Affordability + Excellence = A University of Scranton Online Master’s Degree
When it comes to choosing an online graduate degree program, there are many factors for you to consider. The University of Scranton simplifies your decision by offering a highly-credentialed, respected graduate degree program that is surprisingly affordable.
In fact, Scranton has been recognized for eight consecutive years as one of the "Great Schools at a Great Price" among master’s universities in the North by US News & World Report, a ranking that relates academic quality to the cost of attendance. In addition, US News & World Report's 2012 edition of Top Online Business Programs ranked The University of Scranton's Online MBA #1 for Student Engagement and Accreditation.
At The University of Scranton, we believe that cost should not deter qualified candidates from pursuing their goal of earning an advanced degree through our online graduate program. We provide a variety of resources and opportunities for you to continue your education without sacrificing the quality of your degree.
Applying for Federal Loans
Our knowledgeable Financial Aid professionals will counsel you throughout the process of financing your graduate education. Many of our graduate applicants gain tuition financing through the Federal Stafford Loan and Graduate PLUS Loan programs.
To begin the federal loan process, just follow these steps:
- Complete the Free Application for Federal Student Aid (FAFSA) online at http://www.fafsa.ed.gov
- The University of Scranton Title IV School Code to be used on the FAFSA is: 003384.
- Students must register for a Personal Identification Number (PIN) with the U.S. Department of Education. Y our PIN number will serve as your electronic signature.
For more information on the FAFSA, please call toll-free 1-800-4-FED-AID.
Federal Stafford Loans
The Federal Direct Stafford Unsubsidized Loan program is the primary source of financial aid for many graduate students and requires a minimum half-time enrollment. Graduate Stafford Unsubsidized Loans have a fixed interest rate of 6.8%. Annual loan limits are tied to the cost of attendance and individual eligibility, with a maximum of $20,500 for most graduate students. The aggregate loan eligibility for graduate students is $138,500 (only $65,500 of this amount may be in subsidized loans). The debt limit includes any Stafford Loans received for undergraduate study. Repayment begins six months after students complete a program of study or leave of absence for more than six months.
Federal Direct Stafford Electronic Master Promissory Note and Entrance Counseling
For new Stafford Loan borrowers, you will be required to complete an electronic Federal Direct Stafford Loan Master Promissory Note (eMPN) and must complete entrance counseling requirements before receiving the loan funds. Both can be completed prior to receiving the Financial Aid package. Visit www.scranton.edu/financialaid, select Loans & Financing Options.
Deferment of Stafford Loans
Students may qualify for an In-School Deferment which temporarily suspends payments on student loans while a student is attending school. To qualify, a student must be registered for at least half time status. The Registrar’s Office reports enrollment for all students at the beginning of each term to the National Clearinghouse. In-school deferments last as long as a student is attending at least half-time.
Federal Graduate PLUS Loans
Graduate PLUS Loans may be available to students enrolled for a minimum of half-time enrollment. Students must use the Federal Stafford Loan eligibility ($20,500) before applying for the Graduate PLUS Loan. Graduate PLUS borrowers may borrow up to the cost of attendance for the period of enrollment, minus other estimated financial assistance received for that period. Graduate PLUS Loans are subject to credit review; however a Graduate PLUS applicant who has an adverse credit history may be able to obtain the loan with an endorser who does not have an adverse credit history. Graduate PLUS Loans have a fixed interest rate of 7.9% and 4% in fees are deducted from the loan proceeds. Payments are automatically deferred while a student is in school at least half-time. Interest accumulates and may be paid during these periods or capitalized (added to the principal) at a specified time.
Federal Direct Graduate PLUS Request Form and Electronic Master Promissory Note
Complete the online University of Scranton Federal Direct Graduate PLUS Loan Request Form and complete the Federal Direct PLUS Loan electronic Master Promissory Note (eMPN). Visit www.scranton.edu/financialaid, click on Loans & Financing Options.
Alternative Loan Programs
In addition to the Federal Direct Stafford and Direct Graduate PLUS Loans, there are other private loan programs available to students in need of additional funding for educational costs. These programs require a favorable credit rating. Students may borrow up to the cost of attendance for the period of enrollment, minus other estimated financial assistance received for that period. Alternative Loans should be a last option loan. Visit www.scranton.edu/financialaid, click on Loans & Financing Options.
The Financial Aid Office certifies Stafford Loans for all students who complete the 2012/2013 Free Application for Federal Student Aid (FAFSA). You must meet the minimum half-time enrollment to qualify for the Stafford Loan. Loan proceeds are made in multiple disbursements and delivered electronically one week after the term begins. Loan proceeds will then be used as payment to the University for all tuition charges and fees before a refund is processed.
Satisfactory Academic Progress Requirements of Financial Aid
The U.S. Department of Education regulations require that the educational institutions measure students' progress toward a declared educational objective, which includes Stafford Loans and Graduate PLUS Loans.
Detailed information about academic probation for continuation in a program of study may be found in the Academic Regulations section in the graduate catalog under Standards of Progress.
Getting More Help
If you have any questions concerning your Stafford Loan, Graduate PLUS Loan or Alternative Loan, you may contact a representative of the appropriate office by using the directory information below.