Click on one of the frequently asked questions below to see the response.
How do I apply for Institutional Financial Aid at DMU?
For incoming DMU students, the application for institutional aid is located within their Admissions Application.
For both current and incoming students, this application also may be downloaded here. The application for institutional aid may be submitted manually, or scanned and e-mailed.
For both incoming and current DMU students, the priority deadline to apply for institutional aid (assistantships) is March 31st. On this date, the Financial Aid Office must have your 1) FAFSA and your 2) Application for Institutional Aid along with any other needed documentation. If funding is still available after the March 31st deadline, late applicants will be considered.
Do I have to reapply for financial aid every year?
Yes, each year students must submit a FAFSA and an application for Institutional Aid to be considered for aid.
Will my financial aid vary year to year?
The Administration at DMU makes the effort to maintain consistent financial aid awards from year to year. If there is more funding available, more aid will be awarded. Financial aid awards are contingent on a student’s year in the program, whether the student met the grade and performance requirements required of them, and how many credit hours they will be enrolled in for the next academic year.
Do all students who apply for institutional aid receive it?
In general, most students who meet all the application deadlines and requirements receive some form of institutional aid from DMU.
Who must complete entrance counseling?
All students taking out Direct Subsidized Loans or Direct Unsubsidized Loans: If you have not previously received a subsidized or unsubsidized loan under the Direct Loan Program or a subsidized or unsubsidized Stafford Loan under the Federal Family Education Loan (FFEL) Program, you will be required to complete entrance counseling.
Graduate students taking out Direct PLUS Loans: If you have not previously received a PLUS loan under the Direct Loan Program or the FFEL Program, you will be required to complete entrance counseling—even if you previously completed it for a Direct subsidized or unsubsidized loan.
Without completion of entrance counseling, your federal financial aid loan cannot be disbursed to you.
Where Do I Received Entrance Counseling?
Go to studentloans.gov. See “Complete Counseling.” It should take thirty (30) minutes.
What Must I Do Before I Graduate from or Otherwise Leave DMU?
Before graduating (or otherwise departing) from DMU with a federal financial aid loan, the federal government requires you complete Exit Counseling here — “Complete Counseling.”
Where do I fill out the FAFSA?
For federal loans and institutional aid students must file a Free Application for Student Financial Aid (FAFSA) at www.fafsa.ed.gov. To receive twitter feeds updating you on Federal Financial Aid: https://twitter.com/FAFSA.
What is the school code for DMU?
Who is eligible to apply for Federal Unsubsidized Loans and Grad PLUS loans?
Full-time and half-time enrolled students may apply for Federal Loans. The program is limited to U.S. citizens and permanent residents. Students must be enrolled in a degree-granting program. Students interested in receiving federal loans to fund their education must indicate so on their application for financial aid.
Do I need to fill out any paper work to qualify for student loans?
In addition to submitting your FAFSA and signing your award letter, to qualify for student loans, you must
1. Complete entrance counseling (https://studentloans.gov/myDirectLoan/index.action)
2. Fill out a Master Promissory note (https://studentloans.gov/myDirectLoan/index.action ) for each type of loan that you plan to borrow for that academic year.
3. Grad PLUS loan recipients must also pass a credit check. (http://studentaid.ed.gov/types/loans/plus#can-i-still)
How much can a student borrow?
Graduate students may borrow up to the total cost of attendance, less their Expected Family Contribution (EFC) and other financial aid received. The maximum annual limit for Unsubsidized loans is $20,500 for the 2013-2014 academic year, and the aggregate loan limit for graduate students is $138,500.
Students also have the option of taking out a Grad PLUS loan to cover any remaining cost of attendance.
Is there a service charge for Federal Loans?
DMU participates in the William D. Ford Direct Lending Program through the Department of Education. Under this program, the service fees for originating loans range from one to four percent. Beginning on December 1, 2013, for Stafford Unsubsidized loans there is a 1.072% origination fee, and for the Grad PLUS loan there is a 4.288% fee. Other lenders fees and waivers may differ. If you are unsure of the policies of your lender please check with the Financial Aid Office.
