Loans
2004-2006 Undergraduate Catalog | Catalogs

Federal Stafford Loan program

This program consists of loans borrowed from participating financial institutions. The loan is guaranteed by a state or private nonprofit agency and the federal government. An annual maximum amount is specified for freshmen, sophomores, juniors/seniors, and graduate-level applicants. A Free Application For Federal Student Aid (FAFSA) and a Roosevelt University financial aid application are required because students must demonstrate need for this loan. Specifics on annual interest rates, regulations, maximum amounts, and processing charges are in the Financial Aid Office. Recipients must be enrolled at least half-time. Loan deadlines apply for each term.

Federal Unsubsidized Stafford Loan

This program is similar to the Federal Stafford Loan program; however, it is targeted to students who have partial or no Federal Stafford Loan eligibility. A Free Application For Federal Student Aid (FAFSA) and a Roosevelt University financial aid application must be completed to determine eligibility. Borrowers are responsible for paying the interest that accrues during any period. Independent students and students whose parents cannot get a PLUS have higher unsubsidized loan limits.

Federal PLUS Loans

Federal PLUS Loans enable parents to borrow up to the cost of education minus other financial aid for each child enrolled at least half-time who is a dependent student. This amount is in addition to the Stafford limits, but the total may not exceed the cost of education. The interest rate for these loans is variable. A Free Application For Federal Student Aid (FAFSA) and a Roosevelt University financial aid application must be completed to determine eligibility.

Grants

Illinois Monetary Awards

The Illinois Monetary Award Program (MAP) is a state grant program. Funds are available to regular, degree-seeking undergraduate students who demonstrate need and qualify as Illinois residents attending approved Illinois colleges or universities. The 2003-4 maximum amount was $4,471; however, the amount of the awards may increase or decrease from year to year depending on state funding. Eligible students may receive MAP grants for a maximum of five years of full-time enrollment. Deadlines for applications are controlled by the state agency and vary each year depending on volume and funding. In spring of 2004, the full MAP Award is based on enrollment for 15 credit hours per term. Students enrolled for fewer than 15 hours will have a reduced award.

Federal Pell Grant

This is a federal assistance program for any regular degree-seeking undergraduate student who demonstrates exceptional financial need. Applicants should file a Free Application For Federal Student Aid (FAFSA) and a Roosevelt University financial aid application at least six months prior to planned enrollment.

Federal Supplemental Educational Opportunity Grant

The Supplemental Grant is a federal program designed for any regular degree-seeking undergraduate who demonstrates exceptional need. Applicants must file a Free Application For Federal Student Aid (FAFSA) and a Roosevelt University financial aid application by April 1 for the upcoming academic year. This grant is awarded in combination with the Pell Grant program. Funds are extremely limited with priority given to Federal Pell Grant recipients.

Federal work study program

Roosevelt University provides part-time employment for regular degree-seeking students who demonstrate financial need to assist with educational expenses. The program is available to both undergraduate and graduate students. Applicants should file a Free Application For Federal Student Aid (FAFSA) and a Roosevelt University financial aid application by April 1 for the upcoming academic year. Information and placement assistance is available in the Financial Aid Office.

Job location and development program

Career Services provides services to assist students in finding both on- and off-campus part-time jobs.

Veteran Educational Benefits

When applying for admission, eligible veterans, eligible dependents of veterans, and eligible active duty personnel must communicate directly with the regional VA office to receive educational benefits.

Policy for satisfactory academic progress for financial aid recipients

Roosevelt University complies with the federal law that mandates financial aid recipients meet the required minimum satisfactory academic progress standards. Failure to meet these requirements will result in elimination of financial aid eligibility.

The satisfactory academic progress policy applies to any student who receives federal, state, or institutional funds (this includes grants, scholarships, work-study, and loans). This policy is separate from the academic scholastic policy. It is the student’s responsibility to monitor his/her own progress each term.

There are two components to the satisfactory academic progress policy. The qualitative measure assesses a student’s academic performance in the courses that have been completed. Students are required to maintain a 2.0 Roosevelt University grade point average at all times. The quantitative measure assesses a student’s progress in pursuing his/her degree (this measures the attempted hours versus the hours completed). All RU students must complete 75 percent of their attempted hours per period, defined as fall, spring , or summer. If a student enrolls for four classes in the spring only, his/her period is spring and he/she must earn credit for at least three of those classes. I’s (incomplete), IP’s (in process), W’s (withdrawal), L’s (left the University without official notice), and F’s( failure) do not count as credit. Satisfactory academic progress policy is measured at the end of each spring term. The progress of students on probation is measured each term.

The policy

• Admission to a degree program at RU. Non-degree and summer only students are not eligible to participate in financial aid programs.
• Good academic standing; Roosevelt GPA of 2.0 must be maintained.
• Completion of at least 75 percent of attempted hours per period.
• Completion of degree in six years for full-time and ten years for part-time students. The maximum number of semester hours that may be attempted is 180.
• Repeat and remedial courses are considered in the evaluation of progress. Incomplete courses do not count towards progress.

Once a student loses his/her eligibility for financial aid, it is extremely difficult to be reinstated. Although extenuating circumstances such as illness and death in the family are considered when reviewing a student’s file, reinstatement is by no means automatic. Students who lose their financial aid eligibility are often required to take courses without financial aid to bring their record up to standards before an appeal is considered.

Consequences

Students who do not meet the requirements after one period will be given financial aid for a one-time probationary term. During that term the student must bring his/her Roosevelt University grade point average to at least a 2.0 and complete 100 percent of the hours attempted. Failure to meet the standards for the probationary term will result in termination of future financial aid at Roosevelt. Students who are granted a one-time waiver and subsequently fail to meet the standards will lose their Roosevelt University financial aid indefinitely. Students on probation should not register for External Studies classes. Students who earn a zero percent completion ratio for any specific term will lose their financial aid eligibility.

Student appeal procedure

Students wishing to appeal the termination of their financial aid must do so in writing. Student appeal procedures (SAP) forms may be downloaded from the financial aid website or obtained from a financial aid counselor. The form must be submitted along with all supporting documentation (e.g., death certificate, doctor’s statement) and a letter of support from an academic advisor. The University will not review or respond to appeals that are illegible or that are submitted without all supporting documents and the letter of support from an academic advisor.

In general, appeals for cases where a student’s grade point average is below 2.0, particularly if it cannot be brought up to 2.0 within one term, or their completion ratio cannot be brought up to 75 percent within a term, will not be approved. Students may be given the option to take classes elsewhere or at Roosevelt University without aid to bring their record back to the required standards and then reappeal. All decisions of the appeal committee are final.
Students who are granted an approval on their appeal will be on financial probation until their record passes the SAP standards. Students who receive an approval should not take External Studies classes unless they can be assured to have a successful grade posted by the end of the traditional term.

Federal refund policy

The federal refund policy is applicable to Title IV recipients who withdraw completely on or before 60 percent of time has elapsed during the period of enrollment for which the student has been charged. Please note that federal refund policies are subject to change.