Types of Aid
Each student who completes a FAFSA will be considered for all of the following types of aid:
Institutional Scholarships and Grants
University scholarships are awarded on the basis of academic excellence and demonstrated talent. The Graduate Grant, Fellowship and Assistantship as well as the MID Grant and Low-Residency MFA Grant are types of University scholarships.
University scholarships are awarded when students are admitted.
Provosts Fellowships are merit-based and need-based scholarships awarded to newly admitted graduate students. Recipients must complete a valid and current FAFSA in order to qualify for a Provosts Fellowship.
To assist students and their families with financial planning for their enrollment, scholarship amounts are fixed and renewable so long as the student makes satisfactory academic progress.
Graduate Students must be enrolled for at least nine credits to be considered for such assistance.
The University offers a number of scholarships that have been donated by individuals, families or groups to help support promising artists. These named scholarships are awarded based on specific criteria, which may include need and/or merit.
Graduate Students must be enrolled for at least nine credits to be considered for such assistance.
The University encourages students to explore all options for outside scholarship assistance. Local businesses, foundations, churches, unions, civic organizations, etc., often sponsor scholarships that can be used toward educational costs.
A good place to begin the search for outside scholarships is online at http://www.fastweb.com/. This is a free scholarship search service. The University of the Arts advises students NEVER to pay for financial aid information or for scholarship searches.
Students who receive outside awards or scholarships are required by federal regulation to notify the Office of Financial Aid. In some cases, outside scholarships may cause the revision or reduction of other types of aid.
Student Loan Programs
The University of the Arts will begin participation in the William D. Ford Federal Direct Loan Program for the 2010-2011 school year. Student and parent borrowers will receive funding for their student loans directly from the U.S. Department of Education rather than from private banks and other lending institutions as they do now through the Federal Family Education Loan Program (FFELP).
You may have questions about the switch to the Federal Direct Loan Program from the Federal Family Education Loan (FFEL) program and how this change affects you. We have provided some commonly asked questions and their answers to assist you through this process.
Question: Why is the University of the Arts making a change to the Direct Loan Program?
Answer: Congress recently passed the Student Aid and Fiscal Responsibility Act (SAFRA) which eliminates the Federal Family Education Loan Program (FFELP) and mandates that all federal student loans be originated by the U.S. Department of Education. Direct Loans are low-interest loans for students and parents to help pay for the cost of a student’s education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution.
Question: What is the difference between the Direct Loan Program and the Federal Family Education Loan (FFEL) Program?
Answer: The most important difference between Direct Lending and the FFELP program is the source of loan funding. Direct loans are funded through the US Department of Education using funds obtained from the US Treasury. This program offers students and parents one point of contact-the Department of Education. In the FFEL program, funds come from banks and lenders and can result in multiple points of contact for students. There are also some differences in interest rate, fees and repayment options.
Question: Will I still be able to borrow through the same lender as last year?
Answer: No, if you borrow a Federal Stafford or your parent borrows a Federal PLUS loan for the 2010-2011 academic year, you will be required to borrow through the Direct Loan program. This change will require you to complete a new Master Promissory Note (MPN) for the Federal Stafford and Federal PLUS loans.
Question: I borrowed loans through the FFEL program. Will I have to repay two different lenders?
Answer: Yes. Any loans you borrowed previously from other lenders will be serviced by the lender/servicer you selected when you signed your original MPN. However, many loans were sold to the Department of Education so you may end up repaying a different lender/servicer then the one from which you originally borrowed. After graduation you may choose to make individual payments to your previous lender(s) and to the Department of Education for your Direct Loans, or you can consolidate your loans into one payment with the Department of Education. Please visit the Department of Education's website for more information about loan consolidation.
Question: Where can I find information about who services my other federal loans?
Answer: Information on your servicers for your federal loan debt can be accessed through the National Student Loan Data System (NSLDS). Note that any private (alternative) loans you have borrowed will not appear in the NSLDS.
Question: I borrowed previously from a lender through the FFEL program. Do I have to complete another Master Promissory Note?
Answer: Yes. You must sign a new Direct Loan Master Promissory Note (MPN) because you will be borrowing from a new lender, the Department of Education.
Question: How and when do I complete a Direct Loan Master Promissory Note?
Answer: We will provide you with instruction on completing an electronic Master Promissory Note (eMPN) after May 3, 2010. Instructions will be sent to you via email and will be available online on the UArts Tuition and Financial Aid web page.
Question: How and when does my parent complete a Direct PLUS Loan Master Promissory Note?
Answer: Your parent must complete a new Direct PLUS Loan Master Promissory Note. We will provide instruction for this process after May 3,2010 via regular mail and on theUArts Tuition and Financial Aid web page.
