Financing Options for Your Education

Sanford-Brown participates in a number of financial aid programs, administered in accordance with prevailing federal and state laws and the school's institutional policies. These programs assist students with paying educational expenses (such as tuition, books and housing). Students must meet the eligibility requirements of these programs in order to participate. Students are responsible for providing all requested documentation in a timely manner. Failure to provide the proper documentation may jeopardize financial aid eligibility. In order to remain eligible for financial aid, students must maintain satisfactory academic progress as defined in the Sanford-Brown catalog. Financial aid must be approved and all necessary documentation completed before the aid can be applied toward tuition and fees.

Eligibility for federal financial aid is based on a number of factors; but regardless of your current income level or financial need, you may still qualify for student financial aid programs that can help offset the cost of your education. Please contact your financial aid representative and/or the campus specific catalog for information on additional programs and details regarding options at your chosen campus.

You may also access the Department of Education’s Federal Student Aid pagefor more detailed information on student aid programs.

Federal Pell Grant

Grants are free money, and generally do not need to be paid back. The Federal Pell Grant (“Pell Grant”) program is designed to assist needy undergraduate students who desire to continue their education beyond high school. All students are encouraged to complete the FAFSA to apply. Eligibility is determined by a standard federal formula which includes family size, income and resources to determine financial need.

How much can I get?

The maximum amount of Pell Grant (for those who qualify) depends on program funding and may change each award year (July 1st – June 30th). The amount a student may receive depends on financial need, cost to attend school, enrollment status, and the number of terms/payment periods attended.

2014-15 Federal Pell Grant Program Maximum
Range $574 - $5,730

Federal Supplemental Educational Opportunity Grant

The Federal Supplemental Educational Opportunity Grant (FSEOG) is a grant program for undergraduate students with exceptional need. Priority is given first to students with Federal Pell Grant eligibility. The federal government allocates FSEOG funds to participating schools. This is a limited pool of funds and the school will determine the awarding criteria based on federal guidelines. Often, due to limited funding, FSEOG award resources are exhausted early in the award year.

How much can I get?

Amounts per student vary based on the funding levels allocated to the school each award year. For those who qualify, awards may vary based on financial need and the policies of the financial aid office.

2014-15 FSEOG Maximum Per Academic Year
Range $100 - $4,000

Federal Student and Parent Loans

The U.S. Department of Education’s major form of self-help aid includes loans to students and parents through the William D. Ford Federal Direct Loan (“Direct Loan”) Program. Direct Loans include Federal Direct Stafford, Federal Direct PLUS (which provides loans to parents of dependent students and to graduate or professional students, known as Parent PLUS and Grad PLUS) and Federal Direct Consolidation Loans. After June 30th, 2010 all federal student and parent loans may only be made through the Direct Loan program.

Whether you have borrowed a Stafford loan through the Direct Loan Program or the Federal Family Education Loan Program (“FFELP”); when you leave school, or drop below half-time enrollment, you will have several months before payments are required to begin.

Interest is money paid to the lender of a loan in exchange for receiving the money. It is calculated as a percentage of any principal balance on the loan.

Interest rates depend on the type of loan and when it was received. The fixed interest rate for undergraduate Direct Subsidized Loans disbursed on or after July 1 2008, was 6.0% and gradually reduced each year. See the table below for historical interest rate information.

The Bipartisan Student Loan Certainty Act of 2013 tied the federal student loan interest rates to financial markets. Interest rates are determined each spring for loans to be disbursed for the upcoming award year (which runs from July 1st to the following June 30th).

Program Type 2010-11* 2011-12* 2012-13* 2013-14* 2014-15*
Direct PLUS Loans** Paarent PLUS 7.90% 7.90% 7.90% 6.41% 7.21%
  Grad PLUS 7.90% 7.90% 7.90% 6.41% 7.21%
Direct Loans** Direct Unsubsidized 6.80% 6.80% 6.80% 3.86% 4.66%
  Direct Subsidized 4.50% 3.40% 3.40% 3.86% 4.66%

*Interest rates are applicable for any loan first disbursed in that award year (after 7/1 and before 6/30); this is on an individual loan basis for loans first disbursed between those dates and does not lock in the interest rate for all future loans.

**Interest is charged on a Direct PLUS Loan from the date of the first disbursement until the loan is paid in full. You are responsible for the interest from the date of disbursement.

Ask a financial aid representative about rate information for Direct Loans disbursed after July 1, 2015.

