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Financial Aid Assistance FINANCIAL AID ASSISTANCE UNDERSTANDING YOUR FINANCIAL AID BSN EXPRESS PROGRAM 2021-2022 ACADEMIC YEAR TABLE O F CONTENTS 1 Making Villanova University Affordable Next Steps You Should Take 2 Sources of Aid That May be Listed on Your Financial Aid Notice 3 William D. Ford Federal Direct Subsidized/Unsubsidized Loan 4 William D. Ford Federal Direct PLUS Loan 5 Private Educational Loans 6 Federal Direct PLUS vs. Private Educational Loans 7 Glossary Federal Direct Subsidized/ Unsubsidized and PLUS Loan Repayment Chart 8 Costs for the 2021-2022 Academic Year IGNITE CHANGE. 1 2021-2022 ACADEMIC YEAR ACADEMIC 2021-2022 MAKING VILLANOVA UNIVERSITY AFFORDABLE The Office of Financial Assistance at Villanova University is pleased to notify you of your financial aid eligibility and to explain the sources of financial aid that you may be qualified to receive. Please review this booklet thoroughly and retain it for future reference. What follows is a detailed explanation of all sources of federal and alternative forms of aid. Your eligibility for need-based federal aid is based on information you provided on the Free Application for Federal Student Aid (FAFSA) and other documentation. The Office of Financial Assistance must be notified of any changes in information originally reported (e.g., family size, number of siblings in college, housing status) since these changes may affect your aid package. The BSN-Express program is a second-undergraduate degree program; therefore federal, state, and/or institutional grant funding is not available to students in this program. NEXT STEPS YOU NEED TO TAKE Villanova University is committed to providing students with a rigorous, rewarding and transformative educational experience. We are equally committed to helping students and their FINANCIAL ASSISTANCE ABOUT YOUR INFORMATION 1. Read your financial aid notice and this parents make that experience affordable. booklet carefully. 2. Notify the Office of Financial Assistance via Due to the fact that the amount of federal loan funding available to undergraduate students does email at [email protected] if you not meet all of your educational expenses, we have developed the Other Funding Opportunities, wish to reduce or decline any portion of which includes: the aid package. 3. Complete required documentation and VILLANOVA UNIVERSITY TUITION PAYMENT PLAN online process for any Federal Direct Loans. We provide payment options that help you afford your education. Please contact the Bursar’s If you receive any outside sources of aid, Office at 610-519-4258 for information about the Tuition Payment Plan for the BSN Express 4. notify the Office of Financial Assistance of Program. each source and amount. Please note that receipt of outside aid may result in an NOTE: The Payment Plan is not available in the summer semester. adjustment of your aid package. FEDERAL DIRECT PLUS LOAN 5. Contact the Office of Financial Assistance in If you are a dependent student and you have exhausted your eligibility for the Federal Direct writing if any of the following circumstances apply to you, as one or more could affect Subsidized and/or Unsubsidized Loans, another loan to consider is the Federal Direct PLUS Loan. your eligibility for financial aid: It has a fixed interest rate and various repayment terms. Receipt of a Federal Direct PLUS Loan is • Receipt of outside aid (e.g. scholarships, based on the creditworthiness of the parent borrowing the loan. state grants and tuition remission) • Change in enrollment status from full-time PRIVATE EDUCATIONAL LOANS to part-time We encourage you to learn about available Private Educational Loan programs in this guide to • Deferment of your offer of admission determine which loan best meets your needs. You can view a list of Villanova University Preferred to a subsequent term or year Lenders at https://www.elmselect.com/v4/school/360/program-select. GO NOVA. 2 SOURCES OF AID THAT MAY BE LISTED ON YOUR AWARD NOTICE WILLIAM D. FORD 2021-2022 ACADEMIC YEAR ACADEMIC 2021-2022 FEDERAL DIRECT LOAN DIRECT SUBSIDIZED LOAN OTHER FUNDING OPPORTUNITIES This is a federal need-based educational loan available Other Funding Opportunities is not an offer of aid. It to undergraduate students who are enrolled at least half- is only a reflection of options available to finance your time in a degree program. The federal government pays remaining cost of attendance. The amount listed as Other the interest on the loan during your period of enrollment Funding Opportunities is an estimate of the difference of at least a half-time basis. between the total estimated cost of attending Villanova University and your total financial aid package for the DIRECT UNSUBSIDIZED LOAN 2021-2022 academic year. This is a federal educational loan available to students who are not eligible or have limited eligibility for the NOTE: