US Citizens and Permanent Residents
Due to the nontraditional academic calendar of the MFE Program, a FAFSA must be filed twice to cover all four terms. For the Spring & Summer 2018 terms, students should complete the 2017-18 FAFSA no later than March 1, 2018. For the Fall 2018 & Winter 2019 terms, students should file the 2018-19 Renewal FAFSA, by July 2018.
Please email Haas Financial Aid firstname.lastname@example.org once you have completed a FAFSA as we manually package your award, due to the nature of your program’s calendar.
Federal Direct Unsubsidized Student Loans are non-need based loans. The program limit is $20,500. All students who meet general eligibility requirements may qualify for Federal Direct Unsubsidized Loans. Interest accrues from the date of the first loan disbursement. The interest that accrues is capitalized during periods of enrollment; the accrued interest is only capitalized just prior to entering repayment.
- Interest Rate: 6.6% fixed interest rate for loans disbursing on or after July 1, 2018
- Origination Fees: 1.066% fee taken at disbursement for loans disbursing after October 1, 2017
Federal Direct Grad PLUS Loans are non-need based loans. Grad PLUS Loans are credit-based loans which require a credit check. To be eligible for a Grad PLUS loan you must meet the other general eligibility requirements for the Federal Student Aid Programs, and must not have an adverse credit history (i.e. no more than 90 days late on any debt, no bankruptcies or tax liens within the past 5 years, and no defaults or adverse actions on any prior education debt). Students can borrow a Grad PLUS Loan up to the remaining total cost of education each year, minus any other expected financial aid.
- Interest Rate: 7.6% fixed interest rate for loans disbursing on or after July 1, 2018
- Origination Fees: 4.264% fee taken at disbursement for loans disbursing after October 1, 2017
How to Apply
First, obtain a Federal Student Aid ID (FSA ID) to file your FAFSA. This FSA ID is also used to sign your Master Promissory Notes and access your loan accounts online. Keep the FSA ID, even after graduation. It will facilitate loan repayment and monitor your loan balance. Visit StudentAid.gov/fsaid for more information.
To request federal loans, you must file a Free Application for Federal Student Aid (FAFSA). Our school code is 001312. The FAFSA must be filed each academic year that you wish to receive federal loans–you will not be offered a loan until the FAFSA for the applicable year has been filed. Although the FAFSA must be filed each year, the supplemental steps of Master Promissory Note (MPN) and Entrance Counseling only need to be completed once while at Haas.The loans must be paid back beginning six months after graduation or dropping below half-time attendance. The standard repayment term for the loans is 10 years.
|Application Process for Federal Loans|
Federal Loan Eligibility
General Eligibility Requirements:
In order to be eligible for any of the federal loan programs, you must meet the following requirements:
- You must be a U.S. Citizen, U.S. Permanent Resident or eligible non-citizen
- You must have a valid Social Security Number
- You must be enrolled at least half-time for the semester (6 units)
- You must not be in default on a federal educational loan and not owe a refund on a federal grant
- You must maintain Satisfactory Academic Progress
- If male, you must be registered with the Selective Service or obtain a waiver from the Selective Service Office
A note about Satisfactory Academic Progress
To maintain eligibility for federal and institutional aid, you must maintain Satisfactory Academic Progress (SAP). All graduate students are expected to maintain a minimum cumulative grade-point average of 3.0 for continued participation in the program and graduation. If your GPA falls below the minimum, you will be placed on academic probation and may become ineligible for the undisbursed portion of any federal loan. Further, students must successfully complete at least 67% of attempted units both cumulatively and in each term that they are enrolled, including terms in which a student withdraws. There is a maximum time frame for receiving aid, therefore students who do not meet the guidelines noted above are encouraged to contact our office for more specific guidance as this maximum varies by program.
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