Federal Direct Stafford Loans (Direct Loans)

Federal Direct Stafford Loans are low-interest loans for eligible  students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. Eligible students borrow directly from the U.S. Department of Education (the Department) at participating schools. Learn more.  Direct Stafford Loans include the following two types of loans:

A Direct Subsidized Loan is based on a student's financial need. The repayment obligation is suspended while the borrower is enrolled at least half-time. Payments of principal and interest are deferred until the end of the grace period after graduation. With subsized loans, the federal government pays the interest as it accrues. This makes subsidized loans a less-expensive option for students.

A Direct Unsubsidized Loan is not based on a student's financial need. They are available to most federal aid recipients, regardless of financial circumstances. Unlike a subsidized loan, the student is responsible for the interest that accrues from the time the loan is disbursed until it is paid in full. Students may choose to pay the interest while in school or allow it to accrue and be capitalized (that is, added to the principal amount of the loan). Capitalizing the interest will increase the amount to repay.

How much can I borrow?

Whether subsidized or unsubsidized, Direct Loan eligibility is determined based on dependency status, financial need, cost to attend school and the number of terms/payment periods attended. Repayment obligations begin six months after the student graduates, withdraws, or falls below a half-time enrollment status.

Loan limits depend on the student's grade level and loan type (subsidized or unsubsidized).

2014-15 Federal Stafford Loan Annual Maximums (Subsidized & Unsubsidized Combined)
  Dependent Student Independent Student
Freshmen $ 5,500 $ 9,500
Sophomore $ 6,500 $ 10,500
Junior & Senior $ 7,500 $ 12,500
Graduate n/a $ 20,500

*Beginning with loans first disbursed after June 30th, 2012, graduate students are only eligible for Direct Unsubsidized Loans.

2014-15 Federal Stafford Loan Aggregrate Limits (total combined borrowing)
Maximum Combined Subsidized and Unsubsidized Stafford Maximum Subsidized Stafford- based on need
Dependent Undergraduate $ 31,000 $ 23,000
Independent Undergraduate

$ 57,500

$ 23,000
Graduate $ 138,500 $ 65,500

Terms and Conditions

Federal Direct PLUS Loans

The Direct PLUS Loan Program provides loans to either the parents of dependent students (Direct Parent PLUS) or to graduate students (Direct Grad PLUS).

The William D. Ford Federal Direct Parent PLUS Loan ("Direct Parent PLUS") is available to parents of dependent, undergraduate students. Either or both parents may borrow through this program. The Direct Parent PLUS is not based on need, but when combined with other resources cannot exceed the student's cost to attend school. A credit check on the parent borrower is required and the student (and parent) must complete the FAFSA. Repayment obligations begin within 60 days of final disbursement of the loan. Parents may request deferment of payments while the student or they are attending school at least half-time; however, interest does continue to accrue.

The William D. Ford Federal Direct Graduate PLUS Loan ("Direct Grad PLUS") is available to students seeking Graduate and/or Professional degrees. The Direct Grad PLUS is not based on need, but when combined with other resources cannot exceed the student’s cost to attend school. A credit check on the student borrower is required and the student must complete the FAFSA. Repayment obligations begin within 60 days of final disbursement of the loan. Students may request deferment of payments while attending school at least half-time; however, interest does continue to accrue.

How much can I borrow?

The PLUS Loan maximum is equal to the cost to attend school minus any other financial aid received. For example: If the cost to attend is $20,000 and the student receives $8,000 in other financial aid, the PLUS loan may not exceed $12,000 in this example.

How does the borrower apply for a Direct PLUS Loan?

Parents of dependent students (Direct Parent PLUS) and Graduate students (Direct Graduate PLUS) must complete the FAFSA and a Direct PLUS Loan Master Promissory Note which can be found at studentloans.gov. Contact your school financial aid representative if you have questions.

Federal Work Study (FWS)

FWS is a financial aid program designed to assist students in meeting some of the costs of their education by working part-time while attending school. A candidate must demonstrate financial need (as determined by the Department of Education) to be eligible for a FWS award. Positions may be on-campus, off-campus, or community service related. The number of positions available may be limited depending on the number of vacant positions and the school’s annual funding allocation from the federal government.

How much can I earn?

FWS students are paid an hourly wage. Wages for the position must be no less than the current federal minimum wage, but may be higher, depending on the type of work performed and the skills required. When assigning work hours, the employer or financial aid administrator must consider the award amount, class schedule, and satisfactory academic progress. The maximum amount a student may earn in an award year cannot exceed the total FWS award. For a listing of available positions please contact the Financial Aid Office.

*Financial Aid is available for those who qualify

Terms and Conditions

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