Financial Aid and Scholarships

Financial Aid and Scholarships

Undergraduate Resources

Financial Aid Resources for Undergraduate Students Undergraduate Programs include the Bachelor of Science in Life Sciences, Associate of Science in Radiography, and the Post Baccalaureate Certificate Program in Pre-Medicine. The Office of Financial Aid and Scholarships administers federal and institutional aid programs, as well as a limited number of privately funded scholarships. The department draws on these programs when creating financial aid packages.

The federal government offers a number of financial aid programs. To be considered for financial aid, students must file the Free Application for Federal Student Aid (FAFSA). Priority deadline is March 2nd of each year.  Federal aid available to undergraduate students include:

Federal Pell grant—the amount of aid students receive depend on financial need, cost of attendance, enrollment status and more. This grant does not have to be repaid and is only awarded to undergraduate students who have not earned a bachelor’s or a professional degree. Students may not receive Federal Pell Grant funds from more than one school at a time.

Federal Supplemental Educational Opportunity Grant (SEOG)—this is a campus-based aid that does not have to be repaid. Students who receive a Federal Pell grant and have the most financial need will receive priority for SEOG. Award amount depends on financial need and the availability of funds at CDU.

Federal Work Study—provides part-time jobs for undergraduate students with financial need, allowing them to earn money to pay education expenses. The program encourages community service work and work related to the student’s course of study. Priority for these funds is given to students who demonstrate financial need as determined by the FAFSA to help reduce or eliminate loan indebtedness. For more information about Work Study at CDU visit: http://www.cdrewu.edu/Admin/FinAid/FWS.

Federal Student Loans—are funds that can be borrowed and must be paid back with interest. The types of federal student loans for undergraduate students are as follows:

  1. Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school. No interest is charged while enrolled at least halftime and during deferment periods.
  2. Direct Unsubsidized Loans are loans made to eligible undergraduate students, but in this case, the student does not have to demonstrate financial need to be eligible for the loan. Interest accrues during all periods.
  3. Direct Parent PLUS Loans are loans made to parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. To qualify, parents must meet the credit criteria established by the Department of Education. Interest accrues during all periods.

Student loan amounts depend on financial need and grade level. Please refer to the table below for loan limits:

 

Direct Subsidized Loans

Direct Unsubsidized Loan

Direct Parent PLUS Loan

1st year

$3,500

DEPENDENT STUDENT : $2,000
INDEPENDENT STUDENT: $6,000

up to Cost of Attendance

2nd Year

$4,500

DEPENDENT STUDENT : $2,000
INDEPENDENT STUDENT: $6,000

up to Cost of Attendance

3rd Year and 4th Year

$5,500

DEPENDENT STUDENT : $2,000
INDEPENDENT STUDENT: $7,000

up to Cost of Attendance

The interest rates vary depending on the type of loan and the first disbursement date of the loan. Please refer to the table below for current interest rates:

Loan Type

Borrower Type

Loans first disbursed on or after 7/1/15 and before 7/1/16

Loans first disbursed on or after 7/1/16 and before 7/1/17

Direct Subsidized Loans

Undergraduate

4.29%

3.76%

Direct Unsubsidized Loans

Undergraduate

4.29%

3.76%

Direct Parent PLUS Loans

Parents of dependent students

6.84%

6.31%

Most federal student loans have loan fees that are a percentage of the total loan amount. The loan fee is deducted proportionately from each loan disbursement. This means the money received will be less than what is borrowed. Students are responsible for repaying the entire amount borrowed not just the amount received. The chart below represents the current loan fees:

Loan Type

First Disbursement Date

Loan Fee

Direct Subsidized and Direct Unsubsidized Loans

On or after 10/1/14 and before 10/1/15

1.073%

On or after 10/1/15 and before 10/1/16

1.068%

Direct Parent PLUS Loans

On or after 10/1/14 and before 10/1/15

4.292%

On or after 10/1/15 and before 10/1/16

4.272%

Private Loans—are primarily used to help students cover school costs above and beyond federal loans. Unlike federal loans, private loan eligibility requirements, interest rates, and terms vary from lender to lender. For more information, visit https://choice.fastproducts.org/FastChoice/home/1036500/1.

Scholarships—are gift aids that can come from CDU or private organizations. CDU Internal scholarships are announced February of each year and applied to the following academic year. External scholarships are not affiliated with CDU, so be careful of any scholarship scams. Students should not have to pay for a scholarship applicate nor provide a Social Security Number. For a full listing of scholarships visit: http://www.cdrewu.edu/Scholarships.

Additional Resources

IMPORTANT: Financial Aid is only available to Matriculated students.