The financial aid available to students can be categorized into three groups: scholarships and grants, loans, and work-study. To maximize the amount and types of aid received, all students are encourage to submit the Free Application for Federal Student Aid (FAFSA®).
Scholarships and grants are forms of aid which do not require repayment and are awarded based upon a student's academic abilities and financial need.
Roosevelt considers all new students for scholarships at the time of admission. These scholarship awards are granted based upon your previous academic record, or in some programs your interview or audition. Additional endowed scholarships are awarded on a competitive-basis each year.
Students may also wish to apply for private scholarships, which are often funded by nonprofit or private organizations.
Grants may include federal or state funded programs, as well as University grants. Graduate students within the University's Assistantship Program receive a partial- or full-tuition grant, as well as a minimal annual stipend.
Federal Pell Grants are usually awarded to undergraduate students who have not earned a bachelor's or professional degree.
The U.S. Department of Education uses a formula established by law to calculate a student's financial eligibility, otherwise known as the Expected Family Contribution (EFC). Your Student Aid Report (SAR) contains this number, in the upper right portion of page 1. This number will determine if you are eligible for a Pell Grant and for how much. Awards are prorated for students enrolling less than full time.
For 2021-2022, full-time awards ranges from $650 to a maximum award of $6,495. For students enrolled less than full time, Pell Grants are prorated. Pell Grants cannot be adjusted due to increased enrollment after the first week of each term. Additionally, Pell Grants cannot be used at two schools during the same term. Pell Grant eligibility is limited to the equivalent of 12 full-time semesters.
Federal need-based grant for families with a zero (0) EFC. The maximum award is $1,000. Funds are limited.
The federal Teacher Education Assistance for College and Higher Education (TEACH) Grant provides up to $4,000 per year to undergraduate and graduate students who are completing or plan to complete course work needed to begin a career in teaching. The grant requires a specific teaching service obligation as a full-time highly qualified teacher for four elementary or secondary school years at a school that serves low-income students in a high-need field identified by the Dept of Education. Students just need to submit their FAFSA yearly, have a declared high need area of study, and the required academic (ACT or GPA) component.
For more information, please review the Federal Student Aid website: Federal TEACH Information
In March 2018, the Children of Fallen Heroes Scholarship was authorized under the Consolidated Appropriations Act, 2018. Beginning with the 2018-19 academic year, a Pell-eligible student whose parent or guardian died in the line of duty while performing as a public safety officer is eligible to receive a maximum Pell Grant for the award year for which the determination is made.
To qualify for the scholarship, the student must be:
The student must also complete Children of Fallen Heroes Scholarship Application available in Financial Aid Forms.
In subsequent award years, the student continues to be eligible for the scholarship (increased Pell Grant), as long at the student has a Pell-eligible Expected Family Contribution (EFC) and continues to be an eligible student.
The MAP grant is awarded to undergraduate Illinois residents attending an in-state college or university. MAP grants are based on need and are funded by the State of Illinois. You are automatically considered for it when you complete the FAFSA before the state cut-off date.
We recommend that you file your FAFSA as soon as possible after October 1st to be considered for the MAP Grant. If you file your FAFSA after the state’s cut-off date, which ISAC announces each year, you may not receive MAP funding even if you are eligible based on your application.
MAP regulations require you to enroll for 15 credit hours per semester to receive the full award. If you enroll part time or for only part of the academic year, your award will be prorated according to ISAC rules. The award is restricted to tuition and mandatory fees.
Retention of Illinois Students & Equity (RISE) Act and Alternative Application for Illinois Financial Aid
The Retention of Illinois Students & Equity (RISE) Act allows eligible undocumented students and transgender students who are disqualified from federal financial aid to apply for all forms of state financial aid. The Alternative Application for Illinois Financial Aid provides a pathway for these qualified students to apply for Monetary Award Program (MAP) grants, the state's largest need-based grant program for low-income college students.
Students are encouraged to seek assistance from outside resources. Students receiving aid are required to report all outside assistance to Financial Aid Services. The receipt of outside assistance, (e.g. private scholarships, employer tuition reimbursement, vouchers, private loans, high school awards, etc.) may require an adjustment to the original aid offered when the additional assistance provides the student with total funds in excess of calculated federal eligibility.
Students receiving outside sources of assistance are advised to notify the Office of Financial Aid Services of their awards. Student aid, including outside resources, may not exceed the student’s cost of attendance. Therefore, if a student has been awarded aid by the Office of Financial Aid Services and receives an outside award, an adjustment to the original award letter may be necessary. The scholarship will only be applied for tuition and fees unless the agency/company or foundation states otherwise.
