The goal of the Financial Aid Department at the Specs Howard School is to assist eligible students in applying for and receiving financial assistance. All financial aid paperwork must be submitted to the Financial Aid Department prior to orientation (unless an extension is granted by the Financial Aid Department) or the student may be placed on a cash payment plan. The Specs Howard School reserves the right to suspend or administratively withdraw a student who does not meet cash payment obligations.

The Financial Aid Department is expected to always maintain exemplary standards of professional conduct. For details, see our Financial Aid Code of Conduct. The Financial Aid Department at the Specs Howard School may be contacted by calling (248) 358-9000 or via email at aburt@specshoward.edu.

In order to apply for federal financial aid funding you must complete the Free Application for Federal Student Aid (FAFSA). Once you have completed the first phase of the admissions process and you have been accepted into a Specs Howard program, you will be assigned a Financial Aid Officer to assist you in completing the form. You may also complete the form online at fafsa.gov. A paper version of the Free Application for Federal Student Aid is available upon request.

Learn more about Financial Aid Application & Procedures

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 Department from 9am to 6pm Monday through Thursday, and 9am to 5pm Friday. Evening appointments are also available Monday through Thursday.

What should I bring to my Financial Aid appointment?

First, answer these questions:

    1. Were you 24 years old by January 1 of the current financial aid year?
    2. Are you a veteran of the Armed Service?
    3. Are you married?
    4. Are both of your parents deceased, or are you (or were you until age 18) a ward of the court?
    5. Do you have dependents for whom you provide at least 51% of their financial support?
    6. Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?

If you answered YES to any of the above questions, bring:

  • your previous year’s federal tax return and W2 (and, if applicable, your spouse’s)
  • your year-end statements from the previous year from SSA, FIA, Workers’ Compensation, Child Support or any other benefits received (and, if applicable, those of your spouse)

What is the difference between a grant and a loan?

A grant is need-based money from the government that you do not have to pay back. A loan is borrowed money that must be paid back with interest.

Specs Howard participates in three different federal student loans:

  • Federal Direct Subsidized Loan: based on need, with no interest until you start repayment
  • Federal Direct Unsubsidized Loan: not based on need, with interest accruing 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 I have to start paying back my loan?

You start paying back a Federal Direct Loan six months after you leave school. You start paying back a Federal Direct PLUS Loan (parent loan) four to five months after you start school.

What is the interest rate on my loan?

For the 2017-2018 award year, both Federal Direct Subsidized Loans and Federal Direct Unsubsidized Loans have a fixed interest rate of 4.45%. The Federal PLUS Loan (parent loan) has a fixed interest rate of 7.0%.

To calculate your estimated payments, go to https://studentaid.ed.gov/sa/repay-loans and click on “Estimate Your Payments”

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