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Frequently Asked Questions

How do I apply for Federal Student Aid?
Complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov.

What is Phillips Graduate Institute's Federal School Code?
G22372

What information do I need to complete a FAFSA accurately?
First, read the instructions carefully. You can print the FAFSA worksheet prior to submitting your FAFSA information online. To assist you with the application process, be sure to have your Federal Income Tax return on hand, as well as any W2s and the most current Bank Statement. If tax returns are not available, use estimated income. Always sign your FAFSA form electronically.

What if I need help filling out my application?
When applying at www.fafsa.ed.gov, use the help feature that is built into the program. You can also contact the Federal Student Aid Information Center at 1-800-4-FED-AID or contact the Phillips Financial Aid Office at (818) 386-5608.

How do I qualify for the Federal Stafford Loan?
You must be a U.S. Citizen or eligible resident, enrolled at least half-time with a satisfactory academic progress, and have no unresolved defaults on prior federal student loans.

Is there a credit check required to receive a Federal Stafford Loan?
No credit check is required to receive a Federal Stafford Loan.

How much can I borrow?
When using the loans available under the Federal Stafford Loan Program, graduate students can borrow up to $20,500 per academic year (two semesters) the Aggregate Stafford Loan life time limit is $138,500.

What is a Grad PLUS?
The Graduate/Professional PLUS loans is an option for student pursing a graduate or professional degree that can be used to help pay for tuition, fees, books, housing, food and even reasonable transportation and personal expenses. Students are strongly encouraged to apply for both subsidized and unsubsidized Federal Stafford loans before applying for a Grad PLUS. You may borrow up to the total cost of attendance, minus the amount of your federal Stafford loans and other financial aid you receive. You must meet credit eligibility requirements. If you do not meet the credit requirements, you may still receive a PLUS loan if you know someone who is willing to endorse your loan.

What is a Master Promissory Note?
Once signed, the Master Promissory Note is a binding legal document between you and your lender. Your signature indicates that you are agreeing to repay your loan under the certain terms designated. Be sure to read the note carefully and save a copy of it for your records. Master Promissory notes are required for both Stafford and Grad PLUS loans, and can be completed online.

How will I receive my student loan funds?
Student loan funds will be directly disbursed to your school via electronic funds transfer (EFT). Funds will be disbursed in two or more installments, usually at the beginning of the fall and spring semesters.

When do I pay back these loans?
After you graduate, leave school, or drop below half-time enrollment, you have six months before you begin repayment on your Stafford loans. This period of time is called a grace period. If you borrow a Grad PLUS you will need to start repaying your Grad PLUS loan within 60 days of the last disbursement, but you can postpone repayment while you're in school.

Is it ever possible to postpone repayment of my loan?
Yes, under certain conditions, you can receive a "deferment" or "forbearance" on your loan, as long as the loan isn't in default. A deferment allows you to temporarily postpone payment on your student loan. You may be eligible for a deferment if you are:

At least a half-time student at a postsecondary school;

In an approved rehabilitation training program for the disabled;

Unable to find full-time employment; or

Show economic hardship.

If you're temporarily unable to meet your repayment schedule, but you're not eligible for a deferment, your lender might grant you forbearance for a limited and specified period of time. During the period of forbearance, your payments are postponed or reduced, or your repayment period might be extended. However, please note: whether your loans are subsidized or unsubsidized, you'll be charged interest during a period of forbearance.

You might be granted forbearance if you are:

Unable to pay due to poor health or other unforeseen personal problems;

Serving in a medical or dental internship or residency;

Serving in a position under the National Community Service Trust Act of 1993; or

Obligated to make payments that are equal to or greater than 20 percent of your monthly gross income.

Deferments or forbearances are not automatic and you might have to provide documentation to support your request.

Therefore, it is suggested that you contact the lender or agency that holds your loan, the Financial Aid Office at the school you are currently attending, planning to attend or previously attended for assistance with this process.



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