Locations

Student Financial Aid Services

finaid@uidaho.edu
Phone: (208) 885-6312
Toll Free: (888) 884-3246
Fax: (208) 885-5592
Student Union Building 101
[get directions]
Mailing Address:
875 Perimeter Dr MS 4291
Moscow, ID 83844-4291
Office Hours: 9:30 a.m. - 5:00 p.m.
 

Summer Financial Aid Basics

Summer financial aid is extremely limited. As a rule, a student’s eligibility for summer financial aid is limited to remaining Pell Grant or Direct Stafford Loan eligibility from the 2013-2014 academic year. In addition, parents of dependent students and graduate/law students have the option to apply for Federal Direct PLUS Loans (creditworthiness required). Pell Grant eligibility is always determined and awarded before loan eligibility is determined. Scholarship funding for summer is limited to a few specific departments and students are automatically considered - there are no separate scholarship applications. Campus based federal aid (SEOG, LEAP, Perkins loans, Work-Study) is not available.

Summer 2014 School Fees:  Summer school fees are charged per credit hour at the same rate for residents and non-residents.

Note:  If all you wish to be considered for is Pell Grant and DO NOT wish to borrow you do not need to apply for summer financial aid. Eligibility for Pell Grant is automatically determined for those undergraduates who are eligible for Pell. Half-time enrollment (6 credits or more) is generally required. Some students might be eligible for Pell Grant at less than half-time status. Eligibility for Pell Grant will be evaluated before loan eligibility.

To apply for summer student loans:

  1. Complete the application for summer aid online (available in the Financial Aid section on Vandalweb after Spring Break in March); or print off and complete the application (available after Spring Break) and return to Student Financial Aid Services.
  2. Have a 2013-14 Free Application for Federal Student Aid (FAFSA) on file by June 30th with Student Financial Aid Services.
  3. Enroll or plan on enrolling at least half-time basis during the summer session, as loan eligibility is contingent upon half-time status (six credits for undergraduates, five credits for graduates and law students).

Additional Information:

  1. Students who apply by April 18th should be notified about their eligibility by the first week of May.
  2. Before applying students will need to be absolutely sure about the number of credits they will take and the session(s) they will attend. Summer aid is directly based on the number of credits, weeks enrolled, and starting dates of sessions. Therefore, once a student has applied for summer aid, they must report any changes in enrollment to Student Financial Aid Services. Failure to do so could cause delays in aid disbursement.
  3. Undergraduate student eligibility for summer financial aid is limited to remaining Pell Grant or Direct Stafford Loan eligibility from the 2013-2014 academic year. In addition, parents of dependent students have the option to apply for Federal Direct PLUS Loans (creditworthiness required). The PLUS application can be completed here. If all you wish to be considered for is Pell Grant and DO NOT wish to borrow, you do not need to apply for summer financial aid. Eligibility for Pell Grant is automatically determined for those undergraduates who are eligible for Pell. Half-time enrollment (6 credits or more) is generally required. Some students might be eligible for Pell Grant at less than half-time status. Eligibility for Pell Grant will be evaluated before loan eligibility.
  4. Federal Direct Subsidized and Unsubsidized Stafford Loans may be available to students who will be half-time (six credits for undergraduate students, five credits for graduate and law students) and who have not already borrowed their annual maximums for 2013-2014 (see below for annual Stafford loan limits). The exception to borrowing in excess of the yearly limit is if a student is graduating in summer 2014 or fall 2014. In this case the student may be able to borrow from the next academic year (2014-2015). Students who will graduate in the summer or in the fall may be asked to provide verification from the Registrar’s office, their college, or their department that they are on track to graduate. Students who wish to borrow for Summer Session 2014 from the Direct Stafford, Direct PLUS, or alternative loan programs may wish to make an appointment with their Financial Aid Advisor to discuss their possible eligibility for a summer school loan. Freshman and sophomores who have advanced a grade level at the end of the spring semester may be eligible for a loan increase for summer semester as well. Grade levels are defined by the number of credits successfully completed, not by the number of years in school.
  5. Graduate and Law students can ask to be considered for the Graduate PLUS Loan. There is no annual limit for PLUS loans, but students cannot borrow in excess of their cost of attendance minus any other financial aid that they receive.  PLUS loans require that the borrower not have an adverse credit history (a credit-check will be done). If creditworthiness is a problem then the student may obtain a creditworthy endorser. The federal government charges interest from the date the first disbursement is made although monthly payments are not required as long as the borrower is enrolled at least half-time.
  6. Parents of undergraduate students can apply for the Parent PLUS Loan. There is no annual limit for PLUS loans, but parents cannot borrow in excess of the student’s cost of attendance minus any other financial aid that they receive. PLUS loans require that the borrower not have an adverse credit history (a credit-check will be done). If creditworthiness is a problem, the parent may obtain a creditworthy endorser. The federal government charges interest from the date the first disbursement is made, although monthly payments are not required as long as the borrower is enrolled at least half-time, and if a deferment is requested during the application process.
  7. Private (alternative) Loans are available through private lenders such as banks and there are many options for these loans. There is no annual limit for private student loans, but students cannot borrow in excess of their cost of attendance minus any other financial aid they receive. Virtually all lenders require that the borrower not have an adverse credit history (a credit check will be done) and that they have a creditworthy co-borrower. The best advice is to search through the various lenders to find the loan that fits with the student’s needs. Students should only consider obtaining a private education loan if they have maxed out their Federal Stafford Loan eligibility.

If you have questions, please contact Student Financial Aid Services by e-mail or call (208)885-6312.

Loan Limits and Terms

Federal Direct Student Loans

Annual Loan Limits Dependent Students*
Total Subsidized and/or
Unsubsidized Loan Eligibility
Independent Students
Total Subsidized and/or
Unsubsidized Loan Eligibility
Freshmen
Undergraduates
(00-25 cr. hrs.
$5,500
($3,500 maximum subsidized)
$9,500
($3,500 maximum subsidized)
Sophomore
Undergraduates
(26-57 cr. hrs.)
$6,500
($4,500 maximum subsidized)
$10,500
($4,500 maximum subsidized)
Junior & Senior
Undergraduates
(58+ cr. hrs.)
$7,500
($5,500 maximum subsidized)
$12,500
($5500 maximum subsidized)
Graduate or Law
Students
N/A $20,500
(No subsidized eligibility for GR/LA after 7/1/2012)

 

* These limits are lower because parents of dependent students may borrow additional funds through the PLUS Loan Program for their students. (See below for more information.)
Aggregate Limits:
$31,000 (Dependent, Undergraduate Borrowing Limits)
$57,500 (Independent, Undergraduate Borrowing Limits)
$138,500 (Including Graduate/Law & Undergraduate Borrowing Limits)
             ($65,500 Subsidized + $73,000 Unsubsidized)
Interest Rate:
For Federal Stafford Loan Interest Rates click here.
Fees:
An origination fee of 1.072% is charged on all Direct Stafford Loans.

Federal Direct PLUS Loans

(For Graduate students and  Parents of Dependent Students)

Annual Limits: Direct Plus Loans are limited to the difference between education costs minus other financial aid including the dependent student's Direct Loan Eligibility.
Aggregate Limits: There are no aggregate PLUS limits.
Interest Rate: For all new Direct PLUS Loans, the interest rate is fixed at 6.41%.
Fees: A fee of 4.288% is charged on all Direct PLUS Loans.