Overview of Programs

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 and others by banks, lending institutions, or State and Federal government agencies.

You must be a matriculated student taking a minimum of six credits to borrow federal Stafford loans and most alternative loans. However, there are some alternative loans that do not require matriculation. Please contact the Office of Financial Aid to inquire about these specific alternative loans.

Be aware that the list on this chart is not exhaustive. Many other grant and loan programs exist all over the country, and your eligibility for them often depends on where you live. Remember, any financial aid you receive will reduce your annual costs and/or your loan repayment obligations. It's worth doing the extra paperwork to apply!

University Administered Need-Based Programs
Program	Eligibility Requirements		Source of Funds		Annual Award Ranges		Directions for Applying
Federal Pell Grant	Undergraduates: based upon formula established by the Federal Government.		Federal		$400 - Approx. $4,310		File FAFSA no later than March 1.
Federal Supplemental Educational Opportunity Grant (FSEOG)	Undergraduates who are Pell eligible with exceptional financial need.		Federal		Up to $4,000; average award $800

External Financial Assistance Programs
Federal Stafford Loans (Subsidized or Unsubsidized)		Subsidized- Students who demonstrate financial need enrolled in at least 6 credits. Unsubsidized- Available for students without need enrolled in at least a half-time status.		Lending Institutions		Up to $3,500 per academic year for freshmen; $4,500 for sophomores; $5,500 for juniors and seniors;	Apply online. Additionally, a FAFSA must be filed.
Federal Parent Loan Program (Plus)		Loans to parents of dependent undergraduates.		Lending institutions		Cost of education minus financial aid assistance	Apply online

Stafford Loans

Stafford Loans are either subsidized or unsubsidized. You can receive a subsidized loan and an unsubsidized loan for the same enrollment period. You do not start repaying either loan until six months after graduation or your last day of attendance. You must be enrolled as a half-time student in a matriculated or degree seeking program to be eligible to receive a Stafford loan.

A subsidized loan is awarded on the basis of financial need. Need is determined by subtracting your Expected Family Contribution (EFC) from the Cost of Attendance. The EFC is determined by the Department of Education on the FAFSA form. Interest is not charged before you begin repayment. The federal government "subsidizes" the interest during these periods.

An unsubsidized loan is not awarded on the basis of need. You'll be charged interest from the time the loan is disbursed until it's paid in full. If you allow the interest to accrue (accumulate) while you're in school or during other periods of nonpayment, it will be capitalized - that is, the interest will be added to the principal amount of your loan, and additional interest will be based on that higher amount.

Stafford Loan Interest Rates

For Stafford loans disbursed after July 1, 2008 and before June 30, 2009:

Subsidized Stafford - the interest rate is a fixed rate set at 6%.

Unsubsidized Stafford - the interest rate is a fixed rate set at 6.8%

Loan Repayment Calculator

Estimate your monthly loan payment

How do I apply for a Stafford loan?

Fairfield requires that the Free Application for Federal Student Aid (FAFSA) be completed for all undergraduate students. The FAFSA is used to determine loan eligibility amounts. To file your FAFSA online go to: www.fafsa.ed.gov; Fairfield's FAFSA code is 001385. Filing the FAFSA online is quicker and more accurate. Once you file your FAFSA, the Office of Financial Aid will generate an award letter offering a Stafford loan. After accepting your Stafford loan, click here to go online to complete the master promissory note (MPN) and to sign your Stafford loan electronically.

All students and their parents have the right and ability to select the education loan provider of their choice, are not required to use any of the lenders on the preferred lender list, and will suffer no penalty from the University for choosing a lender that is not on said preferred lender list.

Alternative Loans

All borrowers should borrow the maximum in their Stafford loan eligibility before considering an alternative loan. Alternative loans are an option to assist students cover any financial gap that may exist between their educational costs and the amount of financial aid they are receiving. There are many types of alternative loans, each calculated with different interest rates and repayment terms. Listed below is a summary of several of alternative loans that Fairfield borrowers have used in the past. The Office of Finanical Aid will certify any alternative loan at the request of any borrower, however, it is up to the borrower to determine which alternative loan best fits their needs. It is recommended that borrowers should have a co-borrower to help obtain the lowest interest rate. If you have any questions regarding any alternative loan(s), please contact the Office of Financial Aid at: finaid@mail.fairfield.edu, or at (203) 254-4125. See chart below.

Loan Program	Academic Progress?	Co-Signer?	Interest Rates	Fees	Min/max Amounts	Repayment Dates & Options	Apply Online

CT FELP	Yes 1/2 time	Yes	6.99% fixed	3%	2,000 Min COA-Total Aid is Max	pay only interest while in school & during 6 month grace period	www.chesla.org

Sallie Mae Signature Loan	No non-matric ok if student has 1st degree already	Freshman Only	Ranges from: LIBOR +2% to LIBOR +6% plus .5% int rate reduction with auto-debit	0%	COA-Aid ($100k aggreg)	6 month grace period after leaving school or dropping below 1/2 time	www.salliemae.com/ fairfield/opennet/


Key Alt.loan	Yes + 1/2 time	No if they have at least two years good credit	3mo LIBOR + 2.9% to + 7.99%	None	$500 - COA ($100,000 aggreg)	6 months after graduation 10, 15, or 20 years	www.keybank.com


Citi-Assist borrower for prev balance	Matric not req no - can be <1/2 time	if student isn't creditworthy	Prime + 1/2%	none	COA-Aid ($1,000 minimum)	U-Grad up to 12 years up to 15 years 6 months after Grad	www.studentloan.com

Preferred Lenders

The Office of Financial Aid continues to monitor the student lending market to ensure that our students are receiving the best student loan interest rates and benefits possible. We developed our preferred lender list with this objective in mind. Fairfield University's Preferred Lenders were selected through a competitive bid process, in which the following factors were considered (in order of priority):

* Low interest rates with strong borrower benefits including: additional reductions in interest rates or cash back to borrowers for timely payments and payments made via direct deposit.

* Excellent customer service to borrowers.

* Availability of lender representatives to quickly resolve loan issues.

* Full electronic processing of loans including electronic transfer of funds

Neither Fairfield University nor its employees who select the Preferred Lenders has a revenue-sharing interest in any of the lender agreements.

View the borrower benefits offered by our preferred lenders. The Office of Financial Aid will certify any lender's master promissory note on behalf of the student's request.

Read our preferred lenders disclosure statement by clicking here.

AMS Monthly Payment Plan

Fairfield University is offering the option to make tuition payments on a monthly basis through the TuitionPay Monthly Plan from Academic Management Services (AMS).

For more information and to apply online, go to: www.TuitionPayEnroll.com, or call (800) 635-0120 for further details.

Online Tuition Payment