Scholarships and Grants

Scholarships and grants are forms of aid which do not require repayment and are awarded based upon a student's academic abilities and financial need. 

Roosevelt considers all new students for scholarships at the time of admission. These scholarship awards are granted based upon your previous academic record, or in some programs your interview or audition. Additional endowed scholarships are awarded on a competitive-basis each year.

Students may also wish to apply for private scholarships, which are often funded by nonprofit or private organizations.

Grants may include federal or state funded programs, as well as University grants. Graduate students within the University's Assistantship Program receive a partial- or full-tuition grant, as well as a minimal annual stipend.

Federal Grant Programs

The Federal Pell 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. Students who file the FAFSA are automatically considered for Pell Grants. For 2018-2019, full-time awards ranges from $650 to a maximum award of $6,095. For students enrolled less than full time, Pell Grants are prorated. Pell Grants cannot be adjusted due to increased enrollment after the first week of each term. Additionally, Pell Grants cannot be used at two schools during the same term. Pell Grant eligibility is limited to the equivalent of 12 full-time semesters.

The Federal Supplemental Educational Opportunity Grant (FSEOG) is available to undergraduate students who demonĀ­strate exceptional need (i.e. Pell Grant recipients with a zero EFC). The maximum FSEOG for full-time study at Roosevelt for this past year was $1,000. Funding is extremely limited.

State Programs

Several student assistance programs are available through the Illinois Student Assistance Commission (ISAC). To be considered for the following programs, a FAFSA must be completed:

  • The Monetary Award Program (MAP) is a need-based grant program offered to undergraduate Illinois residents pursuing their first bachelor’s degree. This grant can be used toward tuition and mandatory fees only. The maximum MAP award for the 2018-2019 academic year is $4,720.

By applying for financial aid and agreeing to share that information with the Illinois Student Assistance Commission (ISAC), you have been considered for the State of Illinois (IL) Monetary Award Program (MAP) Grant. All MAP-approved institutions are required by the State of Illinois to announce MAP Grant awards to students who are enrolled or intending to enroll at their institution. An award amount is included on this letter if you have met the eligibility criteria.

The MAP Grant award amount is an estimate made by the financial aid office and is identified as a "State of IL MAP Grant (Est)." Please be aware that the number of available MAP Grants is limited by funding levels approved by the Illinois General Assembly and the governor, and reductions to estimated or actual MAP Grants are possible.

There are also limitations to how long you can continue to receive a MAP Grant. Usage is tracked by the number of credit hours for which you’ve received MAP benefits and is referred to as MAP Paid Credit Hours (MPCHs). The maximum number of MPCHs that can be received is 135, and you must be at the junior level or above to use more than 75 MPCHs. For your reference, and to learn more about MPCH limitations, you may access a record of your MPCHs through the ISAC Student Portal at isac.org/students/.

All MAP eligible students must provide documentation noting their Illinois residency.  One of the items below can be used for proof of residency:

NOTE:Documentation of Illinois residency is required.

2017 Illinois Income Tax Return for 2017
Illinois Driver’s License or ID card prior to August 2017
Utility Bill prior to August 2017
Lease or Mortgage agreement prior to August 2017
Illinois property tax bill prior to August 2017
Illinois Auto Registration Card prior to August 2017
Statement of Benefits history from the Illinois Department of Public Aid prior to August 2017
Statement of Benefits from the Illinois Department of Employment Securities prior to August 2017
Statement of benefits from Social Security Administration prior to August 2017
Voter’s registration card with a date of issue prior to August 2017

The amount of the award could increase or decrease throughout the academic year based on state funding.

Illinois State Special Grants/Scholarships: Applications for the following programs may be received online at isac.org/students/. Funding for these programs is extremely limited.

Private Outside Scholarships

Students are encouraged to seek assistance from outside resources. Students receiving aid are required to report all outside assistance to Financial Aid Services. The receipt of outside assistance, (e.g. private scholarships, employer tuition reimbursement, vouchers, private 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.

Students receiving outside sources of assistance are advised to notify the Office of Financial Aid Services 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 Office of Financial Aid Services and receives an outside award, an adjustment to the original award letter may be necessary. The scholarship will only be applied for tuition and fees unless the agency/company or foundation states otherwise.

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

Loans

Education loans are a form of aid borrowed from either the government or a private lender to finance expenses directly related to the cost of attending college. The loan must be repaid and is subject to the terms and conditions determined by the lender. Students are encouraged to carefully consider all loan options before borrowing.
You should compare the Federal Loan and the Private Education Loan. Federal loans are part of the financial aid awarded to students who successfully submit the FAFSA (Free Application for Federal Student Aid). The loan has two parts based on the federal student aid eligibility evaluation process used by the U.S. Department of Education: (1) Subsidized/the government pays the interest accrued while the student is enrolled, and (2) Unsubsidized/the student is responsible for the interest as soon as the loan is disbursed to the school where the student is enrolled. Learn more about Federal loans.

