (MPN’s).
Send documents to the following address:
Universidad Nacional Pedro Henriquez Urena (UNPHU)
Att: Financial Aid Office
8550 NW 17th ST SUITE 110 A
Doral, Florida 33126
Or by email to: [email protected]
This helps you to understand your responsibilities regarding your loan. All students attending UNPHU must complete entrance counseling.
Entrance Counseling can be completed at the following website: http://studentloans.gov
Master Promissory Notes
The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department of Education. It also explains the terms and conditions of your loan(s). All MPN’s issued in respect of studies at a foreign school are valid for 1 year. New MPN’s are required to be completed for every year of study at a foreign school.
When completing your MPN you must select the school at which you will be studying. The school code for Universidad Nacional Pedro Henriquez Urena (UNPHU) is 00956500.
One MPN is completed in respect of Stafford loans. A separate MPN is required should you decide to take out a Graduate PLUS loan or a Parent PLUS loan.
Master Promissory Notes can be completed online at the following website: www.studentloans.gov, after completion mail to: [email protected].
All PLUS loans must be requested on the website: www.studentloans.gov
In applying for a PLUS loan a credit check will be carried out on the individual requesting the loan. No PLUS loan can be certified until this is completed.
To initiate the credit check you must select: Complete PLUS Request Process.
If you are determined to have an adverse credit history, you may still receive a Direct PLUS Loan if you obtain an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the Direct PLUS Loan if you do not repay the loan. If you are a parent borrowing on behalf of your dependent student, the endorser may not be the student on whose behalf a parent obtains a Direct PLUS Loan.
Please note in the case of undergraduates, the PLUS loan is borrowed in the name of the parent.
On receipt of the necessary documentation students will be contacted, with their loan entitlements. Students must return the form indicating the various loan amounts they wish to apply for.
All loans will be originated by Universidad Nacional Pedro Henriquez Urena (UNPHU) with the US Department of Education.
The disbursements match with the start of the 3 teaching terms in the academic year.
Excess funds will be disbursed to students by check.
Payment of tuition fees
Once the loan funds are disbursed the Fees Office will deduct the necessary fee payments and any excess will be refunded by check within 10 business days of receipt of funds.
Satisfactory Academic Progress
Students who are in receipt of Direct Loan Educational Funds from the US Department of Education must have Satisfactory Academic Progress Regulations to maintain their eligibility to receive loan funds.
A copy of the Satisfactory Academic Progress regulations will be provided to all students prior to the start of term.
The following chart shows the annual and aggregate limits for subsidized and unsubsidized loans.
|Dependent students (except students whose parents are unable to obtain PLUS loans)||Independent students (and dependent undergraduate students whose parents are unable to obtain PLUS loans)|
|First-Year Undergraduate Annual Loan Limit||$5,500—No more than $3,500 of this amount may be in subsidized loans.||$9,500—No more than $3,500 of this amount may be in subsidized loans.|
|Second-Year Undergraduate Annual Loan Limit||$6,500—No more than $4,500 of this amount may be in subsidized loans.||$10,500—No more than $4,500 of this amount may be in subsidized loans.|
Third-Year and Beyond Undergraduate Annual Loan Limit
$7,500—No more than $5,500 of this amount may be in subsidized loans.
$12,500—No more than $5,500 of this amount may be in subsidized loans.
Graduate or Professional Students Annual Loan Limit
Not applicable (all graduate and professional students are considered independent)
$20,500 (unsubsidized only)
Subsidized and Unsubsidized Aggregate Loan Limit
|$31,000—No more than $23,000 of this amount may be in subsidized loans.|
$57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans.
$138,500 for graduate or professional students—No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.
The aggregate loan limits include any Subsidized Federal Stafford Loans or Unsubsidized Federal Stafford Loans you may have previously received under the Federal Family Education Loan (FFEL) Program. As a result of legislation that took effect July 1, 2010, no further loans are being made under the FFEL Program.
Effective for periods of enrollment beginning on or after July 1, 2012, graduate and professional students are no longer eligible to receive Direct Subsidized Loans. The $65,500 subsidized aggregate loan limit for graduate or professional students includes subsidized loans that a graduate or professional student may have received for periods of enrollment that began before July 1, 2012, or for prior undergraduate study.
Graduate and professional students enrolled in certain health profession programs may receive additional Direct Unsubsidized Loan amounts each academic year beyond those shown above. For these students, there is also a higher aggregate limit on Direct Unsubsidized Loans. If you are enrolled in a health profession program, talk to the financial aid office at your school for information about annual and aggregate limits.
Sallie Mae Smart Option Student Loan
Go to www.salliemae.com
- Smart Option Student Loan®for Undergraduate Students (For bachelor’s and associate’s degrees or a certificate at a degree-granting school) applying with a cosigner may help you get approved for an undergraduate private student loan.
- Sallie Mae Parent LoanSM (For your student’s bachelor’s, associate’s, or graduate degree, or a certificate at a degree-granting school)
|Student Loans|| |
|Federal Student Aid|| |
To qualify for federal student aid, you have to meet certain requirements.
