Graduate Financial Aid
Student Loans
McKendree offers financial aid in the form of Federal Direct Unsubsidized Loans. The
maximum annual loan eligibility for a degree seeking graduate student, effective 7/1/15,
is up to $20,500. The interest rate for the 2020-21 award year is 5.30%.
Graduate students must be enrolled for Fall and/or Spring semester in at least a half-time status (5 hours) as a degree seeking student to be considered for Federal Direct Unsubsidized Loan eligibility. Full-time status is nine (9) or more hours per semester.
The Summer semester is based on a student's summer enrollment hours and reviewed after
registration for eligibility. Half-time status for the summer is 5 hours and full-time
status is 9 or more hours.
The aggregate loan limit for Graduate Students is $138,500.
Applying for Financial Aid
An application for financial aid cannot be considered until a student is admitted
to the University and enrolled in a degree-seeking program. Students must be enrolled
in at least half-time status to be eligible for federal loans. To apply for a federal
loan, an admitted student must file a Free Application for Federal Student Aid (FAFSA) with the federal student aid program. This form is available online or from
the McKendree Office of Financial Aid. When the FAFSA has been processed, the student
will receive a Student Aid Report (SAR). McKendree (Title IV code number 001722) will
receive the SAR electronically if McKendree is listed as one of the schools on the
FAFSA. Once the Office of Financial Aid receives this information, the student will
then be notified of aid eligibility. A student may be selected for verification by
the federal government. This requires that the student submit additional documentation.
The Office of Financial Aid will notify a student of the documents that need to be
provided. Verification must be completed before any federal loans will be certified.
After a student is registered, progress of financial aid award can be viewed at MyMcK - Self Service.
McKendree School Code: 001722
Helpful Financial Aid Websites
FAFSA -- (Please be certain to use the correct extension ed.gov not com). Complete as soon after October 1st as possible. The FSA ID mentioned below will allow a student to complete the application on line and an expected family contribution (EFC) will be provided at the end of the process.
fsaid.ed.gov -- This is the site where a student and parent can obtain a username and password. This username and password is unique to each individual and represents an electronic signature which can be used to sign your Free Application for Federal Student Aid (FAFSA).
Alternative Loans
Students attending McKendree University Graduate programs, may choose to borrow an
Alternative Loan through an external company, such as a bank or lending institution
not associated with the Department of Education (FAFSA) or the University. Alternative
Loans are credit based, and may require a credit-worthy co-signer. Interest rate and
repayment are dependent on the lender and students are encouraged to research the
options that best fit their needs. To view a list of historical lenders at McKendree
University visit https://beta.elmselect.com/?schoolid=124#/schoolLanding.
Payment Plan
McKendree partners with Tuition Management Systems (TMS) to offer families 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. For more information please contact
the Business Office at 537-6868 or go online at www.afford.com/mckendree.
Employer Reimbursement
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.
