CTU participates in a number of federally funded financial aid programs, administered in accordance with prevailing federal and state laws and the school's institutional policies. Students must meet the eligibility requirements of these programs in order to participate. Students are responsible for providing all requested documentation in a timely manner; failure to do so may jeopardize financial aid eligibility. In order to remain eligible for federal financial aid, students must maintain satisfactory academic progress as defined in the CTU catalog.
Financial aid must be approved and all necessary documentation completed before the aid can be applied toward tuition and fees.
Eligibility for federal financial aid is based on a number of factors; but regardless of your current income level or financial need, you may still qualify for federal financial aid programs that can help offset the cost of your education.
Federal Pell Grant
Grants are free money, that is, they do not need to be paid back. The Pell grant program is designed to assist financially needy undergraduate students who desire to continue their education beyond high school. All students are encouraged to apply through the FAFSA. Eligibility is determined by a standard federal formula which includes family size, income and resources to determine financial need.
How much can I get?
The maximum amount of Pell Grant (for those who qualify) depends on program funding and may change each award year (July 1st - June 30th). The amount a student may receive depends on financial need, cost to attend school, enrollment status and the number of terms/payment periods attended.
Federal Supplemental Educational Opportunity Grant (FSEOG)
The FSEOG is a grant program for undergraduate students with exceptional financial need. Priority is given first to students with Federal Pell Grant eligibility. The federal government allocates FSEOG funds to participating schools. This is a limited pool of funds and the school will determine the awarding criteria based on federal guidelines. Often, due to limited funding, FSEOG award resources are exhausted early in the award year.
How much can I get?
Amounts vary each award year based on the funding levels allocated to the school. For those who qualify, awards may vary based on financial need and the policies of the financial aid office.
Federal Stafford Loans (Direct Loans)
Loans are money that must be paid back. Federal Stafford loans are low-interest loans that are made to the student. These loans do not require a credit check are available to pay for direct costs (tuition, fees, books and supplies). As of July 1st, 2010 all schools participate in The William D. Ford Federal Direct Loan Program. There are two types of Stafford Loans; subsidized and unsubsidized.
A Subsidized loan is need-based and the government pays (subsidizes) the interest while the student is in school at least half-time and for six months after the student ceases attending at least half-time (called a grace period). Effective for loans first disbursed on or after July 1st, 2012 and before July 1st, 2014, the government will not pay the interest during the six month grace period.
If students don’t qualify for a subsidized loan, they may qualify for an Unsubsidized Loan (Independent students may also qualify for additional unsubsidized loan beyond the base amount). Unlike a subsidized loan, the student is responsible for paying the interest that accrues from the time the loan is disbursed until it is paid in full. Students may choose to pay the interest while in school or allow it to accrue and be capitalized (that is, added to the principal amount of the loan). Capitalizing the interest will increase the amount to repay.
Federal Direct Stafford Loans: How much can I borrow?
Whether Subsidized or Unsubsidized, eligibility is determined based on dependency status, financial need, cost to attend school and the number of terms/payment periods attended. Repayment obligations begin six months after the student graduates, withdraws, or falls below a half-time enrollment status.
Loan limits depend on the student's grade level and loan type (Subsidized or Unsubsidized).
Beginning with loans first disbursed after June 30th, 2012, graduate students are only eligible for Unsubsidized loans.
PLUS (Parent and Graduate) Loans
All loans are money that must be paid back. As of July 1st, 2010 all schools participate in The William D. Ford Federal Direct Loan Program.
Parent PLUS Loan is available to parents of dependent, undergraduate students. Either or both parents may borrow through this program. The Parent PLUS Loan is not based on need, but when combined with other resources cannot exceed the student's cost to attend school. A credit check on the parent borrower is required. Repayment begins within 60 days of final disbursement of the loan. However, parents may request deferment of payments while the student is attending at least half time.
Graduate PLUS Loan is available to a student seeking Graduate and/or Professional degrees and are not based on need.. A credit check is required and the student must complete the FAFSA. Repayment begins within 60 days of final disbursement of the loan. However, students may request deferment of payments while attending at least half time.
How does the borrower apply for a PLUS loan?
Parents (Parent PLUS) and Graduate students (Graduate PLUS) must complete a Direct PLUS Loan application and promissory note, contained in a single form available from the financial aid office.
How much can I borrow?
The yearly limit on a PLUS Loan (Parent and Graduate) is equal to the cost to attend school minus any other financial aid received. For example: If the cost of attendance is $20,000 and the student receives $8,000 in other financial aid, the PLUS loan may not exceed $12,000.
Federal Perkins Loan
The Federal Perkins Loan Program (“Perkins Loans”) offers low-interest loans for both undergraduate and graduate students with exceptional financial need. The school determines the awarding criteria based on federal guidelines. Often, due to limited funding, Perkins Loan funds are exhausted early in the award year. Unlike Direct Loans, Perkins Loans are made through the school’s financial aid office.
Note: Not all schools participate in the Perkins Loan program. Please contact your Financial Aid Office to discuss funding options and availability.
How much can I borrow?
The amount available to those who qualify is dependent upon the timing of the application, financial need, and the funding levels available at the school.
Federal Work Study FWS
FWS is a financial aid program designed to assist students in meeting some of the costs of their education by working part-time while attending school. Positions may be on-campus, off-campus, or community service related. A candidate must demonstrate financial need (as determined by the Department of Education) to be eligible for a FWS award. The number of positions available may be limited depending upon the school’s annual funding allocation from the federal government.
How much can I earn?
Federal Work Study students are paid an hourly wage. Wages for the program must equal at least the current federal minimum wage, but may be higher, depending on the type of work performed and the skills required. The maximum amount a student may earn in an award year cannot exceed the total FWS award. When assigning work hours, the employer or financial aid administrator will consider the award amount, class schedule, and satisfactory academic progress. For a listing of available positions please contact the Financial Aid Office.
*Financial Aid is available for those who qualify