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Financial Aid Student Information

Types of Financial Aid

The types of Federal aid that may be available to you are as follows:


Your Federal aid eligibility is determined by the guidelines established by the Department of Education after completing your FAFSA on an annual basis (July 1-June 30).

FAFSAFree Application for Federal Student Aid

Grants are:

  • Money that you don't have to pay back
  • Need-based

Federal Grants

  • Pell Grant
    • You must be an undergraduate student who does not have a bachelor’s or a professional degree. This grant is based on financial need of the applicant.
  • Federal Supplemental Education Opportunity Grant (FSEOG)
    • This grant is based on financial need and awarded by the institution

State Grants

  • Some states offer additional funding in the form of grants, scholarships, or loans. Contact the Financial Aid Office for more information about what your state offers. 

Loans are:


Federal Direct Loan Program

  • You may be eligible to borrow loans to help pay for college.
  • Carefully consider the amount of loans you borrow. Remember, student loans must be repaid.
  • Your loans will typically be awarded for three quarters. This is called your loan period.
  • You are limited to the amount you can borrow during each loan period. The limitations are based on your enrollment level and grade level.
  • There are also limits to the total amount of loans you can borrow as an undergraduate student:
    • Dependent students can only borrow up to $31,000.
    • Independent students can only borrow up to $57,500.
    • For both students, no more than $23,000 of this amount may be in subsidized loans.
    • Graduate/professional students can borrow up to $138,500, of which no more than $65,500 may be in subsidized loans.
  • If you have previously borrowed Federal loans, you can review you loans history at www.nslds.ed.gov.

 

Types of Federal Direct Loans

There are two types of Federal Direct Loans:

  • Subsidized Loans
    • Based on financial need
    • The government pays the interest as long as you are enrolled at least half time, during your Grace* period and during periods of deferment.
    • YOU are responsible for the interest charged during repayment periods and Forbearance.
  • Unsubsidized Loans
    • YOU are responsible for paying the interest charged while enrolled, during the Grace* period, and until you loans are paid in full.
             *If your enrollment status falls below half time, 6 credit hours, your six month grace period clock begins. 

Code of Conduct for Educational Loans

The Higher Education Act (HEA) requires colleges to develop, administer and enforce a code of conduct governing education loan activities. Such activities are associated to any loan made, insured or guaranteed under the Federal Direct Loan (FDL) program or any other private educational loan. A private loan is not written under the Title IV provisions of the HEA and is issued to a borrower for postsecondary educational expenses, regardless whether the loan is provided through the institution or from the lender directly to the borrower. All employees of Rasmussen College must comply with this written code of conduct. The policy will be reviewed and updated annually.

 

Gifts

Any officer, employee or agent of Rasmussen College employed in Student Financial Services or who has responsibilities with respect to educational loans must not solicit or accept ANY gift from a private educational loan lender, servicer or guarantor. A gift is described as a gratuity, favor, discount, entertainment, hospitality, loan or any other item having monetary value of more than a nominal amount (although this amount is undefined in federal law or the ED regulations, Rasmussen College defines this amount as $10). Examples of permissible gifts include, but are not limited to, small office supplies such as pens, notebooks, rulers, calculators and other small office supply items. Employees are exempt from the solicitation rule only if the gifts in question above the limit are also being offered to the general public in a setting such as a conference.

 

Contributions

Rasmussen College will not accept philanthropic contributions from a lender, lender servicer or guarantor that are related to the educational loans provided by the lender, lender servicer or guarantor to Rasmussen College or that are made in exchange for any advantage related to educational loans.

 

Advisory Councils/Board of Directors

A Rasmussen College officer, employee or agent who is employed in Student Financial Services or who otherwise has direct responsibilities with respect to educational loans will not serve on or otherwise participate in an advisory council or Board of Directors established by any lender, a group of lenders or a lender’s affiliate. In addition, Rasmussen College will not permit a lender’s or guarantor’s employee or agent to be identified as an employee, representative or agent of the College.

 

Consulting, Contractual and Revenue Sharing Arrangements

Any officer, employee or agent of Rasmussen College that is employed in Student Financial Services or who has direct responsibilities with respect to educational loans will not accept from any lender or its affiliate any fee, payment or other financial benefit as compensation for any type of consulting arrangement or other contract to provide services to or on behalf of the lender. This includes the opportunity to purchase stock on any venue other than free market terms. In addition, Rasmussen officers, employees or agents will not solicit or accept a fee, revenue or profit sharing or other materials in exchange for Rasmussen College recommending the lender or its products.

 

Loan Counseling

Rasmussen College may request and accept assistance from a lender or guarantor in conducting in-person entrance and exit loan counseling as long as the staff of the College is in control of the counseling and the lender/guarantor does not promote a specific lender’s products or services. A guarantor may promote benefits under other federal and state programs that the guarantor administers. Rasmussen College may request and use materials, presentation or on-line loan counseling resources but the materials must disclose the identity of the entity and must not promote their specific products.

 

Opportunity Pools and Loan Cost Payment Prohibition

An opportunity pool means an educational loan made by a private lender to a borrower that Rasmussen College guarantees in any manner or that involves Rasmussen directly or indirectly paying points, premiums, payments, additional interest or other financial support to the lender for the purpose of that lender extending credit to the borrower. Rasmussen College will not solicit or accept from any lender any opportunity pool to be used for private educational loans in exchange for concessions or promises to the lender that Rasmussen will deliver a specified number of loans, loan volume or, if applicable, a preferred lender arrangement. In addition, the College will not make interest payments to a federal or private loan lender to lower costs for educational loan borrowers or to prevent default.

 

Publications

Rasmussen College will not permit a private lender to use the name, emblem, mascot, logo, other words, pictures or symbols readily identified with the College in the marketing of private educational loans to Rasmussen students or parents in a way that implies that Rasmussen College endorses the lender’s private educational loans.

 

Staffing /Training/Technology

Rasmussen College will not permit a lender or guarantor to staff or train College Student Financial Service offices for any reason or at any time unless the assistance is offered, free of charge, through standard materials, activities, programs, workshops or another venue that is designed to improve the services and professional development of the Rasmussen College staff in relation to administration, financial literacy, debt management, default prevention, educational counseling or other related topic.

 

Rasmussen College adheres to the National Association of Student Financial Aid Administrator’s Statement of Ethical Principles.   

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