MUD Financial Aid Office

Federal Parent PLUS Loan

The parent of a dependent student enrolled in a Title IV eligible program at MUD may apply for a Federal Parent PLUS Loan.  Dependency status is determined using the FAFSA.   The Federal Parent PLUS Loan is a non-need-based loan.  The interest rate is fixed at 8.5%.  The parent borrower is responsible for the interest that accrues on the Federal Parent PLUS Loan.  A loan original fee will be assessed.  The parent borrower is responsible for repayment.  Repayment begins with sixty days of the final loan disbursement.  Parent may make a request to the lender to defer payments during any period for which the student meets the conditions for an in-school deferment and through the six-month period beginning on the day the student is no longer enrolled at least half-time.  Minimum monthly payment is $50 per month.  Standard repayment period is ten years.

 

To apply for a Federal Parent PLUS Loan, the student must first complete a Free Application for Federal Student Aid (FAFSA) which will be used to determine borrower eligibility.  The parent must also complete a Master Promissory Note.  Once the FAFSA has been processed, the non-FAFSA parent may also borrow the PLUS Loan.

If due to circumstances such as adverse credit history, a dependent student’s parent is denied a Federal PLUS Loan, the parent may have the option to re-apply with an endorser; otherwise, the student will be allowed the loan limits applicable to an independent student under the Unsubsidized Federal Stafford Loan Program. 

Maintaining Federal Financial Aid Eligibility

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.

Institutional Aid Program

Make-up Designory’s Institutional Aid Program is available for students who are enrolled in the Make-up II Program. This institutional program provides low-cost assistance to qualifying students. Available funding includes an institutional grant and an institutional loan for students who qualify. Maximum institutional aid available is $6,502. Students receiving institutional funds will need to further finance their remaining unmet costs through other resources such as a Sallie Mae Career Training Loan.

To apply for institutional aid, the student will need to complete a FAFSA (Free Application for Federal Student Aid) for the award year in when they are enrolled at www.fafsa.ed.gov.

Institutional aid will be approved on the basis of a Sallie Mae Career Training Loan approval. Eligibility for the institutional grant is based on the student’s Pell grant* eligibility, as determined by FAFSA results. The institutional loan program requires that the same parties that qualify for and sign the Sallie Mae Career Training Loan also sign the TFC payment agreement, including the borrower (typically the student) and cosigner (typically a parent).

The institutional loan has a fixed interest rate of 6.5%. Repayment begins 30 days after the program end date. Minimum monthly payment is $52. Repayment period is 10 years.

While outside funding will be necessary to cover remaining Make-up II Program costs, we will not require a student to use the Sallie Mae Career Training Loan for which they have been approved. Students and parents are free to use other funding sources.

*Grant award amounts are calculated based on the 2007-2008 FAFSA award year.

Career Training Loan by Sallie Mae

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

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

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.

Loans

Loans are borrowed money that must be repaid as stipulated by the lender. Loan types included federal, state and private loans.

Satisfactory Academic Progress Policy

All MUD students are expected to maintain specific standards of Satisfactory Academic Progress (SAP). MUD’s SAP policy is defined as a combination of grade point average (GPA) and scheduled program hour attendance. SAP is evaluated at the 25 percent and 50 percent points of a student’s program. 

 

At the 25 percent evaluation point, students must achieve a minimum standard of C (70%) in preceding course(s) and must have attended a cumulative 70 percent of the program hours.

 

At the 50 percent evaluation point, students must achieve a minimum standard of C (70%) in preceding course(s) and must have attended a cumulative 75 percent of the program hours.

 

Maximum timeframe allowed to complete the program is 150% of the published program length.

Student Right to Know

 Student Right to Know Disclosures 

Full-Time, First-Time Student Rates 

Rates for full-time, first-time students who completed their program within 150% of normal time for completion. The cohort period used is September 1, 2008 through August 31, 2009. This rate does not represent the success rate of the entire student population. 

Student Right to Know PDF

 Dated: 07.01.10 

Contact Us - L.A.

Christy Gregory, Financial Aid Director
Matt Berenty, Financial Aid Advisor
Desiree Wilde, Financial Aid Advisor

tel. 818-729-9420

email. finaid@admin.mud.edu

fax. 818-729-9971, attn: financial aid

Our office hours are:

8-5, Monday through Friday, and we are usually here till 6pm on Tuesdays

We are located at:

250 E Olive Ave, Ste 200

Burbank CA 91502

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