Skip to Main Content

Student Financial Aid

Types of Financial Aid

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).

Federal Grants

Grants are need-based and do not need to be paid back. 

  • 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

Grants are need-based and do not need to be paid back. 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. 

View State Grant Opportunities

Federal Direct Loans

Loans are money that must be paid back with interest. 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 your loans are paid in full.
             *If your enrollment status falls below half time, 6 credit hours, your six-month grace period clock begins. 

Students can apply for alternative loans to help cover the cost of their education after Federal or State aid. Lenders include: 

Private Loans

Code of Conduct

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 University must comply with this written code of conduct. The policy will be reviewed and updated annually. View the policy here.