Roosevelt University in Chicago, Schaumburg and Online - Logo

What Types of Financial Assistance are Available

Any student wanting to be considered for federal, state, and institutional financial aid programs noted here must complete the Roosevelt University Financial Aid Application Process and meet the minimum requirements for financial aid eligibility.

Although funding higher education is the primary responsibility of the family, over 85% of our students receive financial aid to assist them in covering those costs. Many people do not believe that they qualify for student aid but it is always worth applying and exploring the variety of financial aid options coordinated through the Roosevelt University Financial Aid Office.

Determining Financial Need

Eligibility for need-based assistance is determined by evaluating a student's financial need and the availability of funds. Need is not determined simply by family income. Need depends on a number of factors, such as the size of the family, the number of family members in college, and the assets of students and parents.

The financial information necessary for calculating your financial need must be submitted on the FAFSA. The U.S. Department of Education processes the FAFSA, analyzes the information, and calculates the expected family contribution using federally approved formulas.

Roosevelt receives your application information electronically as long as you list Roosevelt (school code 001749) as a school on the FAFSA.

Your financial need is determined this way:

Cost of attendance - Expected family contribution = Financial need

Your application information will be reviewed individually, and financial aid awards will be customized to your situation. If there are special circumstances within your family, or if a financial change occurs that you would like us to consider, complete and submit a Special Circumstance Appeal form.

Note to new students - to finalize your financial aid by the National Admission Decision Date of May 1, you need to submit all documentation by April 1.

Several kinds of need-based programs are available to help you attend Roosevelt, including: scholarships and grants, which do not have to be repaid, student employment, or a low-interest student loan with repayment deferred until after graduation.

Scholarships

Scholarship funds are awarded based on academic achievement, talent, or other qualities. Scholarships usually do not need to be repaid.

Admission Scholarships reward full-time applicant's prior academic achievements and/or talents. These scholarships do not require additional applications and are offered prior to admission. New, full-time, undergraduate students can get an on-line estimate of their scholarship eligibility. Awards based upon full time enrollment, ACT score and GPA. If the status in any one of these areas changes, the award can change significantly or be completely rescinded (in the case of less than full-time enrollment). Chicago College of Performing Arts, international and graduate students are not eligible for the award.

Chicago College of Performing Arts Scholarships are for students majoring in Music Performance, Music Education, Music Composition, Musical Theatre and Acting (i.e. all Chicago College of Performing Arts Applicants). Scholarships are awarded based on three criteria: strength of the audition needs of the college, and financial need of the student, in that order. While no additional paperwork is needed to qualify for a scholarship, a student MUST pass an audition in order to be admitted to the college and be considered for a scholarship.

Grants

There are several federal, state, and institutional grants available to assist you in covering the costs of attending Roosevelt University. Grants are typically based on financial need and do not have to be repaid. Your Free Application for Federal Student Aid (FAFSA) results will assist us in evaluating your grant eligibility.

Grants for undergraduate students

Federal Pell Grant program is funded and administered by the U.S. Department of Education. It is based on exceptional need and awarded to undergraduate students who are U.S. citizens or eligible non-citizens and who have not earned a Bachelor’s degree.

For the 2014-2015, full time awards start at $650 with a maximum award of $5,750.

A few more important facts about the Federal Pell Grant:

  • For students enrolled less than full time, the Federal Pell Grant awards are reduced.
  • The Federal Pell Grant for each term is based on the student’s enrollment at the 10th day of the term with no adjustments for changed enrollment after this point in the term.
  • The Federal Pell Grant cannot be used at two schools during the same term. Pell grant eligibility is limited to the equivalent of 12 full time semesters.

Below is a chart categorizing gender and ethnicity of enrolled Full-time students who received Federal Pell Grant:

  Fall 2014
Female Male
American Indian 4 1
Asian 62 38
African American 345 147
Caucasian 368 186
Hispanic or Latino 312 162
Native Hawaiian/Pacific Islander 3 1
Two or More Races 40 21
Other/Undeclared/Refused 21 14
TOTAL 1,155 570

Federal Supplemental Educational Opportunity Grant (SEOG) is a campus-based program. Students with exceptional financial need are given priority for these limited funds. SEOG is awarded to students who qualify for a Federal Pell Grant. The maximum FSEOG for full-time study at Roosevelt for this past year was $1,000. Funding is extremely limited.

