Graduate Aid

Loans

Federal Perkins Loans are long-term, low-interest loans made available by the college or university and the federal government. Simple interest of five percent begins to accrue nine months after you are no longer enrolled in school at least half-time. The loan is interest-free as long as the borrower remains a student. An Entrance Interview is required for first time Perkins loan borrowers at Aurora University. An Exit Interview is required for all Perkins loan borrowers who either graduate, withdraw or are registered below half-time.

Federal Stafford Loans (subsidized) are available to students who filed a FAFSA and are enrolled at least half-time. Graduate and doctoral students are eligible to borrow up to $8,500 an academic year. The federal government will pay the interest as long as the student remains enrolled at least half-time. Repayment of loan principal plus interest begins six months after leaving school. The current interest rate is 6.8 percent, but it is capped at 8.25 percent. An Entrance Interview is required for first time Stafford loan borrowers at Aurora University. An Exit Interview is required for all Stafford loan borrowers who either graduate, withdraw or are registered below half-time.

Federal Stafford Loans (unsubsidized) follow the same guidelines as the subsidized Stafford Loan except the government does not pay the interest payments. The student may choose to make interest payments while in college or allow them to accrue. Graduate and doctoral students may borrow $12,000 per academic year. The current interest rate is 6.8 percent, but it is capped at 8.25 percent. An Entrance Interview is required for first time Stafford loan borrowers at Aurora University. An Exit Interview is required for all Stafford loan borrowers who either graduate, withdraw or are registered below half-time.

The Graduate Student Federal Stafford Loan maximum for an academic year is $20,500. The Graduate student maximum for the Subsidized Stafford loan is $8,500.

For detailed information about interest rates for the Stafford and PLUS Loan programs, please visit CollegeZone. We also recommend contacting your lender for current interest rates and payment options.

Alternative Loans may be available to eligible students to help meet their financial need. You should apply for federal, state and institutional aid before considering the alternative loan source. If it is determined that the alternative loan is an option, you can contact the private loan company directly for information and an application by going online to www.studentloan.com.

Student Employment (Work-Study)

Federal Work Study (FWS) is based on need and is funded by federal and university dollars. The 2008-2009 FAFSA must be completed for your eligibility to be determined by the Financial Aid Office.  FWS for graduate students is not automatically awarded in the initial award package. It is usually requested and then reviewed.  Typically, FWS awards range from $500 to $3,500 for the academic year (no summer term eligibility). FWS monies are not credited to your student account/ bill like a grant or scholarship.  A student accesses their FWS award through a bi-weekly payroll check.

A variety of on-campus student employment opportunities are available at Aurora University through the Student Work Corps Program. There are also employment opportunities available in off-campus community service settings as well.  Students are advised to weigh several factors such as the job requirements, their skill level, their interests and their class load before pursuing available positions.

Earnings begin at $7.50 with work schedules ranging from 5 to 20 hours per week. Employment earnings may be used to help cover out-of-pocket expenses such as gas and books.  Please contact Career Development in the Crouse Center for Student Success at 630-844-6870 or visit them online for more information about the Student Work Corps Program.

Aurora University Graduate Grant Program

The Aurora University Graduate Grant is an award available to students enrolled half-time or full-time in a graduate degree program on the main campus who demonstrate financial need as determined by their processed FAFSA. Please contact the Office of Admission and Financial Aid for an application or download an application.