Financial Aid Programs
Direct Stafford Loans
Direct PLUS Loans
Alternative Student Loans
Financial Aid Programs for Continuing Studies Students
The following chart provides a comprehensive picture of the aid programs available, with information on eligibility and application requirements. Note that some of these are administered by Fairfield University, banks, lending institutions, or state and federal government agencies.
You must be a matriculated student enrolled in a minimum of six credits to borrow federal loans and to borrow most alternative loans. Please review the information below regarding alternative student loans.
Many other grant and loan programs exist all over the country, and your eligibility often depends on where you live. Remember, any financial aid you receive will reduce your annual costs and/or your loan repayment obligations. It may be worth doing the extra paperwork to apply!
| University Aid Program | |||||||
| Program | Eligibility Requirements | Funding Source | Annual Award Ranges | Application Instructions | |||
| Fairfield University Continuing Studies Grant (CSG) |
Details | Fairfield University | $500-$12,000 (based on enrollment) | Submit FAFSA Meet all other federal and University requirements |
|||
| External Financial Assistance Programs | |||||||
| Program | Eligibility Requirements | Funding Source | Annual Award Ranges | Application Instructions | |||
| Federal Pell Grant (PELL) | Based on financial need as determined by the FAFSA
Based on enrollment Meet Satisfactory Academic Progress (SAP) Standards |
Federal Government | $500-$5550 (varies) | Submit FAFSA Meet all other financial aid requirements |
|||
| Federal Supplemental Opportunity Grant (SEOG) |
Based on financial need as determined by the FAFSA Must be PELL eligible Award determined by the University Meet Satisfactory Academic Progress (SAP) Standards |
Federal Government | $400-$4,000 (varies) | Submit FAFSA Meet all other financial aid requirements |
|||
| Direct Stafford Loan Subsidized |
Based on financial need Matriculation in a degree-granting program Enrollment in six or more credits Meet Satisfactory Academic Progress (SAP) Standards |
Federal Government | Per academic year: First Year: $3,500 Second Year: $4,500 Third & Fourth Year: $5,500 |
Submit FAFSA Meet all other financial aid requirements Apply Tip: You will need your FAFSA PIN# |
|||
| Direct Stafford Loan Unsubsidized |
Based on financial need as determined by the FAFSA Matriculation in a degree-granting program Enrollment in six or more credits Meet Satisfactory Academic Progress (SAP) Standards |
Federal Government | Per academic year: All students - $2,000 |
Submit FAFSA Meet all other financial aid requirements Apply Tip: You will need your FAFSA PIN# |
|||
| Direct Parent PLUS Loan | Credit-approved parent of dependent undergraduate students Student must meet Satisfactory Academic Progress (SAP) Standards |
Federal Government | Per academic year: Can borrow up to the Cost of Attendance (minus financial aid) If a parent is not approved for this loan, the student may be eligible to receive additional unsubsidized for $4,000-$5,000 (depending on grade level). |
Apply
Tip: Parent will need his/her FAFSA PIN# |
|||
What are Direct Stafford Loans?
Direct Stafford Loans can be subsidized or unsubsidized and are processed through the federal government. You can receive a subsidized loan and an unsubsidized loan for the same enrollment period. Repayment on these loans does not begin until six months after graduation or six months after your last day of attendance (if you withdraw prior to graduation). You must be enrolled as a half-time student (six credits or more) in a matriculated or degree-seeking program, and meeting Satisfactory Academic Progress (SAP) in order to be eligible for these federal loans.
A subsidized loan is awarded on the basis of financial need as determined by the FAFSA. Financial need is calculated by subtracting your Expected Family Contribution (EFC) from the Cost of Attendance (COA). The EFC is determined by the Department of Education from your FAFSA and the COA is determined by Fairfield University. Interest is not charged on this loan before you begin repayment, unless you drop below six credits. The federal government subsidizes the interest during qualifying enrollment periods.
An unsubsidized loan is not awarded on the basis of need. You will be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accrue while you're in school or during other periods of nonpayment, it will be capitalized. The interest will be added to the principal amount of your loan, and additional interest will be based on that higher amount.
What are the Direct Stafford Loan interest rates?
Interest rates vary for the Direct Stafford Loan program, for both undergraduate and graduate or professional students. Read below for the most updated information with respect to the Public Law 112-141, signed by President Obama on July 6, 2012. This law includes the following amendments to the Direct Stafford Loan Program:
- Direct Subsidized Loans first disbursed on or after July 1, 2012 and before July 1, 2013 will be 3.4 percent.
- Direct Unsubsidized Loans made, beginning on or after July 1, 2012, to both undergraduate and graduate or professional students remains at 6.8 percent.
- New Direct Stafford borrowers on or after July 1, 2013 will not be eligible for new Direct Subsidized Loans if the period during which the borrower has received such loans exceeds 150 percent of the published length of the borrower's educational program.
- A borrower reaching the 150 percent limit becomes ineligible for interest subsidy on all Direct Subsidized loans first disbursed to that borrower on or after July 1, 2013.
