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Financial Aid

Aspen University is approved by the U.S. Department of Education to offer federal student aid for all of our degree programs.

Federal Grants

A Federal Pell Grant, unlike a loan, does not have to be repaid. Federal Pell Grants are only awarded to undergraduate students who have not earned a bachelor’s or professional degree and students who are enrolled in an eligible Post-baccalaureate teacher certification program if they meet certain requirements. Each student is entitled to apply for a Federal Pell Grant. Eligibility is determined by the student’s need, the cost of attendance, and the amount of money appropriated by Congress to fund the program. The amount of the grant is determined by a standard formula used by the Department of Education. The amount of the grant available to the student will depend on the Expected Family Contribution (EFC) and the cost of attendance.

William D. Ford Federal Direct Loan Program (Direct Loans)

Direct Loan programs are low-interest loans for eligible students to help cover the cost of education. Eligible students borrow directly from the U.S. Department of Education. The loan is then sent to the U.S. Department of Education’s Common Origination and Disbursement Center (COD) and disbursed to the school electronically through the G-5 website. The loans are serviced by the Direct Loan Servicing System. Direct loans include Direct Subsidized, Direct Unsubsidized and Direct PLUS loans.

Direct Subsidized Loans

Direct Subsidized Loans are loans available to students with financial need. Undergraduate students may borrow up to $3,500 for their first academic year, $4500 for their second academic year, and $5,500 for their third or fourth year at a fixed interest rate established annually by the U.S. Department of Education. The interest is paid by the federal government while students are in school and for six months after students cease their enrollment. As of 7/1/13, for “first time borrowers” there is a 150% loan limit provision. A first time borrower is an individual who doesn’t have an outstanding balance on a Direct Loan or a FFEL Program Loan on or after 7/1/13. This provision states that a student may not receive Direct Subsidized Loans for more than 150% of the published length of the student’s program of study.

Direct Unsubsidized Loans

Direct Unsubsidized Loan programs are available for students to borrow to help cover the additional education costs regardless of family income and for those who may not qualify in whole or in part, for a Subsidized Loan. A Unsubsidized Loan is not awarded based on financial need. The term “unsubsidized” means that interest is not paid for the student so the student is charged interest from the time the loan is disbursed until the loan is paid in full.

Direct Plus Loans

The Federal Direct PLUS loan is available to graduate or professional students enrolled at least half-time at an eligible school in a program leading to a graduate or professional degree or certificate or to parents of dependent students to help pay for the educational expenses of the student. PLUS loans are not based on need, but when combined with other resources, cannot exceed the students cost of education.

Origination Fees

There may be an origination fee charged as an expense of borrowing one of these loans. The loan fee is a percentage of the amount of each loan the borrower receives, and is subtracted proportionately from each loan disbursement. This must be repaid. The loan interest rate is fixed and set on July 1st of each year.

Your financial aid award accounts for cost of living (room and board, transportation, miscellaneous/personal expenses) while enrolled in a degree program at Aspen University. Cost of living varies by learner and is calculated using the national average student expenditures. These are not among the program costs incurred through Aspen.

Estimated Yearly Cost of Living (Independent student):

• • Room and Board: $10,696
  • Transportation: $3,496
  • Miscellaneous/personal expenses: $6,376