Are there scholarships or grants available?
No institutional scholarships or grants are offered. For those in the Education program planning to teach in high-need fields in a low-income school, the Federal TEACH Grant may be available.
What financial aid is available?
Graduate financial aid is limited to Federal Direct Unsubsidized Loans for students who file the FAFSA and are enrolled at least half-time (5+ credits). Interest accrues upon disbursement.
How do I apply for a Federal Direct Loan?
Complete the FAFSA each year at studentaid.gov/fafsa.
How much can I borrow?
Up to $20,500 per year, depending on your course load. An origination fee (~1%) is deducted. Borrow only what you need.
What if I need additional funding?
Private education loans may be used to supplement federal loans.
What if I’m enrolled less than half-time?
You are not eligible for federal loans when enrolled less than half-time. Some students borrow extra while eligible and budget for future terms.
What is the loan interest rate?
The Federal Unsubsidized loan has a fixed interest rate set annually on July 1 based on U.S. Treasury rates.
When does repayment begin?
Repayment begins after a 6-month grace period, once enrollment drops below half-time.
When will I receive my financial aid offer?
After registering for courses and submitting a FAFSA, your offer is sent to your Augustana email. You must accept, decline or reduce your offered loan via the financial aid portal at my.augie.edu.
Do I need to sign a promissory note?
Yes, if you’re a first-time borrower. Complete the Master Promissory Note and Entrance Counseling at studentaid.gov.
When and how are loans disbursed?
Loans are dispersed after the start of each term, once attendance has been established. Funds are applied to your student account; any excess is refunded via direct deposit.
When will I receive a refund if I borrow extra?
Typically, within 14 days of the disbursement of your loan. Direct deposit information must be on file with the Business Office. Add your direct deposit information via the student portal at my.augie.edu.
What loan period should I use for private loans?
You should use one academic year (two semesters), with disbursements each term.
When should I apply for a private loan?
You should apply two to three months before your program starts, to avoid credit check expiration.
How do I decide how much to borrow?
Estimate your total costs (tuition, fees, living expenses), subtract federal loan eligibility and borrow the difference if needed.
How is tuition billed?
Tuition is billed each semester. Contact the Business Office at 605.274.5239 or businessoffice@augie.edu for for billing questions.
Are payment plans available?
Yes. Contact the Business Office for options.
What happens if I withdraw?
If you withdraw before the time when 60% of the course has passed, or if you fail to complete all courses contained in the term, we are required to recalculate your loan eligibility and may be required to return funds to the U.S. Department of Education. A withdrawal from the program or individual courses could result in your owing the university.
What are the program term dates and credits?
Semester dates can vary by program. Check your program webpage for details.
Who can I contact with additional questions?
Contact the Office of Financial Aid at financial.aid@augie.edu.