Tuition & Financing FAQs

Paying for graduate school with the help of financial aid is important for many people. At Keller, we are dedicated to helping answer your financial aid questions. Here are some frequently asked questions about graduate school tuition and how financial aid can help you.

What needs to be done to apply for financial aid?
You must be degree seeking.

1. Complete the 2011-2012 FAFSA at http://www.fafsa.ed.gov/. Be sure to have your 2010 Federal tax returns handy, and the school code for KGSM, which is G20754. Your signature is required on the FAFSA.

You have two options to sign the FAFSA: 1) Electronic signature with your Personal Identification Number (PIN) or 2) Print, sign, date and mail the signature page to the address provided on the form within 14 days.

2. Complete the Keller Information and Authorization Form.

3. In order to borrow loans in the federal Stafford loan program, you will need to complete and sign a Master Promissory Note (MPN) and take loan entrance counseling. To complete the MPN and loan entrance counseling, visit www.studentloans.gov. You will need your Federal Student Aid PIN to sign in.

4. Submit your official academic transcripts to the Keller location you attend.

If any other documentation is required, you will receive an email or letter indicating the outstanding documents. Once all the requirements have been met, your loan will be certified and sent to your lender. Finally, an award letter indicating your total funding will be mailed. For more information, review our Financial Aid Checklist.
How much loan money can I borrow?
The maximum subsidized Stafford loan for a scheduled academic year is $8,500. Students with limited eligibility or who are ineligible for the subsidized Stafford loan may borrow up to the $8,500 base amount through the unsubsidized Stafford Loan program.

Students may borrow up to an additional $12,000, but the amount borrowed may not exceed the cost of attendance minus other aid per academic year.

Through the federal Graduate PLUS loan, students may borrow up to their cost of attendance minus any other aid per academic year. Repayment begins 60 days after the loan is fully disbursed, however students are eligible for an in-school deferment.
What is the interest rate on a student loan?
Federal Stafford loans certified after July 1, 2006, have a fixed interest rate of 6.8 percent. Graduate PLUS loans have fixed interest rate of 7.9 percent.

What is the difference between subsidized and unsubsidized loans?

Eligibility for the subsidized Stafford loan is based on need. The government pays the interest on these loans while students are in school at least half time and during the six-month grace period before repayment begins.

Eligibility for the unsubsidized Stafford loan is not based on need. The federal government does not pay the interest during school attendance or during the six-month grace period. Students may pay the interest while they are completing their program or allow it to accumulate and be added to the outstanding principal, thereby increasing the amount to be repaid.
How often do I need to complete the Master Promissory Note?
The Master Promissory Note MPN is good for ten (10) years in most instances.
How do I check to see if I have financial aid for a certain term?
You can view your financial aid information on the student portal at my.keller.edu. Click on "My Finances" and select "My Financial Aid."
When can I expect my student loan refund check?
Refunds will be mailed within 14 days from the date Keller has received the disbursement. If you have not received a check after five weeks, please contact us at that time.
What happens to my loan if I withdraw from a class?
Please keep in mind that you need to make incremental progress toward your degree. Too many withdrawals will result in you losing eligibility for financial aid to help pay the cost of graduate school until you are again making proper progress. Exact details are included in the graduate catalog. You should confer with your center dean before withdrawing from any class.

If you withdraw from any course before Week 5, your graduate school tuition may be reduced in accordance with the Graduate School policies. (See graduate catalog.) If such a reduction occurs, the amount of adjustment will be returned to your lender as an early repayment of funds. Also, under U.S. Department of Education policy, the amount of expenses to which you are entitled may be prorated if you withdraw from a class. This amount will be calculated from software provided by the U.S. Department of Education; and any amount adjusted will be returned to your lender and charged back to your Keller account. Thus, you may have already have received a refund check and an adjustment will be made to your account resulting in a balance. You will be required either to pay that balance before you are allowed to register for your next class or, in some instances, arrangements may be made to pay the balance with funds from your next loan disbursement.

When funds are returned to the lender, it is assumed that a student is no longer attending class and is not returning, so future disbursements are canceled. For that reason, if you drop a class and plan to attend class the following term you should submit a request to the Graduated Student Finance Services at http://help.keller.edu to have your loan reinstated.
What happens to my loan if I need to take a session off?
When a student is unable to attend a term future disbursements are canceled. You must submit a request to have your loan reinstated to the Graduate Student Finance Services at http://help.keller.edu.
What happens to my loan if I take a class for free (PASS Option)?
Your loan eligibility will be recalculated based upon your cost of graduate school attendance. Funds will be returned to the lender if the new calculation reduces the amount of your eligibility.
Am I full time or part time?
One course per term is considered half-time enrollment; two or more courses per term is considered full-time.
What if my status changes from part-time to full-time and I need more money?
If you need to request additional funds due to enrollment status change (part-time to full-time), you must submit the request to the Graduate Student Finance Services at help.keller.edu. The annual loan limit is $20,500, or your budget limit, whichever is less.
How do I defer prior student loans?
Deferments are processed by the registrar's office.
How do I contact the Keller Graduate Student Finance Office?
Contact us with your financial aid questions. If we don't know the answer, we'll find out for you.
Keller Graduate School of Management
Keller Graduate Student Finance Services
3005 Highland Parkway
Downers Grove, IL 60515-5799
help.keller.edu

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