MUD Financial Aid Office

Financing your Education at MUD

Make-up Designory understands financing an education may be one of the most complex issues students deal with. MUD has financial aid staff available for all studen ts and families to discuss questions or concerns about their financing options. The Financial Aid Office is open from Monday through Friday 8 am to 5 pm, and on Tuesdays the office is open until 6 pm. If you have questions regarding financing, please contact us.

 

Students obtaining a loan to pay for their educational costs will be responsible to repay the full loan amount plus interest charges (less any refund issued to the loan).  Students receiving federal student financial aid funds after paying for their educational costs will be entitled to a refund.

FEDERAL STUDENT FINANCIAL AID

Students enrolled in a Title IV eligible program at MUD may apply for federal financial aid assistance. The FAFSA (Free Application for Federal Student Aid) is the first step in the financial aid process. The FAFSA is used to apply for federal aid such the Federal Pell Grant, Federal Stafford Loans and Federal Parent PLUS Loans. Apply free online at http://www.fafsa.ed.gov. Make-up Designory’s federal school code is 040924 for LA and E01739 for NY.  Make-up Designory will guide the student through each step of the financial aid process.

Federal financial aid is paid directly to the school by electronic funds transfer in two disbursements. The first disbursement occurs after the student begins classes and all requested documentation is completed, submitted and approved by the Financial Aid Office. Students selected for verification must complete the verification process before funds are disbursed. Thirty-day delayed disbursement is required on first disbursements of Stafford Loan funds for first-time borrowers. The second disbursement of aid is paid upon completion of one half of the academic year and it is verified that the student is maintaining Satisfactory Academic Progress. Students and parents (as applicable) will receive disbursement notices by email as funds are received by the school and credited to the student’s school account.

Rights and responsibilities for student loan borrowers include: entrance counseling for first time Stafford loan borrowers; attending Stafford exit counseling, pre-payment of loan without penalty, the right to apply for a deferment or forbearance (must meet eligibility requirements), repayment of the loan including accrued interest and fees, notifying the lender within 10 days of personal changes  including a change of school status.

It is possible to have your student loan debt canceled or reduced but only under certain specific circumstances such as:  you die or become totally and permanently disabled; you file for bankruptcy (this cancellation is rare and occurs only if a bankruptcy court rules that repayment would cause undue hardship); you work in certain designated public school service professions;  your school closed before you could compete your program; or for FFEL and Direct Stafford Loans only:  your school owes your lender a refund, forged your signature on a promissory note, or certified your loan even though you didn’t have the ability to benefit from the coursework.

Federal Pell Grant Program

Students enrolled in a Title IV eligible program at MUD may apply for a Federal Pell Grant. The Federal Pell Grant Program provides need-based grants to low-income, undergraduate students. Eligibility and grant amount is determined by the Federal Government. To apply for the Federal Pell Grant, the student must complete a Free Application for Federal Student Aid (FAFSA) which will be used to determine eligibility.

Subsidized Federal Stafford Loan

Students enrolled in a Title IV eligible program at MUD may apply for a Subsidized Federal Stafford Loan. The Subsidized Federal Stafford Loan is a need-based loan. The interest rate is fixed at 4.5%. The federal government pays the interest that accrues on the Subsidized Stafford Loan while the student is in school, during the six month grace period, and during periods of authorized deferments. A loan origination fee will be assessed. Repayment begins following a six month grace period. The grace period will begin after enrollment ceases or the student drops below half-time enrollment. Minimum monthly payment is $50 per month. Standard repayment period is ten years.

To apply for a Subsidized Federal Stafford Loan, the student must first complete a Free Application for Federal Student Aid (FAFSA) which will be used to determine borrower eligibility. The student must also complete a Master Promissory Note. First-time Stafford Loan borrowers must complete entrance counseling. All students who borrow a Stafford Loan are required to attend exit counseling.

Unsubsidized Federal Stafford Loan

Unsubsidized Federal Stafford Loan. The Unsubsidized Federal Stafford Loan is a non-need-based loan. The interest rate is fixed at 6.8%. The borrower is responsible for the interest that accrues on the Unsubsidized Stafford Loan. A loan origination fee will be assessed. Repayment begins following a six month grace period. The grace period will begin after enrollment ceases or student drops below half-time enrollment. Minimum monthly payment is $50 per month. Standard repayment period is ten years.

To apply for an Unsubsidized Federal Stafford Loan, the student must first complete a Free Application for Federal Student Aid (FAFSA) which will be used to determine borrower eligibility. The student must also complete a Master Promissory Note. First-time Stafford Loan borrowers must complete entrance counseling. All students who borrow a Stafford Loan are required to attend exit counseling.

Federal Parent PLUS Loan

The parent of a student enrolled in a Title IV eligible program at MUD may apply for a Federal Parent PLUS Loan. The Federal Parent PLUS Loan is a non-need-based loan. The credit worthy parent of a dependent student secures his or her loan from a lending institution such as a bank, credit union, or any other participating lending institution (dependency status is determined using the FAFSA). The interest rate is fixed at 8.5%. The parent borrower is responsible for the interest that accrues on the Federal Parent PLUS Loan. A default fee and an origination fee will be assessed. The parent borrower is responsible for repayment. Repayment begins with sixty days of the final loan disbursement. Parents may make a request to the lender to defer payments while the student is enrolled at least half-time. Minimum monthly payment is $50 per month. Standard repayment period is ten years.

To apply for a Federal Parent PLUS Loan, the parent must first provide required information on their dependent students Free Application for Federal Student Aid, as per school policy, which will be used to determine borrower eligibility. The parent must also complete a Master promissory Note with the lender of their choice.

If due to circumstances such as adverse credit history, a dependent student’s parent is denied a Federal PLUS Loan, the student will be allowed the loan limits applicable to an independent student under the Unsubsidized Federal Stafford Loan Program.