Financial Aid at Shaw University consists of scholarships, grants, loans, and jobs awarded singly or in the form of a “package” to meet a student’s financial need. The factor of need is considered for all forms of financial assistance. The financial aid program provides financial assistance to qualified and deserving students who, without it, would not be able to attend or remain in school.
A student must be enrolled as at least a half-time matriculated student and must be in good academic standing to be eligible for financial assistance; however, certain programs require a student to maintain a full-time status.
Financial aid is awarded for one-year only, upon reapplication and continued eligibility. The priority deadline for applying for Shaw University’s administrated financial aid is March 1 for the ensuing academic year.
An entering student must be accepted for admission before receiving an award letter regarding financial aid. An award notification for applicants who have met the March 1 priority deadline is normally mailed to the applicant by June 1.
Questions pertaining to financial aid should be directed to the Office of Financial Aid, George C. Debnam Hall, toll free number: (800) 475-6190.
Sources of Financial Aid for Graduate Students
Financial assistance is provided through any one or a combination of the following:
William D. Ford Federal Direct Stafford Loan Program
The William D. Ford Federal Direct Stafford Loan is a low-interest loan made to eligible students by the U.S. Department of Education. This loan is made for the purpose of helping a student meet his/her educational expenses.
Federal Direct Unsubsidized Loans. Effective July 1, 2012, the federal government no longer offers interest subsidies on graduate level loans. All graduate level loans for periods beginning on or after July 1, 2012, are unsubsidized. Unsubsidized loans are not based on need. Students are required to maintain half-time enrollment in order to qualify. The annual maximum for graduate students is $20,500. The borrower is responsible for paying the interest during in-school and deferment periods. However, the borrower has the option to pay or defer interest payments while enrolled.
The total combined annual loan limit for subsidized and unsubsidized loans is $20,500. The aggregate subsidized loan is $65,500 and $73,000 for the unsubsidized loan. The combined aggregate is $138,500. Loan repayment begins six months after graduation, withdrawal or after the student ceases to be enrolled on at least a half-time basis.
Alternative/Private Loans
A number of major lenders offer credit-worthy students the opportunity to borrow privately in order to meet educational costs not covered by their financial aid awards. In most cases a credit worthy co-signer is required unless the student has significant income. Some require a minimum of half-time enrollment and some require satisfactory academic progress. Families are encouraged to carefully review and consider the terms of any private loans prior to applying. It is important to remain with the same private lender throughout your education, if possible. Shaw University requires that you receive pre-approval and complete the promissory note before the Financial Aid Office will certify your alternative loan. The Financial Aid Office will receive confirmation directly from the lender when you have been credit-approved.
Federal Perkins Loan
(Formerly the National Direct/Defense Student Loan - NDSL)
Effective July 1, 2012, Shaw University will no longer participate in the Federal Perkins Loan Program. Students that have borrowed on the Federal Perkins Loan program, while attending Shaw University, will be required to repay the loan directly to the US Department of Education. Repayment begins nine months after graduation or after the student ceases to be enrolled on at least a half-time basis. Borrowers are required to receive Exit Loan Counseling when enrolled less than half-time or upon graduation. These sessions are conducted by the Collections’ Office.
Transfer Students and Financial Aid
In order to be considered for aid, transfer students must submit the Free Application for Federal Student Aid (FAFSA) and include Shaw University’s school code (002962).
Students transferring after only one semester from another institution may still be eligible for any aid as long as the full amount of federal aid was not used at the previous institution including Pell grant and Federal Loans.
Shaw University will not make a final decision on the aid package until there is a check by way of the National Student Loan Data System (NSLDS) to determine if previous Pell Grants and Federal Loans have been exhausted.
FERPA
Buckley Amendment
The University policy for the administration of student educational records is in accordance with the provisions of the Family Educational Rights and Privacy Act (FERPA) of 1974 (P.L. 93-380). Personally identifiable information contained in student educational records will not be disclosed to persons outside the University without the prior consent of the student. Under this policy, the student also has the right of access to student educational records maintained by the University or any department within the University. A copy of the University policy dealing with the privacy of student educational records is maintained in the Office of Records and Registration.
For the purposes of this Regulation, “student” means an individual who is or has been in attendance at the university. It does not include persons who have been admitted but did not attend the university or individuals enrolled solely in non-credit courses. “Attendance” starts when the individual matriculates or declares their intention to enroll at the university, whichever comes first.
|