Financial Options FAQs
-
University of Phoenix offers numerous finance options to help you pay for your education. These options include federal and state financial aid, grants and loans, employer tuition reimbursement, internal and external scholarship sources and access to other resources. We maintain tuition and fees in the middle range for private universities. Textbooks and materials are dramatically lower than average. This means when you attend University of Phoenix, all of your tuition and fees may be covered by federal financial aid.
-
Look at federal loans first. They are long-term loans with low interest rates designed specifically for students who need help in financing their education. The Federal Family Education Loan Programs (Stafford and PLUS loans) are guaranteed by the U.S. government and are not subject to the same restrictions as private loans. They have easier credit requirements, longer repayment terms, fixed cap interest rates, plus liberal deferment and forbearance provisions.
The subsidized Federal Stafford Loan is need-based and available to undergraduate and graduate students. For subsidized loans, the government pays the interest while the student is in school.Unsubsidized loans are also available to students, regardless of income. Students are responsible for all interest payments with unsubsidized loans. Loans, whether subsidized or unsubsidized, are dependent on factors such as family income, household size, number in college, and how many academic credits a student has completed.
The Federal Parent Loan for Undergraduate Students (PLUS) is a low-interest education loan. This loan allows parents to borrow up to the cost of attendance, minus other financial aid received (scholarships, grants, etc.) for each year their dependent child is in school. PLUS loans are not based on financial need, but rather on credit history. Qualified applicants are approved as long as they do not have adverse credit.
For more information about federal loans, go to Federal Financial Aid.
Some students may turn to private loans to supplement money received from federal loans to cover costs not met by federal financial aid. Some examples include tuition, books, and computers. Private loans are not subsidized and are not guaranteed by the federal government and should only supplement federal loans.
Private loans are available through banks, education loan organizations and directly from some schools. Lenders determine the terms of the loan, like interest rates and fees, as well as the credit criteria. Depending on personal credit history and loan terms, a co-signer may be required.
Some students may be tempted to take out a private loan because of interest rate discounts or rebates. Interest rates and fees can vary greatly, depending on the lender. The interest rate you receive from your lender could fluctuate depending on your credit and/or the lender. Also, private loans may not offer as much protection as a federal loan, like a guarantee or deferment options. No matter what type of loan you take out, remember all loans need to be repaid. -
University of Phoenix does not directly loan money to students. We offer financing options and encourage students to explore federal loans first.
-
The University's preferred lenders list is reviewed quarterly. We include lenders who offer borrower benefits, have exceptional operating standards, possess technological means, and are committed to providing outstanding service and expedited processing by meeting or exceeding established performance standards.
-
University of Phoenix is a strong and stable university on solid academic and financial grounds. We have a proven track record and continue to be operationally secure and academically sound.
-
The Federal Family Education Loan Programs (Stafford and PLUS) are guaranteed by the U.S. government. Stafford loan eligibility is not based on creditworthiness and recent legislation (bill H.R. 6889) has ensured continued access to these student loans through June 2010, regardless of difficulties in the credit market. The act also increased loan limits for federally subsidized student loans to reduce reliance on more expensive private loans.
Parent and Graduate PLUS loans will be approved so long as the applicant has no adverse credit. Additionally, the credit criteria have been relaxed with the recent legislation.
Due to the rising number of bad mortgages and loans, it’s plausible that private lenders will be more cautious. However, we believe that students and parents who would normally qualify for federal and private student loans will still receive them. -
Stafford loan interest rates will not rise as a result of current economic conditions. Current Stafford loan interest rates are 6.0% and, by law, will be reduced every year for the next three years. Since credit markets are tight and if credit is made available, private loans may be at a higher interest rate.
-
An investment in yourself never depreciates. You earn more than a degree when you invest in education. You gain a sense of accomplishment, greater confidence, increased opportunities and qualifications, likelihood of greater salary, and stability in an unstable market. According to the 2008 U.S. Census Bureau Statistical Abstract of the United States, the average earnings of year-round, full-time workers by educational attainment (http://www.census.gov/prod/2007pubs/08statab/income.pdf) are:
Adults 18 and older who have:- less than a 9th grade education make an average of $21,815/year
- a high school diploma make an average of $34,385/year
- some college, but no degree, make an average of $41,330/year
- an associate's degree make an average of $44,725/year
- a bachelor's degree or higher make an average of $71,500/year
-
Yes. The College for Financial Planning is a leader in financial planning education. The college provides accessible and flexible degree, non-degree, and continuing professional education programs. The philosophy of professional education emphasizes the relationship between theory and practice. Students will gain the conceptual foundations and practical skills necessary to adapt to changes in society and keep pace with the evolving fields of finance and financial services. To learn more about College for Financial Planning courses, visit http://www.cffpinfo.com/index.php or call the College for Financial Planning at 800.237.9990.
-
University of Phoenix provides quality educational programs that are more accessible than conventional four-year colleges and universities.
We offer students a balanced approach to higher education, enabling them to earn a college degree while meeting their responsibilities at work and home. We constantly reinvest in our students’ education by refining the content and design of our curriculum so students are prepared to compete in today’s global economy.
The University’s curriculum is attuned to the current job market, particularly fast-growing areas that are facing resource shortages, such as nursing, teaching and information technology. . University of Phoenix even helps unemployed students re-enter the workforce by offering relevant education.
Private, for-profit universities like University of Phoenix have been proven to help working adults, single parents and first generation college students get the skills they need to advance their careers.We maintain tuition and fees in the middle range for private universities, and our textbooks and materials are dramatically lower than average. This means when you attend University of Phoenix, all of your tuition and fees may be covered by federal financial aid.
Students are able to enroll at any time (rather than in standard semester terms) and complete courses in a consolidated timeframe while continuing to work.
Request Information
or you can call us