All new borrowers who receive a loan on or after Subsidized Direct Loan. Students may borrow under the July 1, 2013 will be limited to receiving Subsidized Loans same terms as the Direct Subsidized Loan; however, at to a period not to exceed 150% of the length of the no time does the government subsidize the loan through borrower’s educational program. Once a student reaches payment of interest. their 150% limitation, the interest subsidy will end on all of their outstanding loans and interest will begin to accrue. Eligibility for Federal Direct Subsidized/Unsubsidized Federal law provides no provisions to appeal this rule. Loans is dependent upon your previous undergraduate Direct Loan/Stafford Loan borrowing history. To view your borrowing history, log-in to studentaid.gov using your FSA ID Username and password, then select “View Your Aid” in the More Resources section. Villanova University uses a Borrower-Based Academic Year for the BSN-Express Program so that students can FEDERAL DIRECT LOAN ELIGIBILITY PER SEMESTER maximize their Federal Direct Loan borrowing. To learn FOR DEPENDENT STUDENTS more about the borrower-based year, please visit the BSN-Express webpage at finaid.villanova.edu. SUMMER 2021 FALL 2021 SPRING 2022 SUMMER 2022 SUBSIDIZED $2,750 $2,750 $5,500* $0* UNSUBSIDIZED $1,000 $1,000 $2,000* $0* Because the BSN-Express program begins in the Summer, the Office of Financial Assistance can use a borrower-based FINANCIAL ASSISTANCE ABOUT YOUR INFORMATION OR academic year to award an initial annual federal loan limit between Summer 2021/Fall 2021, and a second annual SUMMER 2021 FALL 2021 SPRING 2022 SUMMER 2022 federal loan limit between Spring 2022/Summer 2022. The student has the option as shown of receiving 100% of SUBSIDIZED $2,750 $2,750 $2,750 $2,750 their annual federal loan limit in Spring 2022, or splitting the federal loan between Spring 2022 and Summer 2022. UNSUBSIDIZED $1,000 $1,000 $1,000 $1,000 Students who choose to split the federal loan will need to complete a new FAFSA for the 2022-2023 academic year. Students are contacted in November regarding their spring eligibility, after spring registration has commenced. FEDERAL DIRECT LOAN ELIGIBILITY PER SEMESTER FOR INDEPENDENT STUDENTS The number of admitted transfer credits determines the student’s grade level for the academic year. Students will SUMMER 2021 FALL 2021 SPRING 2022 SUMMER 2022 be awarded with freshmen level loan eligibility until his/her transfer credits are entered into our system in June. The loan SUBSIDIZED $2,750 $2,750 $5,500* $0* examples are for a Junior-grade level or third-year student. UNSUBSIDIZED $3,500 $3,500 $7,000* $0* OR SUMMER 2021 FALL 2021 SPRING 2022 SUMMER 2022 IF YOUR NEED-BASED AID IS TENTATIVE BECAUSE OF AN INCOMPLETE FINANCIAL AID FILE, THE OFFICE SUBSIDIZED $2,750 $2,750 $2,750 $2,750 OF FINANCIAL ASSISTANCE WILL ISSUE CREDIT UNSUBSIDIZED $3,500 $3,500 $3,500 $3,500 TO YOUR STUDENT ACCOUNT ONLY AFTER ALL DOCUMENTATION IS SUBMITTED AND VERIFIED. * Borrower Based Option student can select. IGNITE CHANGE. 3 2021-2022 ACADEMIC YEAR ACADEMIC 2021-2022 WILLIAM D. FORD FEDERAL DIRECT LOAN There are two types of Federal Direct Loans: DISBURSEMENTS APPLICATION PROCESS and Subsidized Unsubsidized. Funds are disbursed at the beginning of each Refer to finaid.villanova.edu for more information semester. Please see the Office of Financial and for Federal Direct Loan application procedures. A Subsidized Loan is awarded on the basis of Assistance web page for the 2021-2022 financial need, and the government pays the disbursement schedule. MASTER PROMISSORY NOTE (MPN) interest while you are enrolled at least half-time Through a Federal Direct Loan MPN, you may in a degree program. LENDER receive multiple Subsidized and Unsubsidized Federal Direct Loans are funded by the US Loans over a maximum 10-year period. Once a An Unsubsidized Loan is awarded to students Department of Education (ED) through Villanova signed MPN is on file with the US Department of who do not qualify for the need-based Subsidized University and are managed by the Federal Direct Education, all you will have to do in future years Loan or dependent students whose parents do not Loan Servicing Centers, under the supervision of is accept the Federal Direct Loan amount listed qualify for the Federal Direct PLUS Loan. Interest the ED. on your award letter. All first-time borrowers must accrues from the time the funds are disbursed. complete a MPN prior to funds being credited to You may elect to pay the interest while you are FEES your account. You may complete your Federal enrolled or allow it to accrue and be capitalized Fees are deducted from the loan funds at the time Direct Loan MPN at https://studentaid.gov/. (added to the principal balance) at the end of of disbursement and are included in the amount you your grace period. will repay.
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