University of Phoenix
Funding your education Video
At University of Phoenix, we view every student as unique.
And we know that every student's financial situation is different.
As you probably know, all students are responsible for paying their tuition.
That said...we understand that different students come from different backgrounds...with different financial needs.
What's important to know is that funding options are often available...
...and that's what this short video is about.
So...what exactly is financial aid? And where does it come from?
Financial aid is ...funding assistance that comes from a source outside of a student's ways and means...
...including scholarships, state grants and employer programs.
Federal financial assistance comes in the form of either loans...
...or grants.
Let us break that down for you.
A loan is borrowed money. As such, a loan needs to be paid back...with interest. Good reason to borrow only as much as you actually need.
University of Phoenix participates in the Federal Direct Loan Program which includes two basic kinds of loans...subsidized and unsubsidized.
Subsidized loans...are for students with financial need as determined by federal regulations.
The student pays no interest while either in school or during grace or deferment periods...
Unsubsidized loans...are not based on financial need...interest starts to accrue while you're in school.
You might wonder: "Do I really have to re-pay my loan?"
The short answer is: Yes...You really do...eventually.
All loans need to be repaid when you successfully complete your degree program or if you withdraw from the University for any reason.
The good news is federal loans do NOT need to be repaid while you're in school.
FRAME WITH SCROLLING LEGAL DISCLAIMER: Interest will increase the total amount you'll need to repay unless the loan is repaid in full before interest begins to accrue. Interest rates vary from year to year. If you prefer, you may choose to pay interest on your loan while still in school. Learn more about repayment options from your Financial Services Representative.
LEGAL TYPE SCROLLS UP AND OUT, CLEARING FRAME.
All clear on loans?
Okay, moving on. Financial aid also comes in the form of grants.
STUDENT HOLDING A CARD WITH THE WORD "Pell Grants"
Students are not required to repay their grants, providing they keep up their attendance and grades.
Anyone can apply for a grant, but not all are eligible.
Once your application is complete...processing typically takes six to eight weeks before funds are awarded...
We ask that you provide all requested information at one time so we can process your application as quickly as possible.
Remember that a lack of attendance or failure to start a course as scheduled may delay, cancel or interrupt funding altogether.
We recommend that you borrow wisely. Assess your educational expenses and other requirements so you borrow only what you actually need. The less you borrow, the less you'll need to pay back.
We wish you every success as you pursue your educational opportunities at...University of Phoenix.
To learn more about federal financing options, visit www.direct.ed.gov/applying.html.
