Federal Direct Loans
The maximum annual Federal Direct Loan eligibility for a degree seeking graduate student is $20,500; $8,500 subsidized maximum (if eligible) and $12,000 unsubsidized Federal Direct Loans. However, the loan eligibility along with other financial aid cannot exceed the Cost of Attendance (COA) set by your enrollment status. Full-time status is considered nine hours or more per semester. Half-time status is considered less than 9 hours and but at least 5 hours per semester. The aggregate loan limit for a graduate student is $138,500 and no more than $65,500 of this amount may be in subsidized loans. The graduate debt limit includes Federal Loans received for undergraduate study. The interest rate for the Federal Direct Loan Program is set at 6.8% and the repayment terms are the same for both types of loans. Loans will be disbursed twice during the semester, the first at the fifth (5) hour and the second after the drop/add period of your last class of the semester. You must be enrolled in at least half-time status (half-time = 5 hours) as a degree seeking student to receive the Federal Direct Loan. The 5.0 hours must be graduate coursework required for the degree you are seeking. For more information please contact the Office of Financial Aid at 1-800-BEARCAT ext. 6828, 618-537-6828.
Requirements and Deadlines
The process of applying for financial aid at McKendree is simple:
• File the Free Application for Federal Student Aid (FAFSA), requesting the results
to be sent to McKendree University. Our federal school code number is 001722. This
is the same form required at every other university you apply to for financial aid.
• You can complete the FAFSA electronically (http://www.fafsa.gov/) or by submitting the paper application (paper copy available by contacting the federal processor or printing it from the FAFSA website). It is recommended you complete the FAFSA as soon as possible after January 1 of the year you plan to enroll. Once you have completed the FAFSA and it has been processed, you will receive a Student Aid Report (SAR) and your information will be sent to each university with your expected family contribution (EFC). This figure is used to determine your eligibility for aid.
Helpful Financial Aid Websites
fafsa.gov (Please be certain to use the correct extension .gov not .com)
Complete as soon after January 1st as possible. The PIN mentioned below will allow a student to complete the application online and an expected family contribution (EFC) will be provided at the end of the process.
This is the site where a student can obtain a Personal Identification Number (PIN). This number is unique to each individual and represents an electronic signature which can be used to sign your Free Application for Federal Student Aid (FAFSA) and a promissory note for a federal student loan.
McKendree University partners with Tuition Management Systems (TMS) to offer an interest-free monthly payment option. For an enrollment fee, the billing cost is spread out over the time period that you are taking the courses.
1. Only the amount that will be paid by the employer can be deferred. The entire amount will be subject to interest charges until the student’s portion is paid.
2. A letter from the employer stating that the employee is eligible for tuition reimbursement will be required each semester. Depending upon the employer’s tuition reimbursement requirements, a copy of the policy from the company may be sufficient. This letter should be submitted to the Business Office.
3. The employer should make McKendree the Payee (or at least the co-payee) on the check.
4. Deferment period will terminate 30 days after the date grades are issued.
5. The balance will be subject to interest charges if payment is not received within 30 days from the date grades are issued.