State of Illinois Monetary Award Program (MAP) Grant is awarded to Illinois residents attending in-state colleges and universities. Illinois residents apply for the MAP grant by submitting a FAFSA. The MAP Grant is based on exceptional need and awarded to undergraduate students who are U.S. citizens or eligible non-citizens and who have not earned a Bachelor’s degree.

  • The maximum award for 2014-2015 was $4,720, which included a 5% reduction. The award is restricted to tuition and mandatory fees.
  • If you submitted a FAFSA in the last academic year, you must submit a renewal FAFSA to be eligible for full-year consideration for MAP. In recent years, processing has closed early in the financial aid process. Due to funding, the state suspended funding for students who submitted the FAFSA on or after February 28, 2014. It is to your advantage to apply as early as possible.
  • Eligibility for a MAP grant is tracked by the equivalent number of semester credit hours of MAP benefits paid on your behalf. This is called MAP Paid Credit Hours. Payment for each term is being made according to the equivalent number of credit hours eligible for MAP payment, with a minimum of 3 and a maximum of 15 MAP Paid Credit Hours.
  • There is a limit on the number of MAP Paid Credit Hours that can be paid while you are classified as a freshman and sophomore at Roosevelt. This limit is the equivalent of 75 MAP Paid Credit Hours. If this maximum is reached, you must attain junior status for your MAP grant eligibility to resume. The maximum number of MAP Paid Credit Hours that can be received is capped at 135.

Roosevelt Grants

Roosevelt Grants are awarded to full-time undergraduate students based on “need” and availability. Applicants must complete the Free Application for Federal Student Aid (FAFSA) for consideration. New, full-time, undergraduate students can get an on-line estimate of their grant eligibility via the Roosevelt Net Price Calculator. Awards are based upon full time enrollment, residency (living on-campus vs. living off-campus), and “need”. If the status in any one of these areas changes, the award can change significantly or be completely rescinded (in the case of less than full-time enrollment). Please read the terms and conditions of the award very carefully. Chicago College of Performing Arts, international and graduate students are not eligible for the award.

Grant Assistance for undergraduate or graduate students

Teacher Education Assistance for College and Higher Education (TEACH) Grant program provides up to $4,000 per year for students admitted to an eligible teacher preparation program. Student applicants must teach full-time in high-need subject areas for at least four years at schools that serve students from low-income families or the grant is converted to an Unsubsidized Federal Stafford Loan. ROOSEVELT UNIVERSITY IS NOT YET APPROVED FOR THIS PROGRAM, BUT HAS BEGUN THE PROCESS TO BE APPROVED BEGINNING IN FALL 2015.

Minority Teachers Scholarship (MTI) is offered to academically talented minority undergraduate and graduate students who are pursuing a teaching career in an Illinois preschool, elementary, or secondary school and provides up to $5,000 per year. This program aims to provide minority children with access to a greater number of positive minority role models. Awards are for a maximum of eight semesters and funding is extremely limited. In addition to completing a FAFSA, a separate application provided by the Illinois Student Assistance Commission must be completed. By receiving this scholarship, a student you must teach in Illinois. If the teaching commitment is not fulfilled, the award will convert to a loan, which must be repaid, with interest.

The Golden Apple Scholars of Illinois program encourages academically talented Illinois students, especially minority students, to pursue teaching careers, especially at high-need, hard-to-staff schools by providing tuition assistance at one of the participating colleges. You may qualify for up to $2,500 as a freshman or sophomore, and up to $5,000 as a junior or senior. As part of the application process, you must agree to teach, on a full-time basis, for a period of not less than five years at nonprofit Illinois public, private or parochial preschool, or an Illinois public elementary or secondary school. If the teaching commitment is not fulfilled, the award will convert to a loan, which must be repaid, with interest.

Roosevelt Assistance for Graduate Students

Graduate Scholarships The Graduate Scholarship Application process is very competitive and is only awarded in the Fall and Spring terms. Recipients typically have an undergraduate GPA of 3.5 or higher. Scholarship awards range from $2000 – $3000 per year, based on enrollment. Awards may continue after the published priority deadlines contingent on funding available. New graduate students are the first priority. The application priority deadline for Fall is March 1st and for Spring is October 15th.

Graduate Assistantships are awards that permit students to help finance their education while gaining valuable work or research experience. Graduate assistants at Roosevelt do not teach classes but rather perform research or other relevant duties up to 20 hours per week during the regular semester. An assistantship provides a stipend for the fall and spring semesters and tuition for up to 18 semester hours for the same period. However, these 18 semester hours must be courses that apply to the master’s degree. These awards cannot cover undergraduate prerequisites, English Language Program classes, or courses unrelated to the degree.