Basic eligibility criteria
General eligibility requirements
- Demonstrate financial need (for most programs);
- Be a U.S. citizen or an eligible noncitizen;
- Have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau);
- Be registered withSelective Service, if you’re a male (you must register between the ages of 18 and 25);
- Be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program;
- Be enrolled at least half-time to be eligible for Direct Loan Program funds;
- Maintain satisfactory academic progress in college or career school;
- Sign the certification statement on the Free Application for Federal Student Aid (FAFSA®) stating that you are not in default on a federal student loan and do not owe money on a federal student grant and you will use federal student aid only for educational purposes and show you’re qualified to obtain a college or career school education;
- Having a high school diploma or a recognized equivalent such as a General Educational Development (GED) certificate;
- Completing a high school education in a homeschool setting approved under state law (or—if state law does not require a homeschooled student to obtain a completion credential—completing a high school education in a homeschool setting that qualifies as an exemption from compulsory attendance requirements under state law); or
- Enrolling in an eligible career pathway program and meeting one of the «ability-to-benefit» alternatives described below.
Registering for Selective Service
Most male students must be registered with Selective Service to receive federal student aid.
You also must register if you are a male and are not currently on active duty in the U.S. armed forces. If you are a citizen of the Federated States of Micronesia, the Republic of the Marshall Islands or the Republic of Palau, you are exempt from registering. You can call Selective Service toll-free at 1-888-655-1825 for general information about registering, or register online at www.sss.gov or via the FAFSA.
If you were enrolled in college or career school prior to July 1, 2012, or if you are currently enrolled in an eligible career pathway program*, you may show you’re qualified to obtain a higher education by
passing an approved ability-to-benefit test* (if you don’t have a diploma or GED, a college can administer a test to determine whether you can benefit from the education offered at that school) or
completing six credit hours or equivalent course work toward a degree or certificate (you may not receive aid while earning the six credit hours).
*For information about these criteria, talk to the financial aid office at your school. Your financial aid counselor can tell you whether your school offers an eligible career pathway program and can advise you about any ability-to-benefit tests the school uses.
Your dependency status determines whose information you must report on the Free Application for Federal Student Aid (FAFSA®) form.
- If you’re a dependent student, you will report your and your parents’ information.
- If you’re an independent student, you will report your own information (and, if you’re married, your spouse’s).
The Federal Student Aid Programs are based on the concept that it is primarily your and your family’s responsibility to pay for your education. A dependent student is assumed to have the support of parents, so the parents’ information has to be assessed along with the student’s, in order to get a full picture of the family’s financial strength. If you’re a dependent student, it doesn’t mean your parents are required to pay anything toward your education; this is just a way of looking at everyone in a consistent manner.
DIRECT STAFFORD LOANS
Subsidized and unsubsidized loans are federal student loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. The U.S. Department of Education offers eligible students at participating schools Direct Subsidized Loans and Direct Unsubsidized Loans. (Some people refer to these loans as Stafford Loans or Direct Stafford Loans.)
Direct Subsidized Loans have slightly better terms to help out students with financial need.
Here’s a quick overview of Direct Subsidized Loans:
- Direct Subsidized Loans are available to undergraduate students with financial need.
- Your school determines the amount you can borrow, and the amount may not exceed your financial need.
- The U.S. Department of Education pays the interest on a Direct Subsidized Loan while you’re in school at least half-time, for the first six months after you leave school (referred to as a grace period*), and during a period of deferment (a postponement of loan payments).
Note: If you received a Direct Subsidized Loan that was first disbursed between July 1, 2012, and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period. If you choose not to pay the interest that accrues during your grace period, the interest will be added to your principal balance.
Here’s a quick overview of Direct Unsubsidized Loans:
- Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.
- Your school determines the amount you can borrow based on your cost of attendance and other financial aid you receive.
- You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.
- If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).
To receive a Direct PLUS Loan, you must:
- Be a graduate or professional student enrolled at least half-time at an eligible school in a program leading to a graduate or professional degree or certificate, or be
the parent (biological, adoptive, or in some cases, stepparent) of a dependent undergraduate student enrolled at least half-time at an eligible school;
- Not have an adverse credit history; and
- Meet the general eligibility requirements for federal student aid. If you are borrowing on behalf of your child, your child must also meet these requirements.
Federal Student Loans: Direct PLUS Loan Basics for Parents—Provides parents with information on Direct PLUS Loans for parents. Includes an overview of eligibility, the application process, and repayment.
9) NET PRICE CALCULATOR
We hope you find this a useful tool in determining an estimate of what your costs might be to attend UNPHU. Your net price will include estimates of federal loans, there are a few things we’d like you to bear in mind as you use the NPC:
The costs, financial aid available, and awarding procedures are based on the current academic year. All of these components will change from year to year.
The NPC is meant to be an estimate of what you might pay to attend UNIBE. It is not an actual award package and should not be used as the deciding factor in determining whether or not to apply to UNPHU.
The NPC will never replace going through the actual application process or a conversation with an aid administrator about your particular financial circumstances, especially if you have experienced recent changes in your finances.
The net price you receive is only going to be as accurate as the information you input into the calculator. Remember, financial awards are based on income the year prior to the student’s enrollment.
Net Price Calculator Help Desk
For additional help related to the Net Price Calculator template and/or requirement, please contact:
The Net Price Calculator Help Desk
(877) 299-3593 (toll-free)