Types of Aid

Argosy University
Types of Financial Aid Available

SCHOLARSHIPS / ALTERNATIVE FINANCING OR AID

Argosy University payment options
The campus Student Finance office can arrange payment options for students who cannot pay the balance due at the beginning of the semester.

Employer Reimbursement
Educational assistance benefits include payments by the employer for tuition, fees, and similar expenses, books, supplies, and equipment. Students should contact their employer to explore the specific benefits that may be available.

Military Benefits
The Department of Veterans Affairs administers a variety of education benefit programs. Many veterans and active duty personnel can qualify for more than one education benefits program. Various education pursuits are only available under specific GI Bill programs; you should ensure the education program you wish to enroll in will be qualified for reimbursement under the GI Bill for which you are eligible. Students can refer to www.gibill.va.gov to investigate benefit programs and eligibility.

Argosy University Scholarships and Grants
There are a limited number of institutional scholarships and grants available for students who meet certain criteria. The campus Student Finance office can provide more information about institutional aid.

Education Foundation Scholarship
At Argosy University locations, The Education Foundation works steadily with campus leadership and their scholarship committees, building solid scholarship programs. Argosy University has become very active in the past few years, awarding scholarships to hundreds of students across its entire network of schools. Visit the Student Financial Services department for more details on scholarship eligibility requirements and deadlines.

The Education Foundation is a non-profit tax-exempt foundation under Section 501(c)(3) of the Internal Revenue Code. The Foundation is supported by contributions from multiple sources, and provides scholarships to students who attend Education Management Corporation (EDMC) owned schools.

Outside Scholarships
Scholarship funds are provided by a variety of government programs, civic organizations, professional groups, etc., and by some employers. Each scholarship granting entity determines eligibility and amounts. Students may want to investigate these possibilities. Click here to view our scholarship information guide.

Federal Work-Study
Eligibility for this program is based on need and funds are limited. Jobs are offered to undergraduate and graduate students. These students pay at least the federal or state minimum hourly wage and sometimes more for skilled or difficult work. Most students work 10 to 20 hours each week. Earnings from the Federal Work-Study Program (FWS) are not counted as income when a student applies for aid the following year. Jobs can be on campus or off campus in community service. The Student Services office at the campus can provide more information about FWS jobs.

GRANTS

Federal Pell Grant
This is the basic federal grant program for undergraduate students who are eligible for Federal Aid, and who do not have a previous bachelor’s degree. Eligibility for the Pell Grant is based on financial need, as determined by the data submitted on the Free Application for Federal Student Aid (FAFSA). For the 2012–2013 academic year, annual awards to eligible full time students will range from $0 to $5,550.

Federal Supplemental Educational Opportunity Grant (FSEOG)
Funds from this federal program are extremely limited. Awards are for undergraduate students with financial need. As with Federal Pell Grants, need is determined from the information presented on the FAFSA form.

State Aid Programs
Some states offer student financial assistance to undergraduate students who have financial need. Argosy University currently participates in state grant programs in Arizona, California, Florida, Georgia, and Minnesota, and in state loan and work-study programs in Minnesota. In all of the states listed students need to prove residency of the state and attend a campus that is located in the state. Each state program has its own eligibility requirements and can be based on need or merit or a combination of both. The campus Student Finance office can provide more information about state assistance programs. Eligibility for state grants is subject to change.

Iraq and Afghanistan Service Grant Award
An otherwise Pell Grant-eligible student whose parent or guardian died as a result of U.S. military ser¬vice in Iraq or Afghanistan after September 11, 2001, may receive increased amounts of Federal Student Aid. There are two different provisions for such students, depending on whether the student has an EFC that falls within the range for Pell eligibility. The campus Student Finance office can provide more information about this grant.

LOANS

Federal Perkins Loan
Eligibility for this loan is based on need. The interest rate is fixed at 5%. Payments begin nine months after the student graduates, withdraws, or drops below half-time status. These loans are administered by the school and funds are extremely limited. The annual maximum is limited to $4,000 for undergraduate students and $6,000 for graduate students.

Federal Direct Loan
Most students who receive financial aid borrow from the Federal Direct Loan Program. The interest rate on Subsidized Direct Loans for 2012-2013 is a fixed rate of 3.4% and the interest rate on Unsubsidized Direct Loans is 6.8%. Students need to apply for a Direct Loan by completing and submitting the Free Application for Federal Student Aid (FAFSA) and signing a Master Promissory Note. Payments on the loan begin six months after a student graduates, withdraws, or drops below half-time status. These loans are administered by The Department of Education and the school certifies the amount that a student can borrow. The base Direct Loan amount may be subsidized or unsubsidized, depending on the student’s demonstrated financial need, as determined by the information presented on the FAFSA.

Independent undergraduate students and graduate students may borrow additional funds through the unsubsidized Direct Loan Program.

For subsidized Direct Loans, the interest is subsidized (does not accrue) while you are enrolled at least half time and then during the six-month grace period after dropping below half-time enrollment. Students must have a demonstrated financial need as determined by the FAFSA to receive the subsidized Direct Loan.

For unsubsidized Direct Loans, the interest is not subsidized and will begin to accrue once a disbursement has been made to the school. Students can make payments on the interest while they are in school and during the grace period if they choose. Unpaid interest is capitalized on the loan amount, increasing the total amount that needs to be repaid during the repayment period.

Direct Loan Annual Maximum Amounts:

Federal Parent PLUS Loan
This loan is for eligible parents of dependent students. The parent borrower must pass a credit check. The interest rate on the PLUS Loan is a fixed rate of 7.9%. Monthly payments on the principal and interest must begin within 60 days of full disbursement. Eligibility is certified by the school. The parent may borrow up to the cost of attendance, minus all other aid.

Federal Grad PLUS Loan
This loan is for graduate students. The borrower must pass a credit check. The interest rate on the PLUS Loan is a fixed rate of 7.9%. Monthly payments on the principal and interest must begin within 60 days of full disbursement. Deferments are available while the borrower is in school. Eligibility is certified by the school. The student may borrow up to the cost of attendance, minus all other aid.

Alternative Loans
Argosy University participates in a variety of alternative loan programs for students who need additional funds. The maximum amount that can be borrowed is the cost of education minus all other aid. These are loans obtained through banks or other lenders. Approval for these loans requires that the borrower pass a credit check. Some lenders may offer either a fixed or variable interest rate. In most cases, using a co-signer will increase the chances of a student receiving an alternative loan and will lower the interest rate. Students are free to use any private lender of their choice.

Student Education Loan Fund (SELF) – Minnesota Residents Only
The SELF Loan is a long-term, low-interest educational loan primarily for Minnesota students who need assistance paying for education beyond high school. Eligible students must be Minnesota residents attending eligible postsecondary institutions in-state or out-of-state or nonresidents attending eligible postsecondary institutions within Minnesota. In order to maintain eligibility, students must attend a SELF eligible school at least half-time and make satisfactory academic progress.