For the 2018-2019 award year, the interest rate for the subsidized and unsubsidized undergraduate level federal loan components is 5.05%. The interest rate for the unsubsidized graduate level federal loan component is 6.6%. Interest rates for all federal loans are determined by the U.S. Congress/federal legislation based on U.S. treasury bills.

Federal Direct Loan borrowers are charged a fee that is a percentage of the total loan amount. The fee is deducted proportionately from each loan disbursement. The current fee for the undergraduate subsidized and unsubsidized loans is 1.062%. Federal student loan fees are determined by the U.S. Congress/federal legislation and announced annually on October 1 for the upcoming academic year.
Students who ‘accept’ the federal loan(s) must complete the following online requirements at studentloans.gov

  • Loan Counseling/Entrance – You must indicate Roosevelt University as the school you are attending.

Loan Counseling/Entrance is an online tutorial that describes the Federal Direct Loan program and processes, discusses financial literacy including budgeting and managing finances, and introduces repayment information.

  • Master Promissory Note – the Master Promissory Note is valid for 10 years from the date it is completed. If you already have an unexpired Master Promissory Note, you do not have to complete one.

The Master Promissory Note is a binding contract between the student and the U.S. Department of Education detailing that the student understands the federal loans must be repaid. The Master Promissory Note describes the federal loan program and processes, including disclosures that will be sent to you about your federal loan each semester. The Master Promissory Note provides complete details about loan eligibility, eligible loan amounts, loan interest rates and fees, and borrower rights and responsibilities.  Information regarding your loan will be submitted to the National Student Loan Data System and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.

Eligible academic year federal direct loan amounts are based on the following annual federal limits:

Grade Level Dependent Students Independent Students
Freshmen (0-29 hours earned)
includes Paralegal Studies
$5,500 annually
No more than $3,500 may be subsidized
$9,500 annually
No more than $3,500 may be subsidized
Sophomores (30-59 hours earned)
includes Paralegal Studies
$6,500 annually
No more than $4,500 may be subsidized
$10,500 annually
No more than $4,500 may be subsidized
Juniors and Seniors (60+ hours earned)
includes Paralegal Studies
$7,500 annually
No more than $5,500 may be subsidized
$12,500 annually
No more than $5,500 may be subsidized
Graduate Not applicable $20,500
Doctoral
includes Pharmacy and Psychology**
Not applicable Up to cost of attendance

Remaining aggregate amounts: Each grade level has a maximum federal / aggregate loan limit that cannot be exceeded. This is the most that can be borrowed and each grade level. Please note that when an undergraduate level student becomes a graduate level student, the combined total of undergraduate and graduate level loans count toward the aggregate limit.

Grade Level Subsidized Unsubsidized Maximum Total
Undergraduate/Dependent $23,000 $8,000 $31,000
Undergraduate/Independent $23,000 $34,500 $57,500
Paralegal Studies Certificate w/BA Not applicable $57,500 $57,500
Graduate/Professional Not applicable $138,500 $138,500
Doctoral Not applicable $138,500 $138,500
Doctoral/Clinical Psychology Not applicable $224,000 $224,000
Doctoral Pharmacy Not applicable $224,000 $224,000

Federal PLUS Loans

Federal PLUS Loans are provided by the U.S. Department of Education to the parents of dependent undergraduate students and to graduate/doctoral level students. For more information about Federal PLUS Loans, review the information provided by the U.S. Department of Education.

For the 2018-2019 award year, the interest rate for the Direct Parent PLUS Loan and Direct Graduate PLUS Loan is 7.6%. Interest rates for all federal loans are determined by the U.S. Congress/federal legislation based on U.S. treasury bills.

Federal Direct PLUS Loan borrowers are charged a fee that is a percentage of the total loan amount. The fee is deducted proportionately from each loan disbursement. The current federal loan fee applied to the Federal Parent PLUS Loan and the Direct Graduate PLUS Loan is 4.248%. Federal student loan fees are determined by the U.S. Congress/federal legislation and announced annually on October 1 for the upcoming academic year

The Master Promissory Note is a binding contract between the student and the U.S. Department of Education detailing that the student understands the federal loans must be repaid. The Master Promissory Note describes the federal loan program and processes, including disclosures that will be sent to you about your federal loan each semester. The Master Promissory Note provides complete details about loan eligibility, eligible loan amounts, loan interest rates and fees, and borrower rights and responsibilities. Information regarding your loan will be submitted to the National Student Loan Data System and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.

Private Education Loans

Private Education Loans are obtained by student and/or parent application directly to the lender. Private loans are designed to assist students and their families to meet the cost of attendance not met by other types of financial aid or personal resources. Before you apply for a private loan, Roosevelt University recommends researching all federal forms of aid, including PLUS loans, as they may be more favorable to borrow. A private loan can be awarded up to the cost of attendance minus any other financial aid you have already received. Loan approval is generally based on credit worthiness and ability to repay.

