Herzing is approved to award students with the following loans.
Direct PLUS/Grad PLUS
Federal PLUS loans are not awarded based on student’s financial need. PLUS loans are borrowed by parents of dependent undergraduate students and students obtaining their graduate or professional degrees. Borrowers will need to have a credit check completed in order to qualify for a PLUS loan. Graduate students must complete their own FAFSA and the dependent students of the parents borrowing the PLUS loan must also complete the FAFSA. For more information regarding student eligibility, interest rates, origination fees, repayment, loan limits, and other requirements for borrowing PLUS loans please visit the following: http://studentaid.ed.gov/types/loans/plus
Direct Subsidized Loans
Subsidized loans are awarded based on student’s financial need. Interest does not accrue on these loans when students are enrolled in classes at half-time or greater status and during their grace periods. Students must fill out a FAFSA in order to qualify. For more information regarding student eligibility, interest rates, origination fees, repayment, loan limits, and other requirements for borrowing subsidized loans please visit the following: http://studentaid.ed.gov/types/loans/subsidized-unsubsidized
Direct Unsubsidized Loans
Unsubsidized loans are not awarded based on student’s financial need. Interest accrues immediately following disbursement regardless of a student’s enrollment status or grace periods. Students must fill out a FAFSA in order to qualify. For more information regarding student eligibility, interest rates, origination fees, repayment, loan limits, and other requirements for borrowing unsubsidized loans please visit the following: http://studentaid.ed.gov/types/loans/subsidized-unsubsidized
Perkins loans are awarded to students who show exception financial need. Students may be eligible for Perkins loans if they are enrolled at least half-time and are undergraduate students. Criteria for selection depend on the other types of aid being received, a student’s financial need, and funds available for disbursement by the school. Students are required to complete entrance counseling and sign a Perkins MPN as well as filling out a FAFSA. For more information regarding student eligibility and availability of Perkins funds please speak to the Educational Funding Department. For more information regarding interest rates, fees, loan limits, and other requirements for borrowing Perkins loans please visit the following: http://studentaid.ed.gov/types/loans/perkins
Applying for Federal Financial Aid
All students who apply for federal financial aid are required to fill out the Free Application for Federal Student Aid (FAFSA). Students are encouraged to visit the following website to fill out their FAFSA: http://www.fafsa.ed.gov/
Herzing University’s school code is: 009621
In general, students may be eligible for Title IV aid if the following provisions apply:
- The student is enrolled as a regular student in a Title IV-eligible program.
- The student is a U.S. citizen or eligible non-citizen.
- The student meets the need requirements specified.
- The student makes satisfactory academic progress toward completing their program. Please visit the following URL to find information regarding Herzing University’s satisfactory academic progress (SAP) policy: http://www.herzing.edu/university-policy-statements
- The student is not in default on a Title IV loan received at any institution.
- The student has not met or exceeded aggregate loan limits.
- The student is not concurrently receiving Title IV financial aid from another institution of higher education.
- The student has not met or exceeded Pell lifetime eligibility limits.
- The student does not owe a refund or repayment on a Federal Pell Grant, ACG, National SMART Grant, or Federal SEOG.For additional eligibility requirements please see: http://studentaid.ed.gov/eligibility/basic-criteria
Information Regarding Disbursements
All Federal loan disbursements will begin in Week 3 of each student’s start. Funds are applied to students’ ledger accounts and excess funds will be disbursed within 14 days of the disbursement date.
* Beginning October 1, 2014 first time borrowers of Title IV loans will have their first disbursement of funds applied at least 30 days after they start classes. All loan disbursements per semester will be split into at least two loan disbursements on separate days within the semester. Please contact the Educational Funding Department for more information regarding this change.
Exit Counseling Information
Direct Loan Exit Counseling
Direct Loan exit counseling is required for all students who leave Herzing University and have borrowed federal direct loans. For more information regarding exit counseling please see the following: http://www.direct.ed.gov/pubs/exitcounselguide.pdf
Please complete your exit counseling for direct loans at the following site: https://studentloans.gov/myDirectLoan/index.action
Perkins Loan Exit Counseling
Perkins loan exit counseling is required for all students who leave Herzing University and have borrowed Perkins loans. Herzing University is partnered with University Accounting Service (UAS). Students can complete exit counseling online at UAS to fulfill their exit counseling requirements, learn more about loan repayment, and familiarize themselves with UAS. Please complete exit counseling at the following site: https://www.uasexit.com/
Students are required to pay back their student loans. When repaying federal loans, students need to identify how much they have borrowed and who currently services their federal loans. Students can access the National Student Loan Database System to find out this information here: http://www.nslds.ed.gov/nslds_SA/
Repayment calculators are available if students know their amount borrowed and interest rates on their loans: http://studentaid.ed.gov/repay-loans/understand/plans/standard/comparison-calculator
Herzing University is dedicated to helping students understand the importance of loan repayment and the options they have available to make repayment more affordable through the help of the Alumni Support Center. Please see the following link for information on the Alumni Support Center: http://www.herzing.edu/alumni/alumni-support-center
Students may need to apply for additional financial assistance beyond Federal Financial Aid to help cover educational expenses. Private loans are one such option and will require credit checks and many loans will require a co-signer. Herzing offers FASTChoice which is a preferred lender list that will help students compare private loan lenders. Students are not limited to applying for loans from this list of lenders and may find other methods of financing their education. Please keep in mind that private lenders have limited repayment and loan consolidation options. Prospective borrowers may qualify for loans or other Title IV assistance and the terms and conditions may be more favorable than private education loans. Please contact the Educational Funding Department or visit https://studentaid.ed.gov/types/loans for more information.
Students may be eligible for a Herzing Institutional loan if federal and private funding options have been exhausted. Students are not eligible to receive excess funding beyond their direct tuition and fees charged. For more information regarding eligibility requirements, criteria for selection, amounts awarded, procedures, applications, and truth in lending disclosures please contact the Educational Funding Department.
Herzing University is eligible to award students the following state loan options. Please contact the Educational Funding Department for more information regarding eligibility and other requirements.
Minnesota Self Loan
For more information regarding eligibility requirements, criteria for selection, amounts awarded, and procedures on how to apply please visit the following Minnesota Office of Higher Education website: http://www.selfloan.state.mn.us/index.cfm
Student Access Loan
Students must be attending the Herzing University Atlanta campus in order to qualify for the Student Access Loan. For more information regarding eligibility requirements, criteria for selection, amounts awarded, and procedures on how to apply please visit the following Georgia Student Finance Commission website: https://secure.gacollege411.org/Financial_Aid_Planning/Financial_Aid_101/Georgia_Student_Access_Loan_Program/Georgia_Student_Access_Loan_Program.aspx