Loans - excelsior.edu Excelsior College
| | Federal Loans—Title IVTitle IV is a federal college aid program created by the Higher Education Act of 1965. Under this program, loans are offered primarily on the basis of financial need. The U.S. government distributes federal loans and administers repayment either directly or through third parties. All charges on your student account for the current semester could be paid through this aid. Title IV application procedures may seem complex, but the Excelsior College financial aid office can simplify the process for you. Contact the financial aid office at (855) 323-9235 to ensure that you get all the Title IV aid you're eligible for. 1. Title IV eligibility requirementsTo receive Title IV aid for Excelsior College courses, you must:
2. Applying for Title IV aidTo apply for Title IV aid, you must complete two steps:
The study plan is developed in conjunction with an Excelsior academic advisor. It specifies the academic term(s) and approved course(s) to be covered by the financial aid. Talk to your Excelsior academic advisor about your study plan to:
3. Title IV awardOnce Excelsior College has received all the required documents, we will send you an email asking you to check your financial aid award through MyExcelsior. Your award package is based on your eligibility for aid, your cost of attendance, and the number of credit hours you are registered for. Be sure to review all messages associated with your award letter. It is your responsibility to determine if your financial aid awards will cover your tuition and fees. If not, you will be expected to pay the difference to the college. 4. Acceptance of awardIn order to accept a Title IV loan, you must complete the following Federal requirements:
5. RefundIf you completely withdraw from all courses and are receiving Federal Student Aid you are subject to having all or part of your financial aid returned to the appropriate financial aid programs. If you withdraw prior to 60% of the enrolled period elapsing, a pro-rated schedule (Return to Title IV Calculation) is used to determine how much Federal Student Aid funding was earned at the time of withdrawal. Please see the Excelsior College Student Policy Handbook for complete refund procedures as outlined in the course withdrawal section. 6. Graduation RatesAs a distributor of Federal Student Aid, Excelsior College is required by Federal Title IV regulations to inform you of the graduation rates of our first-time full-time students. We primarily serve working adults who attend college part-time, and who typically transfer in college credit previously obtained from other sources. The number of students at Excelsior College who are considered "first-time full-time" students for the current reporting year is zero for both associate and bachelor’s degree seeking students. Excelsior College is committed to providing you with information about the success of our degree program students. As a reflection of that commitment, we have joined with other colleges and universities that serve adults at a distance in a voluntary system of accountability and transparency called Transparency by Design. The College Choices for Adults Web site includes information that is reflective of our student body, including part-time and transfer students. You will also find additional statistics about the learners in our programs, as well as information about student satisfaction, engagement, and learning outcomes. 7. Consortium AgreementsFederal financial aid consortium agreements enable enrolled Excelsior College degree-seeking students to participate in financial aid programs while concurrently attending Excelsior College (Parent College) and another accredited higher education institution (Non-Parent Institution). The currently eligible non-parent schools are limited to the following colleges:
You must be enrolled in a minimum of 3 credit hours both at Excelsior College and the non-parent college per term. (Total of 6 credit hours per term) This agreement does not guarantee an increase in the amount of financial aid you will be eligible to receive. Excelsior College reserves the right to decline a student’s request for a consortium agreement if, in the opinion of the Excelsior College Financial Aid Office (FAO), that consortium agreement would be administratively prohibitive. This agreement does not guarantee deferment of your past loans. Please contact your lender. Direct Stafford LoansExcelsior College participates in the Direct Loan Program, established in 2010. Under the Direct Loan program, eligible students borrow directly from the U.S. Department of Education rather than from third-party lenders. There are two types of Direct Stafford Loans:
Subsidized LoansThe subsidized program is offered to students who demonstrate financial need as defined by federal regulations. Important points include:
Unsubsidized LoansIf you do not qualify for the subsidized loan, you may be eligible to borrow under the Direct Unsubsidized Loan program. Important points include:
All other program rules are the same for both the subsidized and the unsubsidized loans. Self-supporting/independent students and graduate students can borrow additional amounts under the unsubsidized Direct Stafford Loan Program. Direct Plus LoansThere are two Direct Plus Loan Program options:
Important points of these two Direct Plus programs include:
Direct Lending Interest Rates (Effective July 1, 2009)
Annual Limits on Loan Amounts
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