Selecting a Private Loan
Roosevelt University does not promote or endorse any private education loan lender. ElmSelect is a loan comparison tool that assists borrowers in selecting a private loan based on borrowing factors such as interest rate, loan terms and conditions and repayment. Please review lender information carefully and contact the lender with questions. ElmSelect lists several of the loan companies from which our students have chosen to borrow during the previous aid year.

Preparing for Loan Repayment
All students who borrow federal loans are required by law to complete Loan Counseling/Exit. Exit counseling discussed details about loan repayment and borrower rights and responsibilities. Repayment of your federal loans is a financial obligation. Exit counseling is required for the following reasons:

  • Student graduates/completes an RU degree program. This applies whether or not the student intends to continue on to another degree program.
  • Student is no longer enrolled at least half-time according to the current grade level. For example, half-time for an undergraduate student is six credit hours. For examples, half-time for a doctoral student is three credit hours.
  • Student is no longer enrolled. All courses have been dropped or the student did not enroll for an active term.

It is very important to keep track of your federal loan borrowing to be sure that you only borrow what you need. It is also important to monitor the use of your federal loan eligibility so that you do not reach your aggregate limit before you complete your degree program. Students are encouraged to meet with a Financial Aid Services Counselor for discussion about any aspect of their federal borrowing options and federal loan history. 

Accepted Federal Direct Loan funds are paid directly to your student account by the U.S. Department of Education. You will receive an RU email that lets you know the payment has been made to your account. This email will also explain that you have 14 calendar days to cancel or reduce your loan. Changes to your loan can be made by submitting the form “Loan Change Request” that is available in the “Forms” section of the Office of Financial Aid Services web pages. You can submit the form in person (the Office of Financial Aid Services is located on the mezzanine floor of the Wabash Building/1M16), by fax to (312) 341-3545 or by email to fas@roosevelt.edu.

Code of Conduct for Education Loans

The Higher Education Opportunity Act of 2008 (HEOA) requires that institutions participating in the federal student loan programs develop, publish and enforce a code of conduct with respect to students loans.

Roosevelt University is committed to the highest standard of ethics and conduct and therefore, the staff of Financial Aid Services is bound by the institution's Code of Conduct and Ethics for Business Activities, which requires each individual to comply with legal and regulatory requirements, policies and procedures that apply to his or her particular duties. 

The institution and its employees are banned from any revenue sharing arrangements with lenders.

No employees of Financial Aid Services and those employees who have responsibilities with respect to education loans shall solicit or accept any gift from a lender, guarantor, or servicer of education loans.

  •  Gifts are defined as any gratuity, favor, discount, entertainment, hospitality, loan or other item having a monetary value of more than a de minimus amount, and includes a gift of services, transportation, lodging, or meals, whether in kind, by purchase of a ticket, payment in advance or reimbursement. Gifts do not include: standard material activities or programs related to a loan, default aversion/prevention, or financial literacy (e.g. workshops, training); food, refreshments, training or informational material furnished to an employee of an institution  as an integral part of a training session designed to improve the service of a lender, guarantor or servicer of educational loans to the institution, if the training contributes to the professional development of the employee; loan benefits to a student employee if they are comparable to those provided to all students at the institution; entrance and exit counseling services provided to borrowers to meet the requirements of the HEA provided that the institution retains control of the counseling and the counseling is not used to promote the lenders products; philanthropic contributions to the institution by the lender.

Employees of the University's Financial Aid Services and those employees who have responsibilities with respect to education loans shall not accept from a lender or affiliate or any lender any fee, payment, or other financial benefit as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.

  • The University will not for any first-time borrower, assign through award packaging or other methods, a borrower's private loans to a particular lender; or refuse to certify, or delay certification of, any loans based on the borrower's selection of a particular lender or guaranty agency.

The University shall not request or accept from any lender any offer of funds for private loans, including funds for an opportunity pool loan, to students in exchange for providing concessions or promises to the lender for a specific number of federal loans made, insured, or guaranteed, a specified loan volume, or a preferred lender arrangement.

The University shall not request or accept from any lender any assistance with call center staffing or financial aid office staffing (there are exceptions such as professional development training, providing counseling materials-debt management materials, etc., provided that the lender is disclosed on the materials; short term nonrecurring assistance during emergencies).

Employees of the University's Financial Aid Services and those employees who have responsibilities with respect to education loans and who serve on an advisory board, commission, or group established by a lender, guarantor, or group of lenders of guarantors, shall be prohibited from receiving anything of value from the lender, guarantor, or group of lender or guarantors, except that the employee may be reimbursed from reasonable expenses incurred in serving on such advisory board, commission, or group.

Work-Study

Roosevelt University offers a variety of employment options to our students. Placement into one of the University's work-study opportunities requires that you apply for the job through the Office of Career Services.