As part of the Budget Control Act of 2011, which passed on August 1, 2011, for undergraduate subsidized Stafford loan borrowers whose loans are first disbursed after July 1, 2012, the interest subsidy ceases once a student ceases at least half time enrollment. The government will no longer subsidize the interest for students during their grace period and this will be in effect for the next two academic years (July 1, 2012-June 30, 2013 and July 1, 2013-June 30, 2014).
How do I apply for a Direct Stafford Loan?
You will first need to submit the FAFSA for the year you wish to receive this loan. The Office of Financial Aid will notify you of your eligibility for a Direct Stafford Loan. If you choose to accept the loan, you must complete both the Entrance Counseling and the Master Promissory Note (MPN).
How much can I borrow?
The amounts you can borrow depend on your grade level in school and on the type of student you are: dependent undergraduate, independent undergraduate (or a dependent undergraduate whose parents are unable to get a Direct PLUS Loan).
Annual Loan Limits for Stafford Subsidized and Unsubsidized Loans first disbursed on or after July 1, 2008:
| Year in College | Dependent Undergraduate Student | Independent Undergraduate Student |
| 1st Year | $5,500 No more than $3,500 of this amount may be in subsidized loans |
$9,500 No more than $3,500 of this amount may be in subsidized loans |
| 2nd Year | $6,500 No more than $4,500 of this amount may be in subsidized loans |
$10,500 No more than $4,500 of this amount may be in subsidized loans |
| 3rd and 4th Years (each) | $7,500 No more than $5,500 of this amount may be in subsidized loans |
$12,500 |
| Maximum Total Debt from Direct Stafford Loans When You Graduate | $31,000 No more than $23,000 of this amount may be in subsidized loans |
$57,500 No more than $23,000 of this amount may be in subsidized loans |
What will my monthly payments be after graduation? Estimate your monthly loan payment
Fairfield University participates with the Direct Loan Program, does not have a preferred lender list, and abides by all principles outlined in the CT Code of Conduct.
What is a Direct Parent PLUS Loan?
A loan that a parent can utilize to help pay for your educational expenses. This loan is for parents of dependent, undergraduate students who are enrolled at least half time (six credits or more) and who are meeting Satisfactory Academic Progress (SAP), as set by the University. These loans are processed through the U.S. Government. Parents must be credit-worthy and have no adverse credit history.
How much money can a parent borrow?
Your parent can borrow up to the cost of attendance (COA) for the year, minus any other financial aid you receive.
Where do parents apply?
Your parent can apply online to complete the required credit application and
Master Promissory Note (MPN).
What is the Direct PLUS Loan interest rate?
For loans disbursed after July 1, 2009, the interest rate is fixed at 7.9%. Parents will be notified of interest rate changes throughout the life of their loan. Interest is charged on the loan from the date the first disbursement is made until the loan is paid off.
What are the repayment terms?
Payments are generally required on this loan while the student is in school and begin after the loan is fully disbursed for the year, but can be deferred until six months after the student graduates, leaves school, or is enrolled for less than six credits. If payments are deferred during the in-school period and/or the six month post-enrollment period, parents will receive quarterly interest statements and have the option to pay the accrued interest. If such interest payments are not made, any unpaid accrued interest will be capitalized (added to the principal loan balance) at either the end of the in-school deferment or, if taken, the end of the six-month post-enrollment deferment, increasing the overall loan costs.
What will the monthly payments be? Estimate your monthly loan payment
Questions? Call (800) 557-7394
It is strongly recommended that students borrow the maximum in Direct Stafford Loans before considering an alternative student loan. Direct Stafford loans tend to be less expensive with fixed interest rates and provide various options for repayment. The Office of Financial Aid will certify any alternative loan at the request of any borrower, provided the loan has been approved. However, it is the responsibility of the borrower to determine which alternative loan best fits their borrowing needs.
What are alternative student loans?
Alternative student loans are available to assist students to cover any financial gap that may exist between their educational costs (cost of attendance) and the amount of financial aid they are receiving. There are many types of alternative student loans and each are calculated with different interest rates and repayment terms, which varies, depending on the borrower and cosigner's credit-worthiness. Students and families should review their finances to determine which financing option best fits their borrowing needs. Most undergraduate students usually require a credit-worthy cosigner in order to obtain the best rate and loan benefits.
How do I select an alternative student loan that is "right" for me?
Fairfield University does not have a preferred lender list for alternative student loans, nor can we recommend specific lenders. However, through ELM Select, a service provided by ELM Resources (see below), can assist you with what is likely one of the most important tasks in the financial aid process. ELM Select is an online lender comparison resource that provides free and extensive loan options. This service has several features that will help you make the financing decision that best fits your financial needs. It also provides a wealth of information regarding borrower rights, responsibilities and loan repayment.
Search for an Alternative Student Loan
Note: This loan application process can sometimes take at between 10-14 business days (sometimes up to three weeks) to complete. Please apply as early as possible early to allow for this processing time and to avoid late fees.
Fairfield University does not have a preferred lender list for alternative student loans. Fairfield University abides by all principles outlined in the CT Code of Conduct.
If you need assistance with any aspect of the financial planning process, please contact the Office of Financial Aid.