Student must maintain Satisfactory Academic Progress to remain eligible for federal financial aid (Refer to Satisfactory Academic Progress Policy). Students losing their financial aid eligibility will be required to pay cash for unpaid school charges.
A Career Training Loan is a private student loan available to students enrolled in any course or program at MUD. Student must meet eligibility requirements as determined by Sallie Mae. For more information or to apply, access Sallie Mae’s website at http://www.salliemae.com/ctl.
Grants are a form of financial aid given to qualified students to help pay for their education. Usually, no repayment of a grant is required if academic obligations are met.
Scholarships are a form of financial aid awarded to qualified students often on the basis of academic performance, completion, particular skill, financial need or a combination of unique circumstances. Usually, no repayment of a scholarship is required if academic obligations are met.
Make-up Designory understands financing an education may be one of the most complex issues students deal with. MUD has financial aid staff available for all students and families to discuss questions or concerns about their financing options. The Financial Aid Office is open from Monday through Friday 8 am to 5 pm. If you have questions regarding financing, please contact us.
Students obtaining a loan to pay for their educational costs will be responsible to repay the full loan amount plus interest charges (less any refund issued to the loan). Students receiving federal student financial aid funds after paying for their educational costs will be entitled to a refund.
Students enrolled in a Title IV eligible program at MUD may apply for federal financial aid assistance. The FAFSA (Free Application for Federal Student Aid) is the first step in the financial aid process. The FAFSA is used to apply for federal aid such the Federal Pell Grant, Federal Stafford Loans and Federal Parent PLUS Loans.
Apply free online at http://www.fafsa.ed.gov. Make-up Designory’s federal school code is 040924. Make-up Designory will guide the student through each step of the financial aid process.
Federal financial aid is paid directly to the school by electronic funds transfer in two disbursements. The first disbursement occurs after the student begins classes and all requested documentation is completed, submitted to and approved by the Financial Aid Office. Students selected for verification must complete the verification process before funds are disbursed. Thirty-day delayed disbursement is required on first disbursements of Stafford Loan funds for first-time borrowers. The second disbursement of aid is paid upon completion of one half of the academic year and it is verified that the student is maintaining Satisfactory Academic Progress. Students and parents (as applicable) will receive notice of disbursements as funds are received by the school and credited to the student’s school account.
Rights and responsibilities for student loan borrowers include: repayment of the loan including accrued interest and fees, attending exit counseling (Stafford borrowers only), notifying the lender within 10 days of personal changes including change of school status, pre-payment of loan without penalty and the right to apply for a deferment or forbearance (must meet eligibility requirements).
Students enrolled in a Title IV eligible program at MUD may apply for a Federal Pell Grant. The Federal Pell Grant Program provides need-based grants to low-income, undergraduate students. Eligibility and grant amount is determined by the Federal Government. To apply for the Federal Pell Grant, the student must complete a Free Application for Federal Student Aid (FAFSA) which will be used to determine eligibility.
Students enrolled in a Title IV eligible program at MUD may apply for a Subsidized Federal Stafford Loan. The Subsidized Federal Stafford Loan is a need-based loan. The interest rate is fixed at 4.5%. The federal government pays the interest that accrues on the Subsidized Stafford Loan while the student is in school, during the six month grace period, and during periods of authorized deferments. A loan origination fee will be assessed. Repayment begins following a six month grace period. The grace period will begin after enrollment ceases or the student drops below half-time enrollment. Minimum monthly payment is $50 per month. Standard repayment period is ten years.
To apply for a Subsidized Federal Stafford Loan, the student must first complete a Free Application for Federal Student Aid (FAFSA) which will be used to determine borrower eligibility. The student must also complete a Master Promissory Note. First-time Stafford Loan borrowers must complete entrance counseling. All students who borrow a Stafford Loan are required to attend exit counseling.
Students enrolled in a Title IV eligible program at MUD may apply for an Unsubsidized Federal Stafford Loan. The Unsubsidized Federal Stafford Loan is a non-need-based loan. The student secures his or her loan from a lending institution such as a bank, credit union, or any other participating lending institution. The interest rate is fixed at 6.8%. The borrower is responsible for the interest that accrues on the Unsubsidized Stafford Loan. A default fee and an origination fee will be assessed. Repayment begins following a six month grace period. The grace period will begin after enrollment ceases or student drops below half-time enrollment. Minimum monthly payment is $50 per month. Standard repayment period is ten years.
To apply for an Unsubsidized Federal Stafford Loan, the student must first complete a Free Application for Federal Student Aid (FAFSA) which will be used to determine borrower eligibility. The student must also complete a Master Promissory Note with the lender of their choice. First-time Stafford Loan borrowers must complete entrance counseling. All students who borrow a Stafford Loan are required to attend exit counseling.
