Students must repay loans with interest. Grants, on the other hand, generally don’t need to be repaid. Students interested in applying for federal grants should fill out the FAFSA application to see if they qualify.
Federal Supplemental Educational Opportunity Grants (FSEOG) and Pell Grants are just some of the most common grants University of Phoenix students use to finance their education. Students can also look for state and local grants in their community for additional funding options.
Federal student loans
Federal student loans are subsidized by the federal government. These loans must be repaid with interest. To see how much you qualify for, submit a FAFSA application using University of Phoenix’s school code: 014593.
Students should only borrow what they need for school. If a student's eligibility for loans doesn’t cover all their tuition charges, the student is responsible for paying any remaining tuition or fees.
Students may need to complete Entrance Counseling or submit a Master Promissory Note (MPN) before they can take out federal student loans.
Private student loans
University of Phoenix encourages learners to pursue private loans only after they consider the federal direct loan program. Some students opt for private student loans because they aren’t eligible for federal aid or if they need assistance beyond what federal aid provides.
Private loans tend to have stricter terms and less favorable interest rates. They’re offered through a third-party lender, and the terms will differ depending on the student’s credit score and the selected vendor. University of Phoenix doesn’t endorse any private lender; students are free to choose the best lender for their needs.
Earn credits through testing
While University of Phoenix accepts financial aid, it encourages learners to try to reduce the cost of their education by earning credits.
For example, University of Phoenix offers the Prior Learning Assessment (PLA), which evaluates students' relevant work and life experience for potential credit.
To qualify for PLA, individuals must be an undergraduate student accepted to University of Phoenix. Students must also have submitted a transcript and must have remaining credits to earn. A PLA can be submitted in two different ways. First, individuals can create a Professional Training Portfolio to describe the professional training and certifications achieved. Second, students can write an Experiential Learning Essay based on a list of approved topics.
Another way to earn credits is through national testing. For students with previous experience in a subject, a passing exam grade could help them earn undergraduate credits. University of Phoenix can grant credits through a variety of exams including:
- College Level Examination Program (CLEP)
- DSST Credit by Exam Program
- Excelsior College Exams
- Advanced Placement (AP) Exams
- Berlitz® Language Evaluations
However, not all students will qualify. Contact University of Phoenix’s Finance Advisors to see which options you might qualify for.