If a student’s private scholarship check is sent to the University, it will be directly applied to their University student account, one half in the fall term and one half in the spring term, unless otherwise specified by the scholarship sponsor. Payments are usually processed within two weeks.
If the scholarship check is sent directly to the student, but it is made out to the University, submit the check to Financial Aid Services for processing. If the scholarship check is sent directly to the student and it is made co-payable to him/her and the University, endorse the check and submit it to Office of Financial Aid Services. If the check is sent to the student and made payable to the student, it is his/her responsibility to report this resource to Financial Aid Services and to apply any funds necessary to your University student account.
Education loans are a form of aid borrowed from either the government or a private lender to finance expenses directly related to the cost of attending college. The loan must be repaid and is subject to the terms and conditions determined by the lender. Students are encouraged to carefully consider all loan options before borrowing.
You should compare the Federal Loan and the Private Education Loan. Federal loans are part of the financial aid awarded to students who successfully submit the FAFSA (Free Application for Federal Student Aid). The loan has two parts based on the federal student aid eligibility evaluation process used by the U.S. Department of Education: (1) Subsidized/the government pays the interest accrued while the student is enrolled, and (2) Unsubsidized/the student is responsible for the interest as soon as the loan is disbursed to the school where the student is enrolled. Learn more about Federal loans.
Accepted Federal Direct Loan funds are paid directly to your student account by the U.S. Department of Education. You will receive an RU email that lets you know the payment has been made to your account. This email will also explain that you have 14 calendar days to cancel or reduce your loan. Changes to your loan can be made by submitting the form “Loan Change Request” that is available in the “Forms” section of the Office of Financial Aid Services web pages. You can submit the form in person (the Office of Financial Aid Services is located on the mezzanine floor of the Wabash Building/1M16), by fax to (312) 341-3545 or by email to fas@roosevelt.edu.
A cohort default rate is the percentage of a school's borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans during a particular federal fiscal year (FY), October 1 to September 30, and default or meet other specified conditions prior to the end of the next fiscal year. Please refer to the Cohort Default Rate Guide for a more in-depth description of cohort default rates and how the rates are calculated.
| 2015 | 2014 | 2013 | |
|---|---|---|---|
| National | 10.8% | 11.5% | 11.3% |
| National 4-year Private | 6.6% | 7.0% | 6.5% |
| Illinois | 10.2% | 13.1% | |
| Roosevelt University | 6.4% | 5.9% | 5.9% |
http://www2.ed.gov/offices/OSFAP/defaultmanagement/cdr.html
For the 2020-2021 award year, the interest rate for the subsidized and unsubsidized undergraduate loans is 2.75%. For graduate students, the interest rate is 4.30%. Interest rates for all federal loans are determined by the U.S. Congress/federal legislation based on U.S. treasury bills.
Federal Direct Loan borrowers are charged a fee that is a percentage of the total loan amount. The fee is deducted proportionately from each loan disbursement. The current fee for the undergraduate subsidized and unsubsidized loans is 1.057%. Federal student loan fees are determined by the U.S. Congress/federal legislation and announced annually on October 1 for the upcoming academic year.
Students who ‘accept’ the federal loan(s) must complete the following online requirements at studentloans.gov:
You can reduce the amount of your loan(s) or refuse them entirely and still keep the other portions of your financial aid package. Roosevelt University will offer an initial award to assist with paying for tuition and related expenses, but you are encouraged to only borrow what you need.
Eligible academic year federal direct loan amounts are based on the following annual federal limits:
| Grade Level | Dependent Students | Independent Students |
|---|---|---|
| Freshmen (0-29 hours earned) includes Paralegal Studies |
$5,500 annually No more than $3,500 may be subsidized |
$9,500 annually No more than $3,500 may be subsidized |
| Sophomores (30-59 hours earned) includes Paralegal Studies |
$6,500 annually No more than $4,500 may be subsidized |
$10,500 annually No more than $4,500 may be subsidized |
| Juniors and Seniors (60+ hours earned) includes Paralegal Studies |
$7,500 annually No more than $5,500 may be subsidized |
$12,500 annually No more than $5,500 may be subsidized |
| Graduate | Not applicable | $20,500 |
| Doctoral includes Pharmacy and Psychology** |
Not applicable | Up to cost of attendance |
Remaining aggregate amounts: Each grade level has a maximum federal / aggregate loan limit that cannot be exceeded. This is the most that can be borrowed and each grade level. Please note that when an undergraduate level student becomes a graduate level student, the combined total of undergraduate and graduate level loans count toward the aggregate limit.
Federal PLUS Loans are provided by the U.S. Department of Education to the parents of dependent undergraduate students and to graduate/doctoral level students. For more information about Federal PLUS Loans, review the information provided by the U.S. Department of Education.
