Financial Aid

You are here


Alternative Loans

Body: 
An Alternative Education Loan will bridge the gap between the actual cost of your education and the limited amount the government allows you to borrow in its programs.  Eligibility for alternative student loans often depends on your credit score. The application must be submitted and READY TO BE CERTIFIED in order to be processed.  We strongly recommend you secure a completed application by the deadline given, in order to have your bill processed in a timely manner.  If there are any changes that need to be made to your loan, refer to the Alternative Loan Change Form.  Keep in mind that processing time can take up to 10 business days from receipt of a loan that is READY TO BE CERTIFIED for any type of request.   Reasons to Apply For an Alternative Loan   Due to the overall costs of college, some students choose to apply for an alternative loan when grants, scholarships, and federal guaranteed loans are not enough to cover the total costs. You may also wonder, “Is an alternative loan the best option for me." When thinking of alternative ways to pay for college always remember the old adage “Let the BUYER BEWARE." Although applying for alternative loans are much more attractive to apply for than a Stafford loan, with perks such as: No FAFSA, no UP FRONT Fees, and no payments due until after graduation; they still can carry an enormous interest rate. Keep in mind that a subsidized a Stafford loan can carry a fixed interest rate of 4.5% and a private loan rate can be in excess of 20% with the possibility of it being variable. When trying to determine the best way to finance your education, you should consider each and every type of financial aid that is available. Be sure to only use Alternative Private Loans as a means to an end. Make sure you exhaust all sources of financial aid such as: your state's Department of Education, grants, scholarships, work study and federal student loans. Research, Research and Research! Go to the lender's website. Call the lender's servicing department. Get to know the basic terms and conditions of these alternative loans. You will have the burden of up to 20 years to pays these loans off. Also take into account as the years go by, the loan amount increases, and Interest stops for no one. Interest accrues at the time the loan is disbursed. Compare repayment incentives. Some lenders will give incentives of .25% reduction for going paperless, .25% reductions for auto pay, .50% reduction with a credit worthy co-signer, and a .50% reduction for graduation. Make sure you know what the fees are UP FRONT. You could be signing your life away if you are not careful. Make sure that you READ your truth in lending statement and you Private Loan Self Certification Form. This statement will include how much you will actually pay in interest payments. With a loan amount of $20,000, you could pay an excess of $34,000 when everything is all said and done. Although the economy seems to get worse with each passing day, there are still options when applying for alternative loans. Which lenders offer Alternative Loans?  Alternative Loan Spreadsheet   Delaware State University does not endorse any of these lenders or their products. We strongly suggest you do your own research to find the loan that is best for you.   Frequently Asked Questions: I need an Alternative Loan.  What should I do (Alternative Loan 101)? Fixed or variable rate Alternative Loans: Which one should I choose (Alternative Loan 102)? My Alternative Loan is approved.  What should I do now(Alternative Loan 103)?          

Federal PLUS Loans

Body: 
The Federal Direct Parent Loan for Undergraduate Students(PLUS) loan is a credit-based loan available to parents of dependent undergraduate students who are enrolled at least half-time (6 credits) in a degree seeking program. There is a fixed interest rate of 7.21% The loan origination fee is 4.288% (for plus loans first disbursed on or after 7/1/14 and before 7/1/15) The borrower has the option of deferring the loan repayment until 6 months after the student graduates, withdraws from school, or enrolls for less than 6 credit hours in a semester. For more information on the Federal Direct PLUS loan please visit the US Department of Education’s website. Frequently asked questions: When do I begin the PLUS loan process? Borrowers may begin applying for the PLUS loan on March 30, 2015 for the 2015-2016 academic school year. Please apply for the Plus loan no later than June 30, 2015. We strongly recommend that borrowers adhere to this deadline date in order to assure that funds will be secured by the July payment deadline. How do I apply for the PLUS loan? In order to initiate the PLUS loan process, students must file the Free Application for Federal Student Aid (FAFSA) or renewal FAFSA for the 2015-2016 academic school year. The borrower can log into the US Department of Education’s studentloans.gov website to Complete PLUS request process. Applicants must have a FAFSA PIN to log-on to the site. (Applicants can apply for a PIN or re-establish a pin at www.pin.ed.gov.) Information on approved loans will be automatically forwarded to the Office of Financial Aid for processing. (Please note: if the Parent Plus Loan is approved, the borrower must complete a Plus Loan Master Promissory Note MPN). The MPN can be completed via the studentloans.gov website. To apply for a PLUS loan, the borrower must be the biological (including non-custodial), adoptive or step-parent of the student. