Financial Aid Information
Federal Stafford Loans
Federal Stafford Loans are made in the student's name and can be either subsidized or unsubsidized. A subsidized Stafford loan is awarded on the basis of financial need. This need is determined from the results of the Free Application for Federal Student Aid (FAFSA). The federal government pays the interest accruing on the loan ("subsidizes" the interest on the loan) while the student is enrolled at least half time in a degree seeking program, during a grace period or during authorized periods of deferment. The loan is not based on credit-worthiness, nor is a co-signer required.
An unsubsidized Stafford loan is not awarded on the basis of need. The borrower is charged interest from the time the loan is disbursed (funds forwarded from the lender to the school) until it is paid in full, including in-school, grace and deferment periods. The student has the option of paying this interest while in school or capitalizing the interest at repayment. Capitalization is the process by which the lender adds the unpaid interest balance to the total amount of repayment. If you choose to pay the interest as it accumulates, you will repay less in the long run.
You may receive a subsidized and unsubsidized Stafford loan for the same enrollment period; however, your maximum loan eligibility may not exceed federally regulated limits. The limit for the 2009-2010 academic year is $20,500.
The interest rates on a Stafford loan is a fixed rate at 5.6% for the subsidized portion and 6.8% for the unsubsidized portion.
You are not required to use a lender from our Lender List; however, these utilize our electronic processing procedures to speed up the delivery of loan proceeds. To obtain more thorough information regarding any of the lenders, please review their websites. Any lender used other than those listed may require manual processing and could seriously delay the receipt of your loan funds.
Loan Application Procedure
Admitted students can follow the steps below to apply for financial aid. Please note that a student can apply for a maximum of $20,500 in federal loans.
1. If you do not have a PIN number or have lost your PIN number from last year, apply for a PIN number at www.pin.edu.gov. The PIN number is needed to electronically sign your Free Application for Federal Student Aid (FAFSA).
2. After you receive your PIN number, complete your new (or renewal) FAFSA at www.fafsa.ed.gov by following the on-screen instructions. If you need assistance, please click the link to chat online with a customer service representative or call 1-800-433-3243. Be sure to include Faulkner University's school code (001003) as one of your college choices in Step 6 of the FAFSA.
3. After you complete the FAFSA, please print the following forms to complete and mail to Faulkner's Financial Aid Office.
Loan Information Sheet (new students must also complete the Master Promissory Note and Entrance Interview in step 4 below)
Independent Verification Worksheet
Permission to Release Records Form (optional)
4. Please choose a lender for your student loans. This step will take you to another website. Click here to access the university's Lender List.
5. Please mail the three completed forms in Step 3 above plus a signed copy of your 2007 federal tax return (and your spouse's if married) to the Financial Aid Office. Include all W2s. Also, please submit a readable copy of your driver's license and social security card.
Mail all correspondence and forms to:
Faulkner University Financial Aid Office
c/o Helen Pollard
5345 Atlanta Highway
Montgomery, AL 36109
Questions can be e-mailed to Helen Pollard at hpollard@faulkner.edu or call 334-386-7197.
Graduate PLUS Loans
Graduate PLUS loans are federally sponsored loans for students attending graduate school. With a Grad PLUS loan, you may borrow up to the full cost of your education, less other financial aid received including Federal Stafford loans.
If you plan to apply for a Graduate PLUS loan, please print and submit the following form:
Private / Alternative Educational Loans
In addition to federally supported loans, many private lending institutions offer loans to students and families. There are an increasing number of these loans and the terms of these loans change frequently, making a comparative listing impossible. When choosing a private loan, we offer these suggestions:
- review the terms of the program carefully
- read the fine print
- check with the lender for the most current terms
- check minimum/maximum annual loan limits
- compare the combination of interest rate, fees, and repayment terms since these determine the total amount repaid over time
- check interest rates that may adjust monthly, quarterly or annually
- check fees charged
- check for deferred interest and/or principle while enrolled in school
Graduate PLUS and Alternative Loan Programs:
If you have questions about Graduate PLUS and Alternative loan programs, please contact Helen Pollard in the Financial Aid Office at 334-386-7197.
Bar Study Loan Program
If you are enrolled in your last semester of law school and need help financing bar exam costs (bar review course tuition, bar exam deposits and/or fees, living expenses, etc.), you can apply for a Bar Study Loan. The following lenders offer this type of loan: Access Group, Citibank and Sallie Mae.