For the 2020-2021 award year, the interest rate for the Direct Parent PLUS Loan and Direct Graduate PLUS Loan is 5.3%. Interest rates for all federal loans are determined by the U.S. Congress/federal legislation based on U.S. treasury bills.
Federal Direct PLUS Loan borrowers are charged a fee that is a percentage of the total loan amount. The fee is deducted proportionately from each loan disbursement. The current federal loan fee applied to the Federal Parent PLUS Loan and the Direct Graduate PLUS Loan is 4.228%. Federal student loan fees are determined by the U.S. Congress/federal legislation and announced annually on October 1 for the upcoming academic year.
The Master Promissory Note is a binding contract between the student and the U.S. Department of Education detailing that the student understands the federal loans must be repaid. The Master Promissory Note describes the federal loan program and processes, including disclosures that will be sent to you about your federal loan each semester. The Master Promissory Note provides complete details about loan eligibility, eligible loan amounts, loan interest rates and fees, and borrower rights and responsibilities. Information regarding your loan will be submitted to the National Student Loan Data System and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.
Private Education Loans are obtained by student and/or parent application directly to the lender. Private loans are designed to assist students and their families to meet the cost of attendance not met by other types of financial aid or personal resources. Before you apply for a private loan, Roosevelt University recommends researching all federal forms of aid, including PLUS loans, as they may be more favorable to borrow. A private loan can be awarded up to the cost of attendance minus any other financial aid you have already received. Loan approval is generally based on credit worthiness and ability to repay.
You should compare the loan terms and conditions and choose the one that best fits your situation. Students are encouraged to compare loan offers from multiple lenders to get the best terms available to them as interest rates and fees may vary. You can compare private loans from multiple lenders using either of the following options:
ElmSelect displays a neutral list (in random order) of private lenders that Roosevelt students have borrowed during the previous aid year.
Credible enables students and parents to compare unbiased, personalized and prequalified rates with no hidden fees and no impact on their credit.
The use of a lender listed on ELM Select or Credible is not required. Roosevelt will process loans from any eligible lender the student chooses and may not deny or otherwise impede the borrower's choice of a lender or cause unnecessary delay in loan certification for those borrowers who choose a lender not listed on ELM Select or Credible.
Private education loan borrowers should be aware of the following information:
All students who borrow federal loans are required by law to complete Loan Counseling/Exit. Exit counseling discussed details about loan repayment and borrower rights and responsibilities. Repayment of your federal loans is a financial obligation. Exit counseling is required for the following reasons:
It is very important to keep track of your federal loan borrowing to be sure that you only borrow what you need. It is also important to monitor the use of your federal loan eligibility so that you do not reach your aggregate limit before you complete your degree program. Students are encouraged to meet with a Financial Aid Services Counselor for discussion about any aspect of their federal borrowing options and federal loan history.
The Higher Education Opportunity Act of 2008 (HEOA) requires that institutions participating in the federal student loan programs develop, publish and enforce a code of conduct with respect to students loans.
Roosevelt University is committed to the highest standard of ethics and conduct and therefore, the staff of Financial Aid Services is bound by the institution's Code of Conduct and Ethics for Business Activities, which requires each individual to comply with legal and regulatory requirements, policies and procedures that apply to his or her particular duties.
The institution and its employees are banned from any revenue sharing arrangements with lenders.
No employees of Financial Aid Services and those employees who have responsibilities with respect to education loans shall solicit or accept any gift from a lender, guarantor, or servicer of education loans.
Employees of the University's Financial Aid Services and those employees who have responsibilities with respect to education loans shall not accept from a lender or affiliate or any lender any fee, payment, or other financial benefit as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.
The University shall not request or accept from any lender any offer of funds for private loans, including funds for an opportunity pool loan, to students in exchange for providing concessions or promises to the lender for a specific number of federal loans made, insured, or guaranteed, a specified loan volume, or a preferred lender arrangement.
The University shall not request or accept from any lender any assistance with call center staffing or financial aid office staffing (there are exceptions such as professional development training, providing counseling materials-debt management materials, etc., provided that the lender is disclosed on the materials; short term nonrecurring assistance during emergencies).
Employees of the University's Financial Aid Services and those employees who have responsibilities with respect to education loans and who serve on an advisory board, commission, or group established by a lender, guarantor, or group of lenders of guarantors, shall be prohibited from receiving anything of value from the lender, guarantor, or group of lender or guarantors, except that the employee may be reimbursed from reasonable expenses incurred in serving on such advisory board, commission, or group.
Roosevelt University offers a variety of employment options to our students. Placement into one of the University's work-study opportunities requires that you apply for the job through the Office of Career Services.