Loans and Grants for Evening Credential Students
Credential seeking students typically study part-time, which at NDNU means that you will have a semester schedule of less than 12 credit hours per semester. You will need to enroll in at least six credit hours per semester to qualify for Federal Direct Loans. Whether you are considered a dependent or independent student is determined through the FAFSA completion process.
Direct Loans originate through the federal government as administrated by the Department of Education. These loans are not credit based and are available to all qualifying undergraduates. Direct loan interest rates effective July 1, 2016 are 3.76% and there is an origination fee of 1.068% – 1.069%.
Direct Loan Limit Chart for Credential Students
|Year||Dependent Students||Independent Students|
|Third-Year and Beyond Undergraduate Annual Loan Limit||$7,500—No more than $5,500 of this amount may be in subsidized loans.||$12,500—No more than $5,500 of this amount may be in subsidized loans.|
|Subsidized and Unsubsidized Aggregate Loan Limit||$31,000—No more than $23,000 of this amount may be in subsidized loans.||$57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans.|
The federal government requires that you complete both entrance counseling, which teaches you about the Direct Loan process and a master promissory note, which is your promise to repay the loan(s).
A private student loan is a financing option that can replace or supplement federal student loans. Interest rates are set by the private financial institution that underwrites the loan and these rates can vary based on a borrower’s credit history.
To view a list of private loans that have been selected by Notre Dame de Namur University students, go to www.elmselect.com. The loan programs displayed on this website are for informational purposes only. Borrowers are free to choose any participating lender.
The Federal Pell Grant Program provides need-based grants to low-income undergraduate and certain postbaccalaureate (including the NDNU education credential program) students to promote access to postsecondary education. Grant amounts are dependent on: the student’s expected family contribution (EFC) (see below); the cost of attendance (as determined by the institution); the student’s enrollment status (full-time or part-time); and whether the student attends for a full academic year or less. The Pell Grant is automatically applied to your NDNU financial aid package if you qualify.
Cal Grants are administered by the California Student Aid Commission (CSAC). Cal Grants are generally awarded to students directly enrolling after college. However, you may qualify for Cal Grant as an adult in the E2 transfer cycle if you meet the following conditions:
- Be enrolled at a CCC any term of the previous academic year,
- Graduate from a CA HS or the equivalent (unless military orders required out of state assignment at the time of graduation)
- Be a CA resident at the time of high school graduation (unless student is AB 540)
- Must have 24 semester or 36 quarter completed CC units
- Age < 28 by 12/31 of the year of application
- Transferring from a CCC to a 4 year bachelor degree granting institution