Yes

The type and amount of loans is based on financial need. Financial need is computed by determining the educational costs (tuition and fees, room and board, books and supplies, and a personal allowance) less family contribution (based on federal and institutional formulas). The difference between these is the need for financial aid.

Four of the most common are:

• Not applying early enough
• Not reading the instructions
• Not fully completing the applications
• Not using the correct Social Security number

When there is more than one person in college at the same time, your family contribution is divided among the college students. So, if there were two people in college one year and only one the following year, the family contribution would be split evenly the first year. The second year, 100% of the family contribution would be expected to be available for the remaining student.

At Pepperdine School of Public Policy, eligibility for financial aid is based on federal and institutional estimates of your family's ability to contribute to the cost of education. Keep in mind that your award is likely to change each year for one or more of the following reasons:

• The cost of education will go up
• Your family's income may change
• The number of people in college may change

About four weeks after you have filed your FAFSA, you should receive a multiple-page Student Aid Report (SAR). This is verification that you filed the FAFSA and that it has been processed. Check to make sure Pepperdine School of Public Policy is one of the schools listed in Section H. Questions about FAFSA processing can be directed to the Federal Student Aid Information Center 319.337.5665.

Yes. Students who want corrections sent to schools other than Pepperdine School of Public Policy which are listed on the SAR should process the corrections through the Federal Student Aid Information Center at 319.337.5665. Students who are concerned only with Pepperdine School of Public Policy receiving corrections can submit the corrected SAR directly to School of Public Policy.

Hold on to your SAR until you decide, then submit the SAR to the school you will be attending. If you want, you can submit a photocopy of your SAR to the School of Public Policy.

Request a duplicate SAR from the Federal Student Aid Information Center 319.337.5665. Make sure the address they have for you is correct. The SAR will be mailed to you. Once you receive the SAR, submit it to Pepperdine School of Public Policy's Financial Aid Office.

Cost of Attendance less any other financial aid (grants, scholarships)

One loan period generally covers two terms and is delivered in two disbursements. Consider up to 4% guarantee and origination fees (depending on the lender and guarantor) when estimating the amount to borrow. Loan disbursements are sent directly to the school via Electronic Funds Transfer (EFT).

Please use the Loan Calculator.

We offer Federal Stafford Loans and Alternative Educational Loans.

The Federal Stafford Loan is a loan provided by private lenders and guaranteed by the federal government. Interest rates are low.

With the Subsidized Stafford, the interest is paid by the government while you are in school. The interest on the Unsubsidized Stafford is not paid by the government while you are in school. You have the option of paying the interest or deferring it on the Unsubsidized Stafford until after you graduate at which time it will be added to the principal of the loan.

EFT is Electronic Funds Transfer, which is used by lenders to transfer loan proceeds from the lenders to the schools without the need for individual checks. This method of disbursing loan funds does speed up the time between receiving funds in the Financial Aid Office and the student actually having access to the funds. Using EFT eliminates the need for endorsing loan checks at registration or at the Student Accounts Office.

Planning ahead is essential to managing debt. If you plan to borrow each year you are in school, estimate the total amount you will borrow. Then use a sample loan repayment table to calculate how much you will have to pay each month. To decide how much to borrow, you can use the criteria lenders use when they consider an applicant's ability to repay: The total monthly payment for all student loan debts should not exceed 8% of your gross monthly salary.

The school is required to recalculate the budget to determine if you may keep any of the money. The recalculation is based on when, in the semester, you dropped your classes. Both the school and the student are required to notify the lender that you are no longer enrolled for the term. If you later reenroll, it is your responsibility to notify the lender that you are back in school, and you need to find out if your loan is still in its grace period or whether a deferment needs to be requested.

Federal regulations require that schools disburse no more than one-half of the loan for each term of the two-term loan period. The second half of the loan can then be disbursed at the beginning of the next trimester. In the case of one-term loans, the second disbursement may not be made until halfway through the trimester.

Each portion of your loan check will have fees deducted from it. A 3% origination fee goes to the U.S. Department of Education to help offset program costs, and up to 1% default goes to the guaranty agency to insure these loans for the lender.

A change in career goals, the loss of a job, or other unexpected changes in your situation could make repaying your loan more difficult than you expected. In some cases, and at the lender's option, you may be permitted to temporarily stop making your payments, or your lender may accept smaller payments than scheduled. This is called a forbearance. In addition, for some loans, you may defer repayments temporarily which may help. The promissory note for each loan you borrow outlines the specific terms under which you may be granted a deferment.

Not paying back your student loan can have serious consequences. If you go into default, your lender can require you to repay the entire amount immediately, including all interest plus collection and late payment charges. The lender can sue you and can ask the federal government for help in collecting from you. The Internal Revenue Service may withhold your income tax refund and apply it toward your loan. You cannot get any additional federal student aid until you make satisfactory arrangements to repay your loan. Also, the lender will notify credit bureaus of your default. This may affect your credit rating which will make it difficult to obtain any future type of credit, for example: credit cards, home mortgages and/or car loans.

If you have borrowed from more than one type of loan program, you may be able to consolidate some of the loans and use one payment plan to repay the loans. In general, federal loans may be consolidated into one new loan at an interest rate of the weighted average of the original interest rates of the loans being consolidated. The length of the extension depends on the total amount of the loans consolidated. Any non-federal loans are not eligible for federal loan consolidation.

Since approval of some non-need-based student loans is based upon credit history, you may want to order a credit report if you will need these loans to finance part of your family share. Check the report closely for accuracy and resolve any erroneous information prior to applying for educational loans. The following agencies can provide you with a credit report: AnnualCreditReport.com, Equifax Credit Information Services, 800.685.1111; TRW Consumer Assistance, 800.392.1122; Trans Union Corporation, 800.916.8800.