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About Your Award Notification

Graduates: About your Award Notification

 General Notes:

- If you are the recipient of any type of award from a source other than the University of Dallas, you must report it to the Financial Aid Office as soon as possible so that arrangements can be made for appropriate credit. An adjustment to your financial aid may have to be made according to program guidelines.

- If you are a recipient of a full-tuition award from the University of Dallas and also receive an award from an outside source, reduction of the University's full-tuition award will be made in accordance with organization requirements. It is university policy to reduce full tuition awards to avoid placing an added tax burden on you and your family. If the total award amount from all sources is greater than the total cost of attendance, the difference will be taxed by the government as income.

- If you receive financial aid funds from the University of Dallas and subsequently withdraw or terminate your enrollment for any reason during the award period, you may be required to repay all or part of the aid you received that semester. An evaluation will determine if you qualify for a tuition refund or if you will be required to return to the University all or part of the aid you have already received.


Loans

Federal Direct Loans

Unlike grants, loans from any source must be repaid at some point. Most federal loan programs offer low interest and/or deferred interest payments. Most do not require re-payment of the principle and accrued interest until you graduate or cease to be enrolled at least half-time (4.5 credits).

Unsubsidized Federal Loans
The loan limit for the Federal Direct Unsubsidized loan is $20,500 per academic year. The maximum amount of loans that a student can receive over the course of higher education is $138,500.

Unsubsidized loans are low-interest loans that help eligible students pay for their education.  This program enables you to borrow directly from the federal government. You must be enrolled at least half-time (4.5 credits) to be eligible. The loan amounts are determined by the results of the FAFSA. Repayment on unsubsidized loans begins six months after you are no longer enrolled at least half-time or leave school completely (i.e. graduation).  The interest rates for Federal loans but can be adjusted every July per federal guidelines (affecting new loans certified after July 1st of that year).  The rate is capped at 9.5%.  The current fixed interest rate can be found here.

The interest starts to accrue on unsubsidized loans as soon as the first disbursement is released. The interest must be paid by you during enrollment periods.  You may defer interest payments on the unsubsidized loans as long as you continue to be enrolled at the University at least half-time.

If you are borrowing loans at the University of Dallas for the first time, and if you accept an unsubsidized loan, you must complete a Master Promissory Note (MPN), also called a Loan Agreement, and graduate-level Entrance Counseling at studentaid.gov for the Direct Loan program.  If you are a continuing student at the University who participated in the Federal Direct Loan program during a previous academic year, you do not have to complete an additional MPN or Entrance Counseling.

The financial aid process is complete once a student (1) accepts what aid he wants to receive, (2) completes a master promissory note for the Direct loan, (3) completes Direct Loan Entrance Counseling and any other requested documentation. 

The Office of Financial Aid will process accepted aid so Student Account Services (SAS) can see pending (or anticipated) financial aid for an upcoming term.  It is the student’s responsibility to make sure all charges are covered. The Office of Financial Aid will refer all questions regarding a balance, charges, and account holds to SAS. 

Graduate Plus Loan

With the Federal Graduate Plus Loan, you can borrow up to the full cost of your education, including tuition and fees, books and supplies, transportation, and living allowance, less other aid received.  You must be enrolled at least half-time (4.5 hours) and have exhausted your federal loan eligibility to apply.  Approval is credit-based.  The current fixed interest rate can be found here, and like an unsubsidized loan, Plus loans always accrue interest.  You may apply for this loan online at studentaid.gov; click on "APPLY FOR AID".  


 Visit Loan information for additional details and how to apply for Private Loans.

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