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Pursuit of higher education requires a substantial financial commitment, but it's a valuable investment in your future.
At Adler, we're committed to helping you finance your education through a variety of payment options, as well as federal and private financial aid programs. Most of Adler's M.A. candidates are eligible for federal financial aid, and other students may qualify for alternative loans. We'll take the time that's necessary to determine the best options for financing your Adler education, and we'll guide you through the process.
About Federal Financial Aid
Financial Aid Application Checklist
Federal Student Loans
Satisfactory Academic Progress
Alternative Loans
International Students
Eligible Non-Citizens
Link to FAFSA Online
Complete a Master Promissory Note Online
Federal Financial Aid
The Adler Graduate School (AGS) is approved by the U.S. Department of Education to participate in the William D. Ford Federal Direct Loan program and the Federal Direct Graduate PLUS program. These low-interest rate loans are available to offset the costs of tuition, fees, books and living expenses for periods during which qualified students are enrolled for at least 3 credits per term. The financial aid office establishes each financial aid applicant's cost of attendance or financial aid "budget" for each 9-month academic year. A student's total financial aid award cannot exceed his or her financial aid budget.
To be eligible for federal financial aid at AGS, a student must:
- Be enrolled or accepted for enrollment in the master's degree program. (Other students may qualify for alternative loans - contact the financial aid office for additional information.)
- Be a U.S. citizen, national, or permanent resident, or eligible non-citizen.
- Register for a course load of at least 3 credit hours in each term covered by the loan period and maintain a minimum cumulative G.P.A. of 3.0 (B). Students must also maintain satisfactory academic progress as defined below
- Not be in default on any Title IV federal loans including the Perkins (National Direct/Defense Student Loans), Nursing Student Loans, Federal Family Education Loans (Stafford/GSL, Supplemental Loans for Students/ALAS, PLUS, or William D. Ford Direct Loans) or owe a repayment on any Title IV Pell Grant or Supplemental Educational Opportunity Grant (SEOG).
- Accurately file all required financial aid forms and provide supporting documentation as requested by the financial aid office.
Payments on the Federal Direct Loan program are deferred as long as students are enrolled at least one-half time (3 credits per term). Repayment of Federal Direct loans generally begins six months after a student graduates, withdraws, or drops below one-half time. (Contact your loan servicer for specific information regarding the repayment of your student loans.)
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Financial Aid Application Checklist
Students seeking financial aid must contact the Financial Aid Office at the time of admission. To be considered for the federal Stafford loan program, follow the steps outlined below.
- Gather your financial records for the most recent complete tax year - a copy of your tax return, W-2s, bank statements, investment records, etc.
- Go to www.fafsa.ed.gov. This website provides information about the Free Application for Federal Student Aid (FAFSA) and an on-line FAFSA application. The FAFSA is a need analysis tool that is required if you'd like to be considered for any type of federal financial aid. Paper copies of the FAFSA are also available from the Financial Aid Office; however, we strongly encourage you to complete the FAFSA on-line. It's much quicker (days instead of weeks), and more accurate - there are edits built into the on-line application that will prevent you from making certain common errors.
- Within the FAFSA website, there is a link to www.pin.ed.gov. At this site you can request a Personal Identification Number (PIN). The PIN acts as an access code for your FAFSA information, and is also considered an electronic signature. Signing your FAFSA electronically is the quickest, most efficient way to have your FAFSA processed. Your PIN will be mailed to you within 10 business days or e-mailed to you within 48 hours. If you don't have access to e-mail, let us know - we can help you set up a free e-mail account.
- Complete the on-line FAFSA at www.fafsa.ed.gov. Because of the sensitive nature of the data you will provide, you will be asked to create a password to be used with the FAFSA in addition to your PIN. It's a good idea to print out a copy of your FAFSA information. Adler will receive an electronic version of your FAFSA results. Be sure to include our school code B08041in step six.
- Watch your mail! Adler will send you a letter advising you of your eligibility for federal student loans. (As you may know, graduate students are not eligible for state or federal grants.) You decide how much, if any, student loan funds you'd like to accept. Sign the "Advice Of Loan Eligibility" and return it to us. We may also request additional information to clarify your FAFSA data and enrollment plans.
- If you'd like to accept any federal student loan funds, you must also complete a Master Promissory Note (MPN). This is your legally binding contract to repay the loan funds that are extended to you. Please sign your MPN electronically by visiting https://studentloans.gov/ Under “Manage My Direct Loan” select “Sign In” and follow the instructions to sign in with your FAFSA PIN. Select “Complete Master Promissory Note” and follow the prompts. AGS will be notified electronically when the MPN has been successfully completed.
- All students who are expecting student loans for the first time
at Adler must complete a loan entrance interview.
For your convenience, we fulfill this requirement with an
on-line counseling program.
Please go to https://studentloans.gov/. Under “Manage My Direct Loan” select “Sign In” and follow the instructions to sign in with your FAFSA PIN. Select “Complete Entrance Counseling” and follow the prompts. AGS will be notified electronically when entrance counseling requirements are satisfied.