What is the interest rate on Federal Loans?
Retroactively to July 1, 2013, the interest rate for a Stafford Unsubsidized loan is 5.4% The fixed interest rate for Grad PLUS loans is 6.8%. (For most Graduate Students, the interest accumulated is tax deductible.)
Loan Repayment Options:
What options are available for paying back your student loans?
Standard Repayment Plan: Requires fixed monthly payments of at least $50 per month for up to 10 years. The repayment period depends on the loan amount borrowed.
Extended Repayment Plan: Allows for repayment to extend from 12 to 30 years, with monthly payments of at least $50 per month.
Graduated Repayment Plan: Monthly payments begin at a low rate and increase every two years. The monthly payments must start at at least half of what you would repay under the Standard Repayment Plan. The repayment period will vary from approximately 12 to 30 years, depending on the total amount borrowed.
Income-Contingent Repayment Plan: Monthly payments are based on adjusted gross income (AGI) and the total amount borrowed. Payment amounts are based on each year’s income and are adjusted as income changes. The monthly payments will not exceed 20 percent of discretionary income and the repayment period may not exceed 25 years.
For more detailed information, please visit http://studentaid.ed.gov/repay-loans.
When are Federal Loans Repaid?
Normally, repayment of Federal Loans begins after the grace period, namely, six months after: graduation, withdrawal, or when a student’s enrollment status drops below half-time, unless the student has waived their grace period through the loan consolidation process. Different lenders provide different benefit packages to borrowers; each of our suggested lenders has offers that are well worth considering for federally backed loans. The length of repayment and monthly payment amounts depends on the outstanding loan balance, the interest rate and repayment policies.
Federal Unsubsidized and Grad PLUS loan borrowers with deferred interest will have the interest capitalized at the end of the in-school or grace period. A student has only one six-month grace period in which to begin repayment of his or her loans. If a student stops attending for six months or more and then returns to school, the student has already used his or her grace period and payment on the loans begins immediately after graduation.
When can loan payments be deferred?
Payment may be deferred if the borrower enters into a deferrable situation and requests deferment of payment by submitting appropriate documentation to the loan servicer. Deferrable situations may include, but are not limited to:
- Active duty in the U.S. armed forces*
- Services in a full-time volunteer organization such as the Peace Corps or Vista
- Temporary total disability
- Teaching full-time in a techer shortage area*
- Pursuing full-time course of study.
* Active duty and teacher-shortage deferment options are not applicable to new borrowers (no outstanding FFEL balance and first disbursement on or after July 1, 1993).
In most cases, in-school loan deferments do not occur automatically. Upon registering, at least part-time, for classes at DMU, you will need to submit a loan deferment request to the Registrar’s office. For more information on loan deferments, please contact your loan servicer.
Where can I get more information about Federal student financial aid?
For more detailed information about federal aid please contact the Federal Student Aid Information Center (FSAIC) at 1-800-4-FED-AID (1-800-433-3243) or 1-800-730-8913 (if hearing impaired) and ask for a free copy of The Student Guide: Financial Aid from the US Department of Education. This toll-free hotline is run by the U.S. Department of Education and can answer questions about federal and state student aid programs and applications. You can also write to:
Federal Student Aid Information Center
P.O. Box 84
Washington, DC 20044
Student refund checks and payment plan options:
When is my student bill due and how does that work with the timing of loan disbursement?
Student bills are payable upon receipt. Student accounts are credited within 24 hours of DMU receiving the loan funds from G5 (the Department of Education). This process is coordinated with the DMU Business Office and timed such that student refund checks are distributed on the first day of class.
Does IPS offer payment plans?
Yes, DMU does offer no-interest payment plans. Students may apply by simply emailing the Business Office with proposed installment amounts and dates. If a student does not honor the approved agreement, the Business Office reserves the right to revoke agreement and request the balance be paid in full.
Want to Talk to a Real Person About Federal Financial Aid?
Start by Calling the Federal Student Aid Information Center at 1-800-433-3243 (4-FED-AID) or 1-800-730-8913.