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U.S. Federal Financial Aid
Students at John Cabot University may be eligible for student loans from the US Federal government. John Cabot University is authorized by the US Department of Education to participate in the Title IV Program.
All citizens and permanent residents of the United States who are enrolled as degree-seeking students at John Cabot University may be eligible to participate in the Stafford Loan Program. Parents may borrow through the Parent Loan for Undergraduate Students (PLUS) loan program and independent students may borrow through unsubsidized Stafford Loan Programs.
Current US government legislation prohibits US citizens enrolled in colleges or universities outside the United States from receiving Pell Grants, SEOG, Perkins Loans, or Federal Work Study funds, even though they may be eligible for such assistance.
Federal Stafford Loans:
There are two types:
Subsidized: For students who qualify for subsidized Stafford loans, the government pays the interest on the loan(s) until the student enters repayment.
Unsubsidized: Students who receive an unsubsidized Stafford Loan are responsible for the interest that accrues during school, grace and deferment periods. If not paid while the student is in school, interest is capitalized (added to the loan balance) at the end of the borrower’s grace period.
Stafford Loan limits
| Dependent |
Annual loan limit |
| Freshman |
$3,500 |
| Sophomore |
$4,500 |
| Junior or senior |
$5,500 |
| Independent |
Annual loan limit |
| Freshman |
$7,500 |
| Sophomore |
$8,500 |
| Junior or senior |
$10,500 |
| Undergraduate dependent lifetime limit |
$23,000 |
| Undergraduate independent lifetime limit |
$46,000 |
PLUS Loans
Parent Loan for Undergraduate Students (PLUS) is a United States Federal loan available to parents of dependent undergraduate students to help finance their son’s or daughter’s education. Parents may borrow up to the Cost of Attendance, minus the amount of any other financial aid received. A credit check is required for the PLUS loan. Repayment for the PLUS loans begins soon after funds are disbursed.
Additional Funding
Private loans are an additional way to finance your education at JCU. Private loans are not administered or backed by the federal government (unlike Stafford Loans), so there may be no deferment or forbearance options for postponing payment. Typically, these loans are credit-based, which means borrowers are required to pass a credit check. In some cases, a co-signer may be required.
Examples
The Signature Loan is a private loan available to United States citizens that allows students to borrow up to the Cost of Attendance minus the amount of any other financial assistance received. The student is the borrower and must show either a good credit history or none at all. A credit-worthy co-signer is also required to be eligible for the loan, and repayment begins six months after graduation. For further information see www.salliemae.com.
The International Student Loan Program (ISLP) has been developed by the International Education Finance Corporation (IEFC) in the United States. Unlike the other loans, the ISLP loan is available to non-American students. A co-signer is required who must be an American citizen or green card holder, and repayment can be deferred until after graduation. For more information see www.iefc.com.
Loan Interest Rates:
To see current loan interest rates go to www.salliemae.com
For rates on the International Student Loan Program go to www.iefc.com
Application for Federal Student Aid (FAFSA)
If you are applying for a Title IV loan such as Stafford or PLUS, you need to complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov before any financial aid or student loans can be awarded. All students and their families seeking federal aid must complete the FAFSA and a Renewal FAFSA for each year of study.
After completing the FAFSA online, each student will receive an electronic Student Aid Report (SAR), which may be downloaded. This downloaded SAR is an abbreviated, 2- page version of the complete 8-page report.
Since John Cabot University does not receive the 8-page SAR electronically or automatically, please call the Federal Student Aid Information Center at 800-4-FED-AID or 800-433-3243 and request that the 8-page SAR be mailed to your US home address. A 2-page report will not be accepted.
Please forward this full 8-page report to the JCU Financial Aid Office together with a copy of the Master Promissory Note (MPN) for the type of loan for which you are applying.
Once the JCU Financial Aid Office receives all the necessary documentation, it will review the loan application and send the documents to the chosen lender for processing.
Certification of loan eligibility by the John Cabot University Financial Aid Office does not guarantee that the student will actually be approved to obtain the loan.
Important Additional Information
• The Department of Education Title IV/OPE code for John Cabot University is G33293.
• Eligibility for Stafford Loans is subject to a variety of qualifications. There are also annual and aggregate limits on how much can be borrowed.
• Student loans are made available by banks in the US. Students may use their own lender or ask the Financial Aid Office for more information.
• You must submit the FAFSA application every academic year that you want aid while attending John Cabot University as a degree-seeking student.
For Canadian Students
Canada Revenue Agency: John Cabot University has been recognized by the Canada Revenue Agency. This permits a Canadian taxpayer who is registered during a given year as a full-time student at John Cabot University – in a course leading to a degree – to claim the appropriate percentage of tuition fees as a tax credit, if the tuition fees were paid subject to certain restrictions. Furthermore, the parent of legal guardian of said student is also eligible to claim the transferred portion of the tuition.
The International Education Finance Corporation (IEFC) has developed the International Student Loan Program (ISLP) and the Canadian Higher Education Loan Program (CanHELP). IEFC offers financial assistance for those from Canada who wish to study in foreign countries:
International Education Finance Corporation (IEFC)
424 Adams Street
Milton, MA 02186, USA
Tel: 1-888-296-IEFC(4332) or (617) 696-7840
Fax: (617) 698-3001
Web: www.iefc.com
Department of Veteran Affairs Benefits
All courses at John Cabot University have been approved by the United States Veterans Administration for educational training under the G.I. Bill. Qualifying veterans may contact the Admissions Office for further information.
Deadlines for Financial Aid Applications
If you are interested in student loans or scholarships, please contact the Financial Aid Office to receive the application form. Please note the following deadlines for submitting financial aid and/or scholarship application(s):
- New incoming students:
For all US and non-EU students:
For the Fall Semester: March 15
For Spring Semester: Oct. 15
For all Italian and EU students:
For the Fall Semester: June 1 (July 1 for Italian students only)
For Spring Semester: Oct. 15
Loan applications must be submitted by March 15 for any summer session
and/or the Fall term and Nov. 15 for the Spring term.
Satisfactory Academic Progress (SAP) Policy For U.S. Federal Financial Aid
For the Undergraduate Student
To remain enrolled and receive Federal Financial Aid, all students must make satisfactory academic progress, as measured by cumulative grade point average and the ratio of credits earned vs. attempted (completion rate).
SAP assumes that the student registers for course loads within the minima/maxima during each regular academic year. Another way to express this is that students must complete their original programs within 180 credit hours. A change of program – different major, additional minor, etc. – obviously extends this limit.
John Cabot University’s Financial Aid Office reviews the Standards of Academic Progress for students receiving Federal Title IV Aid. Each student’s SAP is reviewed every semester using three components:
- Grade Point Average (GPA)
- Hours attempted versus successfully completed
- The maximum time to complete a program
Students must meet the minimum requirements in each of the three components to maintain satisfactory academic progress. Students who do not meet these standards will be withdrawn from Title IV aid.
Please contact the Financial Aid Office for further information. |