Graduate assistants are selected by the individual graduate programs with the approval of the Office of the Graduate Dean. To apply, contact the director or adviser of the graduate program in which enrolled. To qualify, fulfill the admission requirements for a graduate program as a regular, degree-seeking student. GPA and other criteria for selection may vary from program to program.

Assistantships are awarded for the fall and spring semesters. The application deadline is March 1st for the academic year. While some graduate programs may consider applications received later, priority is always given to those who apply by the deadline. Once the funds are expended, no more applications can be considered.

Graduate assistants may reapply for renewal of their assistantship. If the assistantship is not renewed, they may apply for a renewal partial scholarship and only for the courses required to complete the degree (maximum 36 credits).

Student Employment

Federal Work Study (FWS)

The objective of the Federal Work-Study Program is to offer part-time employment opportunities for eligible students to help meet educational costs while providing an opportunity to gain valuable work experience. Students not eligible for FWS are advised to contact the Career Services Department for assistance locating other part-time employment opportunities.

The financial aid file will need to be processed and registration in place before students can apply for a FWS position for any semester. Students new to the FWS Program will need to present an original social security card, or birth certificate, along with a valid state driver’s license, or identification card to confirm eligibility.

Students usually work up to 15 hours per week and are paid every two weeks. Information regarding jobs for 2014-2015 can be viewed online in late August on the Career Services Employment page.

Student Loans

Direct Loans are low-interest loans for students and parents to help finance the cost of education at Roosevelt. Under the Direct Loan Program, students will work with the Financial Aid Office to obtain Federal Stafford Loans, PLUS Loans and Graduate PLUS Loans from the U.S. Department of Education, rather than from private banks and credit unions.

Types of Loans

The Direct Subsidized Stafford Loan is awarded to Undergraduate students with demonstrated need. Repayment and interest begins six months after the student drops below half-time attendance.

The Direct Unsubsidized Stafford Loan is available to all eligible students regardless of income. Interest accrues from the date of disbursement, but the extra costs of borrowing can be avoided by making regular interest payments while in school.

The Direct Parent Loan for Undergraduate Students (PLUS) is a non-need-based loan that parents may borrow on behalf of their dependent undergraduate student. Parents may borrow up to the cost of attendance minus any other aid the student may have. Repayment and interest accrual begins immediately although the parent can contact Direct Lending to apply for a deferment to postpone repayment.

The Direct Graduate PLUS Loan allows Graduate students to borrow under the PLUS loan program up to their cost of attendance minus other estimated financial assistance. The terms and conditions that are applicable to parent PLUS Loans also apply to Graduate/Professional PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history and repayment beginning on the date of the last disbursement of the loan. You must have applied for the maximum loans under the Direct Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan. In addition, an online graduate entrance counseling form must be completed.

NOTE: A FAFSA must be completed for all Federal Direct loans. All loan borrowers at Roosevelt must complete entrance counseling online in order to receive any student loan funds. A Direct Loan Master Promissory Note (MPN) online also must be completed in order to receive any student loan funds. Both can be completed at www.studentloans.gov.

Grade Levels for Undergraduate Loans:

Freshmen Sophomore Junior Senior
0 to 29 hours 30 to 59 hours 60 to 89 hours 90 or more hours

*Hours are based on ROOSEVELT earned hours and/or hours transferred from other universities to Roosevelt if applicable.

Annual Federal Loan Maximum:

  Annual Maximums Freshman Sophomore Junior/Senior Paralegal Studies Graduate & Doctoral Doctorate in Pharmacy
Independent Students Stafford (sub/unsub) $3,500 $4,500 $5,500 $5,500 $0 $0
Additional Unsub $6,000 $6,000 $7,000 $7,000 $20,500 $33,000
Total $9,500 $10,500 $12,500 $12,500 $20,500 $33,000
Dependent Students Stafford (sub/unsub) $3,500 $4,500 $5,500 $5,500 n/a n/a
Additional Unsub $2,000 $2,000 $2,000 $2,000 n/a n/a
Total $5,500 $6,500 $7,500 $7,500    

Aggregate Loan Limits:

