Types of Financial Aid Available
SCHOLARSHIPS / ALTERNATIVE FINANCING OR AID
Argosy University payment options
The campus Student Finance office can arrange payment options for students who cannot pay the balance due at the beginning of the semester.
Educational assistance benefits include payments by the employer for tuition, fees,
and similar expenses, books, supplies, and equipment. Students should contact their
employer to explore the specific benefits that may be available.
The Department of Veterans Affairs administers a variety of education benefit programs.
Many veterans and active duty personnel can qualify for more than one education
benefits program. Various education pursuits are only available under specific GI
Bill programs; you should ensure the education program you wish to enroll in will
be qualified for reimbursement under the GI Bill for which you are eligible. Students
can refer to www.gibill.va.gov to investigate benefit programs and eligibility.
Argosy University Scholarships and Grants
There are a limited number of institutional scholarships and grants available for
students who meet certain criteria. The campus Student Finance office can provide
more information about institutional aid.
Education Foundation Scholarship
At Argosy University locations, The Education Foundation works steadily with campus leadership and their scholarship committees, building solid scholarship programs. Argosy University has become very
active in the past few years, awarding scholarships to hundreds of students across its entire network of schools. Visit the Student Financial Services department for more details on scholarship eligibility
requirements and deadlines.
The Education Foundation is a non-profit tax-exempt foundation under Section 501(c)(3) of the Internal Revenue Code. The Foundation is supported by contributions from multiple sources, and provides
scholarships to students who attend Education Management Corporation (EDMC) owned schools.
Scholarship funds are provided by a variety of government programs, civic organizations,
professional groups, etc., and by some employers. Each scholarship granting entity
determines eligibility and amounts. Students may want to investigate these possibilities. Click here to view our scholarship information guide.
Eligibility for this program is based on need and funds are limited. Jobs are offered
to undergraduate and graduate students. These students pay at least the federal
or state minimum hourly wage and sometimes more for skilled or difficult work. Most
students work 10 to 20 hours each week. Earnings from the Federal Work-Study Program
(FWS) are not counted as income when a student applies for aid the following year.
Jobs can be on campus or off campus in community service. The Student Services office
at the campus can provide more information about FWS jobs.
Federal Pell Grant
This is the basic federal grant program for undergraduate students who are eligible
for Federal Aid, and who do not have a previous bachelor’s degree. Eligibility for
the Pell Grant is based on financial need, as determined by the data submitted on
the Free Application for Federal Student Aid (FAFSA). For the 2012–2013 academic
year, annual awards to eligible full time students will range from $0 to $5,550.
Federal Supplemental Educational Opportunity Grant (FSEOG)
Funds from this federal program are extremely limited. Awards are for undergraduate
students with financial need. As with Federal Pell Grants, need is determined from
the information presented on the FAFSA form.
State Aid Programs
Some states offer student financial assistance to undergraduate students who have
financial need. Argosy University currently participates in state grant programs
in Arizona, California, Florida, Georgia, and Minnesota, and in state loan and work-study
programs in Minnesota. In all of the states listed students need to prove residency
of the state and attend a campus that is located in the state. Each state program
has its own eligibility requirements and can be based on need or merit or a combination
of both. The campus Student Finance office can provide more information about state
assistance programs. Eligibility for state grants is subject to change.
Iraq and Afghanistan Service Grant Award
An otherwise Pell Grant-eligible student whose parent or guardian died as a result
of U.S. military ser¬vice in Iraq or Afghanistan after September 11, 2001, may receive
increased amounts of Federal Student Aid. There are two different provisions for
such students, depending on whether the student has an EFC that falls within the
range for Pell eligibility. The campus Student Finance office can provide more information
about this grant.
Federal Perkins Loan
Eligibility for this loan is based on need. The interest rate is fixed at 5%. Payments
begin nine months after the student graduates, withdraws, or drops below half-time
status. These loans are administered by the school and funds are extremely limited.
The annual maximum is limited to $4,000 for undergraduate students and $6,000 for
Federal Direct Loan
Most students who receive financial aid borrow from the Federal Direct Loan Program.
The interest rate on Subsidized Direct Loans for 2012-2013 is a fixed rate of 3.4%
and the interest rate on Unsubsidized Direct Loans is 6.8%. Students need to apply
for a Direct Loan by completing and submitting the Free Application for Federal
Student Aid (FAFSA) and signing a Master Promissory Note. Payments on the loan begin
six months after a student graduates, withdraws, or drops below half-time status.
These loans are administered by The Department of Education and the school certifies
the amount that a student can borrow. The base Direct Loan amount may be subsidized
or unsubsidized, depending on the student’s demonstrated financial need, as determined
by the information presented on the FAFSA.
Independent undergraduate students and graduate students may borrow additional funds
through the unsubsidized Direct Loan Program.
For subsidized Direct Loans, the interest is subsidized (does not accrue) while
you are enrolled at least half time and then during the six-month grace period after
dropping below half-time enrollment. Students must have a demonstrated financial
need as determined by the FAFSA to receive the subsidized Direct Loan.
For unsubsidized Direct Loans, the interest is not subsidized and will begin to
accrue once a disbursement has been made to the school. Students can make payments
on the interest while they are in school and during the grace period if they choose.
Unpaid interest is capitalized on the loan amount, increasing the total amount that
needs to be repaid during the repayment period.
Direct Loan Annual Maximum Amounts:
Grade level one, dependent
Grade level one, independent
Grade level two, dependent
Grade level two, independent
Grade level three, dependent
Grade level three, independent
Grade level four, dependent
Grade level four, independent
Most Graduate students
PSYD students in APA accredited programs
Federal Parent PLUS Loan
This loan is for eligible parents of dependent students. The parent borrower must
pass a credit check. The interest rate on the PLUS Loan is a fixed rate of 7.9%.
Monthly payments on the principal and interest must begin within 60 days of full
disbursement. Eligibility is certified by the school. The parent may borrow up to
the cost of attendance, minus all other aid.
Federal Grad PLUS Loan
This loan is for graduate students. The borrower must pass a credit check. The interest
rate on the PLUS Loan is a fixed rate of 7.9%. Monthly payments on the principal
and interest must begin within 60 days of full disbursement. Deferments are available
while the borrower is in school. Eligibility is certified by the school. The student
may borrow up to the cost of attendance, minus all other aid.
Argosy University participates in a variety of alternative loan programs for students
who need additional funds. The maximum amount that can be borrowed is the cost of
education minus all other aid. These are loans obtained through banks or other lenders.
Approval for these loans requires that the borrower pass a credit check. Some lenders
may offer either a fixed or variable interest rate. In most cases, using a co-signer
will increase the chances of a student receiving an alternative loan and will lower
the interest rate. Students are free to use any private lender of their choice.
Student Education Loan Fund (SELF) – Minnesota Residents Only
The SELF Loan is a long-term, low-interest educational loan primarily for Minnesota
students who need assistance paying for education beyond high school. Eligible students
must be Minnesota residents attending eligible postsecondary institutions in-state
or out-of-state or nonresidents attending eligible postsecondary institutions within
Minnesota. In order to maintain eligibility, students must attend a SELF eligible
school at least half-time and make satisfactory academic progress.