FINANCIAL AID
All Programs
FREQUENTLY ASKED QUESTIONS
What is Financial Aid?
Financial Aid is any financial assistance from the government for your education. This includes loans, as well as grants. Your Financial Aid eligibility will be determined once you have met with a Financial Aid Officer.
When is the Financial Aid Office available?
There is someone in the Financial Aid Office from 9am to 6pm Monday through Friday. Evening appointments are also available.
What should I bring to my Financial Aid appointment?
First, answer these questions:
- Are you age 24 by January 1 of the current financial aid year?
- Are you a veteran of the Armed Service?
- Are you married?
- Are both of your parents deceased, or are you (or were you until age 18) a ward of the court?
- Do you have dependents for whom you provide at least 51% of their financial support
- Are you currently serving on active duty in the US Armed Forces for purposes other than training?
If you answered YES to any of the above questions, bring with you:
- Previous year's Federal Tax Return and W2 forms for you (any your spouse if applicable)
- Previous year's year-end statements from SSA, FIA, Worker's Compensation, Child
- Support or any other benefits received for you (and your spouse if applicable)
- Picture ID and Social Security Number
- Completed & signed FAFSA
- Completed & signed verification worksheet
If you answered NO to all of the above questions, bring with you:
- Your parents (step-parents if applicable) signed previous year's Federal Tax Return and W-2 forms
- Your parents (step-parents if applicable) previous year's year-end statements from SSA, FIA, Worker's Compensation, Child Support or any other benefits received (if applicable)
- Your previous year's Federal Tax Return and W-2 forms
- Your previous year's year-end statements from any untaxed income (if applicable)
- Completed Verification Worksheet, signed by you and a parent (or a step-parent if applicable)
- Picture ID and Social Security Number
- Completed FAFSA signed by you and a parent (step-parent if applicable)
What is the difference between grants and loans?
A grant is need-based money from the government that you do not need to pay back. A loan is borrowed money that must be paid back with interest.
Specs Howard offers three different Federal Student loans:
- Federal Direct Stafford Subsidized Loan: Based on need and no interest until you start repayment
- Federal Direct Stafford Unsubsidized loan: Not based on need and interest accrues once the loan is disbursed
- Federal Direct Parental Loan for Undergraduate Students (Plus loan): Parent borrows loan funds to pay education expenses of a dependent student and is not need based.
When do my loans go into repayment?
Federal Direct Stafford loans go into repayment six months after you leave school. The Federal Direct Plus Loan (parent loan) will go into repayment four to five months after you start school.
What is the interest rate on my loan?
Federal Direct Subsidized Loans have a fixed interest rate of 3.4% and Federal Direct Unsubsidized Loans have a fixed interest rate of 6.8%. The Federal Plus loan (parent loan) has a fixed interest rate of 7.9%. An example of a loan repayment schedule follows:
IMPORTANT NOTICE: The repayment calculator at the official Federal Student Aid website calculated the following estimates. However, these values may not reflect the actual amount computed by the Direct Loan Servicing Center. This calculator may also be used to estimate repayment on specific loan amounts not listed below.
|
Loan Repayment Charts |
||||||
| Direct Subsidized Loans: 3.4% Interest Rate | ||||||
|
Loan Amount Borrowed |
Minimum Monthly Payment |
Final Payment |
Total Number of Payments |
Loan Term |
Total Interest Paid |
Total Tuition Paid |
| $4,000 | $50.00 | $42.52 | 91 | 7.6 years | $542.52 | $4,542.52 |
| $5,000 | $50.00 | $37.36 | 118 | 9.8 years | $887.36 | $5,887.36 |
| $6,000 | $59.05 | $59.17 | 120 | 10 years | $1,086.12 | $7,086.12 |
| $7,000 | $68.89 | $69.27 | 120 | 10 years | $1,267.18 | $8,267.18 |
| $8,000 | $78.73 | $79.37 | 120 | 10 years | $1,448.24 | $9,448.24 |
| $9,000 | $88.58 | $88.05 | 120 | 10 years | $1,629.07 | $10,629.07 |
| $10,000 | $98.42 | $98.15 | 120 | 10 years | $1,810.13 | $11,810.13 |
| Direct Unsubsidized Loans: 6.8% Interest Rate | ||||||
|
Loan Amount Borrowed |
Minimum Monthly Payment |
Final Payment |
Total Number of Payments |
Loan Term |
Total Interest Paid |
Total Tuition Paid |
| $4,000 | $50.00 | $43.77 | 107 | 8.9 years | $1,343.77 | $5,343.77 |
| $5,000 | $57.54 | $57.57 | 120 | 10 years | $1,904.83 | $6,904.83 |
| $6,000 | $69.05 | $68.74 | 120 | 10 years | $2,285.69 | $8,285.69 |
| $7,000 | $80.56 | $79.91 | 120 | 10 years | $2,666.55 | $9,666.55 |
| $8,000 | $92.06 | $92.79 | 120 | 10 years | $3,047.93 | $11,047.93 |
| $9,000 | $103.57 | $103.97 | 120 | 10 years | $3,428.80 | $12,428.80 |
| $10,000 | $115.08 | $115.14 | 120 | 10 years | $3,809.66 | $13,809.66 |
| Direct Plus Loans: 7.9% Interest Rate | ||||||
|
Loan Amount Borrowed |
Minimum Monthly Payment |
Final Payment |
Total Number of Payments |
Loan Term |
Total Interest Paid |
Total Tuition Paid |
| $4,000 | $50.00 | $49.35 | 114 | 10 years | $1,699.35 | $5,699.35 |
| $5,000 | $60.40 | $60.39 | 120 | 10 years | $2,247.99 | $7,247.99 |
| $6,000 | $72.48 | $72.46 | 120 | 10 years | $2,697.58 | $8,697.58 |
| $7,000 | $84.56 | $84.54 | 120 | 10 years | $3,147.18 | $10,147.18 |
| $8,000 | $96.64 | $96.62 | 120 | 10 years | $3,596.78 | $11,596.78 |
| $9,000 | $108.72 | $108.69 | 120 | 10 years | $4,046.37 | $13,046.37 |
| $10,000 | $120.80 | $120.77 | 120 | 10 years | $4,495.97 | $14,495.97 |
What about the scholarship(s) I have earned?
Once you have been awarded a scholarship, bring the appropriate documents to your Financial Aid appointment. We will determine how it figures into your payment plan.
Where can I find more scholarship opportunities?
Scholarships are a great source of funding because they don't have to be paid back. Check out the scholarships available for each of our programs, as well as the links below. Keep in mind, it is FREE to apply for scholarships. If a website asks for a fee, credit card or payment, don't do it. Good luck!
www.fastweb.com
www.TheSallieMaeFund.org
www.CKSF.org
www.Petersons.com
www.AbsolutelyScholarships.com
www.SRNExpress.com