  Subsidized Total
(Subsidized & Unsubsidized)
Total subsidized Stafford Loan Funds borrowed cannot exceed: Combined subsidized and unsubsidized Stafford Loan Funds borrowed cannot exceed:
Dependent Undergraduates $23,000 $31,000
Independent Undergraduates
(and dependents whose parents are unable to borrow under the Plus program)
$23,000 $57,500
Graduate and Professional Students
(undergraduate loans are included)
$65,500 $138,500
Pharmacy
(undergraduate loans are included)
$65,500 $224,000

NOTE: In accordance with U.S. Department of Education regulations (HEOA 489 amended HEA Sec.485B), Roosevelt University and the Financial Aid Office acknowledges to students and parents that when the student enters into an agreement regarding a Title IV(HEA) loan, (i.e.: Direct Stafford Loan and Direct Parent PLUS Loan) that the loan will be submitted to NSLDS (National Student Loan Data System) and accessible by authorized agencies, lenders, and institutions.

Private Outside Scholarships

There are also an abundance of private scholarship opportunities that students can investigate on their own. These scholarships are not from Roosevelt University but are offered by private organizations desiring to contribute to the educational related expenses of both undergraduate and graduate students. As a general rule, NEVER PAY AN APPLICATION FEE for any scholarship opportunities. Also, carefully investigate each organization BEFORE providing them with any confidential information.

Roosevelt University encourages all students to try the FREE Roosevelt University Scholarship Central engine. There is also a separate listing of private scholarship offers available that students have sent in for us to share with you. Students are encouraged to seek assistance from outside resources.

Students receiving aid are required to report all outside assistance to the Financial Aid Office. The receipt of outside assistance, (e.g. private scholarships, employer tuition reimbursement, alternative loans, high school awards, etc.,) may require an adjustment to the original aid offered when the additional assistance provides the student with total funds in excess of calculated federal eligibility.

Financial Aid will do everything within its power to maximize the amount of assistance students are entitled to receive and will reduce aid only when absolutely necessary. We will attempt to reduce aid in the following fashion:

  • Loans
  • Institutional awards
  • Scholarships/Grants
  • Outside sources

Students receiving outside sources of assistance are advised to notify the Financial Aid Office of their awards. Student aid, including outside resources, may not exceed the student’s cost of attendance. Therefore, if a student has been awarded aid by the Financial Aid Office and receives an outside award, an adjustment to the original award letter may be necessary. Unless specifically stated from the agency/company or foundation that the scholarship can only be applied toward tuition, the Financial Aid Office will consider on-campus charges and books in addition to tuition and fees.

  • If a student’s private scholarship check is sent to the university, it will be directly applied to their university student account, one-half in the Fall term and one-half in the Spring term, unless otherwise specified by the scholarship sponsor. Payments are usually processed within two weeks.

  • If the scholarship check is sent directly to the student, but it is made out to the university, submit the check to the Financial Aid Office for processing.

  • If the scholarship check is sent directly to the student, and it is made co-payable to him/her and the university, endorse the check and submit it to Financial Aid Office.

  • If the scholarship check is sent to the student and made payable to the student, it is his/her responsibility to report this resource to the Financial Aid Office and to apply any funds necessary to your university student account.

Private Loan Programs

These are loans offered through private lenders that are meant to provide additional educational funding only after a student and his/her family have exhausted all other sources of funding such as Federal and State aid. Roosevelt University does not maintain a list of private loan sources, so students are encouraged to research all available loan option before borrowing.

These loans are not guaranteed by the Federal government and often carry high interest rates and origination fees. All loans require credit checks and most will require a co-signer if the borrower has little or no credit history. Families interested in private loans should also note that alternative loans cannot be consolidated with federal loans.

Veterans Benefits

If students believe they may be eligible to receive Veterans Educational Benefits, please contact the Veterans Administration to confirm eligibility. Eligible veterans, eligible dependents of a veteran and eligible active duty personnel must communicate directly with the Regional VA office to receive educational benefits. Once the VA has confirmed eligibility, the veteran will receive the certificate of eligibility. A copy of the certificate of eligibility should then be submitted to the Financial Aid Office.

If students do receive these benefits, it will impact the amount of other student aid he/she may receive. If students are utilizing VA educational benefits for the first time he/she must complete an Application for VA benefits (form #22-1990). If they have used VA benefits previously at other institutions, he/she must complete a Request for Change of Program or Place of Training Form (form #22-1995). These forms can be found online at http://www.va.gov. In addition to one of the above-mentioned forms, they are required to submit a copy of the DD214 to the Financial Aid Office.

NOTE: The Illinois Veteran Grant cannot be used at Roosevelt University.


FATV - How do I know if I will qualify for Financial Aid?