- We will notify you by phone or e-mail when your student loan
funds are disbursed. All loan funds will be applied toward your
tuition and fees; if your loan funds exceed the amount you owe
for tuition and fees, we will issue a refund check to you within
three business days. This refund can be used for living expenses
and other educational costs. Please note that we will not
extend a line of credit for the purchase of books based on
expected financial aid funds - plan ahead to purchase your text
books.
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Federal Student Loans
The Federal Direct Loan has a fixed interest rate of 6.8% for new loans disbursed on or after 7/01/06. The federal government pays the interest on the Subsidized Federal Direct Loan during school and for 6 months after a student ceases to be enrolled at least one-half time. The terms of the Unsubsidized Federal Direct Loan are the same as the Subsidized Federal Direct Loan except that interest accrues while the student is in school. Accrued interest may be paid during school or will be capitalized prior to repayment.
The borrowing limit for the Federal Direct Loan Program is $20,500 per academic year (nine months) in a combination of subsidized and unsubsidized funds. The maximum subsidized Federal Direct Loan is $8,500 per academic year. Eligibility for the Subsidized Federal Direct Loan is based on financial need and is determined by analysis of students' FAFSA data.
Students seeking funding beyond what is available through the Federal Direct Loan program may qualify for the Federal Direct Graduate PLUS program. PLUS loans are offered at a fixed interest rate of 8.5%, and interest begins to accrue immediately upon disbursement. Although repayment of a PLUS loan begins within 60 days of disbursement, repayment can be deferred as long as the borrower is enrolled at least one-half time. PLUS loans also require a positive credit history. Contact the financial aid office for additional information.
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Satisfactory Academic Progress
To maintain eligibility for federal financial aid, students must be making satisfactory academic progress toward completion of their degrees. Academic progress is measure qualitatively, quantitatively, and incrementally.
Qualitative Standards: A financial aid recipient's cumulative G.P.A. must be at least 3.0.
Quantitative Standards: A financial aid recipient must complete his or her M.A. within 5 years of matriculation.
Incremental Standards: To ensure that students progress toward completion of their M.A. degrees within 5 years, students must complete at least 12 credits per calendar year (4 terms, not including approved Leaves of Absence).
Academic progress is assessed at least once each academic year (3 terms). Financial aid recipients who fail to maintain satisfactory academic progress will be placed on financial aid probation for the upcoming academic year. If, at the end of the probation year, the student fails to meet satisfactory progress standards, the student will be ineligible for financial aid for the following year. If a student is declared ineligible, the student may submit a written appeal to the Director of Financial Aid. Appeals will be reviewed and written responses will be issued within two weeks. Students who have been terminated from financial aid eligibility must re-establish satisfactory academic progress for the following academic year before federal financial aid can be reinstated.
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Alternative Loans
Lenders offer a variety of alternative loans that can
supplement federal student loans, or replace federal loans for
Adler's non-degree-seeking students (such as students at-large,
students pursuing certificates in Coaching and Consultation in
Organizations (CCO) or Personal and Professional Life Coaching,
or other non-degree candidates). Alternative loans may also be
available to students who are enrolled less than one-half time.
Eligibility for alternative loans is determined by an evaluation
of your credit history and/or the credit history of a cosigner.
(Federal loans do not require a credit check.)
More information and online applications for alternative loans
available for your studies at Adler can be found at websites listed below. Adler Graduate School does not suggest nor endorse lenders – students may choose any lender who offers alternative educational loans for students who attend AGS. The links below provide information and online applications for lenders that other AGS students have utilized in the past 3-5 years. You are welcome to choose any lender you wish.
http://www.usbank.com/cgi_w/cfm/personal/products_and_services/student_banking/stud_loans_ps.cfm
http://www.discoverstudentloans.com/student/private.aspx
https://www.wellsfargo.com/student/graduate/
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International Students
Adler will send all admitted international students an I-20 , which is a certificate of eligibility for an F-1 student visa. To obtain an F-1 student visa, contact the U.S. Embassy in your area. International students who come to Adler with an F-1 student visa must be self-supporting - international students are not eligible for U.S. federal financial aid. International students may qualify for a SELF loan through the state of Minnesota , if they have a credit-worthy co-signer who is a U.S. citizen or permanent resident.
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Eligible Non-Citizens
Some foreign students are eligible for U.S. federal student financial aid. You are considered an " eligible non-citizen " if you are a:
- U.S. Non-Citizen National;
- U.S. permanent resident with a Permanent Resident Card or Resident Alien Card (Form I-551, informally referred to as a "green card" );
- U.S. permanent resident with Alien Registration Receipt Card (Form I-151);
- Conditional U.S. permanent resident with a Permanent Resident Card (Form I-551) with a date that has not expired;
- Citizen of the Freely Associated States: the Federated States of Micronesia and the republics of Palau and the Marshall Islands ;
- Non-citizen with an Arrival-Departure Record (Form I-94) from the U.S. Department of Homeland Security indicating the endorsement "Processed for I-551." or "Temporary Form I-551); or
Non-citizen with an Arrival-Departure Record (Form I-94) from the U.S. Department of Homeland Security showing any one of the following designations: (a) "Refugee," (b) "Asylum Granted," (c) "Conditional Entrant" (if that status was issued before 4/1/1980); (d) "Parolee" with a date that has not expired; (e) "Cuban- Haitian Entrant."
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