At ICSW, we want to help you advance your career, and we know that funding your education is an important part of that process. Take a look at the below overview of the financial aid options available at ICSW. To apply for any form of federal financial aid, you must first complete the Free Application for Federal Student Aid (FAFSA). We recommend that you fill it out online, or you can contact Pierre Smith, Financial Aid Administrator, at (312) 935-4234 or firstname.lastname@example.org for a paper version.
Financial aid applications must be received by July 15 for new students enrolling in the fall semester.
Federal Student Loans
ICSW has been certified by the Department of Education to participate in the William D. Ford Federal Direct Loan program. Eligible students may borrow under two different loan programs: Direct Unsubsidized Stafford Loans and Direct PLUS Loans. Students who are enrolled half-time or more are eligible to receive Stafford loans. Applications are available at the ICSW office or for download here.
Direct Unsubsidized Stafford Loans
- Award is not based on financial need.
- The maximum loan amount is $20,500 per academic year.
- Graduate students may borrow an aggregate limit of $138,500 in Stafford loans, including undergraduate loans.
- You will be charged interest starting when the loan is disbursed until it is paid in full. If you allow the interest to accumulate, it will be capitalized – that is, the interest will be added to the principal amount of your loan and additional interest will be based upon the higher amount.
- After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you begin repayment.
- The interest rate for the 2013-14 academic year is fixed at 6.8% for graduate students.
The loan origination fee is 1.051% for loans being disbursed on July 1st, 2013 and after.
For example: a $20,500 Unsubsidized Federal Direct Loan split evenly between the fall and spring semesters has a principal amount borrowed of $10,250 per semester; $108 ($10,250 -1.051%) will be deducted at the time of disbursement, which equals a $10,142 anticipated credit to the student's account each semester.
Direct PLUS Loans
- Award is not based on financial need but requires a credit check.
- The maximum PLUS Loan amount you can borrow is your cost of attendance (determined by the school) minus any other financial assistance you will receive.
- The repayment period for a Direct PLUS Loan begins at the time the PLUS loan is fully disbursed, and the first payment is due within 60 days after the final disbursement. However, you may defer repayment while you are enrolled at least half-time. You may also defer repayment for an additional six months after you cease to be enrolled at least half-time.
- The interest rate for the 2013-14 academic year is fixed at 7.9% for graduate students.
- The loan origination fee for 1013-14 is 4.2%.
To be eligible for federal student loans, you must:
- be a U.S. citizen or an eligible noncitizen;
- have a valid Social Security number;
- be enrolled at least half-time (five credit hours for part-time doctoral and master’s students and four credit hours for Advanced Clinical Practice program students);
- maintain satisfactory academic progress.
FYI — Interest
A loan expense charged for the use of borrowed money. Interest is paid by a borrower to a lender. The expense is calculated as a percentage of the unpaid principal amount of the loan.
How is it calculated? The amount of interest that accrues (accumulates) on your loan from month to month is determined by a simple daily interest formula. This formula consists of multiplying your loan balance by the number of days since the last payment times the interest rate factor.
Simple daily interest formula: Outstanding Principal Balance × Number of Days Since Last Payment × Interest Rate Factor = Interest Amount
|Loan Type||First Disbursed between July 1, 2013 and June 30, 2014|
|Direct Unsubsidized Loans (Graduate or Professional Students)||Fixed at 5.41%|
|Direct PLUS Loans (Parents and Graduate or Professional Students)||Fixed at 6.41%|
|Private Loan||Further Information|
|Sallie Mae Smart Option||Call Sallie Mae at 1-877-279-7172 or Apply Online|
|Wells Fargo Graduate Loan||Call Wells Fargo at 1-800-378-5526 or Apply Online|
|Discover Graduate Loans||Call 1-877-728-3030 or Apply Online|
|National Health Service Corps||Repayment/Scholarships||E-mail GetHelp@hrsa.gov|
|Jack Kent Cooke Dissertation Fellowship Award||Scholarship||Call 1-703-723-8000 or email email@example.com|
|AAUW Career Development Grants (Women)||Scholarship||Call 1-319-337-1716 ext. 60 or email firstname.lastname@example.org|
|Diversifying Higher Education Faculty in Illinois Program||Scholarship||Call 1-217-782-2551 or email DFI@ibhe.org|
|The Sandra Koscielniak Graduate Education Scholarship||Scholarship||Call 1-630-483-5799 or email email@example.com|
|Elizabeth Jacobs Scholarship (ICSW)||Scholarship|