Question: I completed entrance counseling under the FFEL program, do I have to complete Direct Loan entrance counseling?
Answer: Yes. Since the Direct Loan program does differ from FFEL in certain ways, we are requiring all Direct Loan student borrowers to complete Direct Loan entrance counseling. The online entrance counseling session takes about 30 minutes to complete. Graduate PLUS loan borrowers are required to complete Entrance Counseling. Parent PLUS Loan borrowers do not need to complete entrance counseling.
Question: Will the Stafford Loans I borrowed through my bank or lender in prior years still be deferred now that the University of the Arts is participating in the Direct Loan Program?
Answer: As long as you are enrolled in school on at least a halftime basis, your prior year(s) federal loans will continue to be deferred. Enrollment information is reported to lenders by the University on a regular basis through the National Student Clearinghouse.
Question: What steps should my parent take to obtain a Direct Parent PLUS loan?
Answer: Under the Federal Direct PLUS loan program parents may borrow up to the full estimated cost of attendance minus other financial aid received, including Federal Direct Stafford Loans. Your parent cannot apply through any lender other than the Department of Education. Federal Direct PLUS loan application instructions will be provided on our website www.uarts.edu/admission/tuitionandfinaid. after May 3, 2010.
Question: How do the Direct Loan repayment options differ from repayment options through the FFEL program?
Answer: All repayment options offered to FFELP borrowers are available for Direct Loan Borrowers, with the exception of Income Contingent Repayment, which is available only in Direct Loans. There are five repayment options available for Direct Loans and more information is available online on the Repayment Plans web page.
- Income Contingent Repayment
- Income-Based Repayment
Question: How do I contact the Department of Education’s Direct Loan Customer Service?
Answer: The U. S. Department of Education Direct Loan Program Customer Service phone number is 800-848-0979 and their office hours are 8:00 AM to 8:00 PM Eastern Standard Time, Monday through Friday.
Direct Loan Program Websites:
General Direct Student Loan Information
General Direct PLUS Loan Information
Private Education Loans
Private education loans are privately funded loans which may be used to supplement students’ federal and University-based aid. When combined with all other forms of aid, alternative loans may not exceed the University’s cost of attendance. Approval for these loans is credit-based; the University encourages students to apply with credit-worthy co-borrowers whenever possible.
• Apply for a Private Loan (no co-Borrower)
• Apply for a Private Loan (co-Borrower)
Federal Perkins Loan
Perkins is a need-based federal loan program awarded by the University. The Federal Perkins Loan is currently offered at a fixed five percent interest rate and is repayable to the University over a maximum 10-year period. Repayment begins nine months after graduation or cessation of at least half-time enrollment at an eligible institution in an approved program of study.
Because Perkins loan funds are limited, this loan is offered to the earliest applicants whose Expected Family Contribution (EFC) is lowest. Perkins loans are rarely awarded to graduate students. Notification of eligibility for this loan is included in the award letter.
To claim these funds the student must endorse a Perkins promissory note in the University’s Student Billing Office. Funds cannot be credited until a complete, correct note is negotiated.
The lender may deduct origination and insurance fees from Stafford, PLUS, and other private education loans before they are disbursed. These fees can total up to four percent (or more for some alternative loans) of the principal amount; thus, the amount available from the loan to pay educational costs may be less than the amount borrowed.
Federal Work Study (FWS)
FWS is a federally funded program administered by the University. Eligibility for this program is based upon the availability of funds to the University and the student’s EFC.
The Financial Aid Office will make a determination of the student’s eligibility to earn money through the FWS Program. Notification of eligibility will be included in the Award letter.
An FWS award is not an offer or a guarantee of a job; it is the amount a student is eligible to earn should she or he secure a job. Work study awards are not applied against the invoice. Payment is made directly to employed students by a University payroll check.
Eligible students are permitted to work up to 20 hours weekly when classes are in session. Students are paid at least minimum wage, and hours may be arranged to accommodate the class schedule. The FWS award can be used between July 1, 2008, and June 30, 2009.
Jobs are usually available throughout the University in academic departments, Public Safety, University offices, the University Libraries etc. Positions require various levels of skill and experience. Additional positions with approved off-campus, non-profit organizations provide students the opportunity to be employed in community service positions and receive payment through the FWS program.
Non-Federal Work Study (NFWS)
Students who do not qualify to work under the Federal Work Study program may work on campus under the NFWS program.
Information about job availability and placement is as listed in the Federal Work Study section.
General Information About Student Employment
The Student Employment Handbook contains expanded information about FWS and NFWS, job openings, and additional information for fall placement. The handbook is available on the UArts portal in late summer.
Students are reminded that falsifying time cards is a criminal offense, which can subject them to criminal prosecution, disciplinary action, expulsion, and/or loss of all financial aid.