Student Loans
Educational loans provide an excellent source of financial assistance needed to meet the expense of your Faulkner University education. Information concerning loans is available through the Financial Aid Office. The primary source for students is the Federal Direct Loan Program. In order to qualify for the Direct Loan Program, the student must submit the Free Application for Federal Student Aid (FAFSA) to establish eligibility. The FAFSA can be completed by going to www.studentaid.gov.
Federal Direct Unsubsidized Loans
All graduate student loans are unsubsidized, which means the student is charged interest from the time the loan is disbursed until it is paid in full. The student has the option of paying the interest while in school or capitalizing the interest at repayment. The principal loan amount is deferred until six months after the student graduates, drops below half time or completely withdraws from school. A graduate student is able to borrow up to $20,500 per year in unsubsidized loans. The interest rate on a federal unsubsidized Stafford loan is fixed and may change each July 1st. All necessary forms and information concerning applying for financial aid can be found at the Financial Aid website (www.faulkner.edu).
Grad PLUS Loans
The Grad PLUS Loan program is available for our Graduate/Professional students to help them cover additional expenses relating to their educational needs. The amount they are eligible to borrow is the Cost of Attendance minus all other financial aid.
Private Educational Loans
In addition to federally supported loans, many private lending institutions offer loans to students and families seeking assistance to meet expenses related to attendance at Faulkner University.
Financial Aid Satisfactory Progress
Students must be making satisfactory progress in order to be eligible for federal financial assistance. Financial Aid standards for satisfactory progress are not necessarily the same as academic standards for good standing.
Repayment
The student does not enter repayment on these loans until he/she has graduated, dropped below half time or withdrawn from school. If any of these do occur, then the student will start repayment six months later. The loans are extended over a 10-year repayment period and may be extended for even a longer period based on the amount borrowed. The individual servicers will contact the student concerning repayment terms.
Veteran’s Benefits
Veterans and dependents may be eligible for benefits. For additional information or questions concerning benefits the student may contact the Military and Veteran Services Office at Faulkner.
Complaint Policy for Students receiving VA Educational Benefits: Any complaint against the school should be routed through the VA GI Bill® Feedback System by going to the following link: http://www.benefits.va.gov/GIBILL/Feedback.asp. The VA will then follow up through the appropriate channels to investigate the compliant and resolve it satisfactorily.
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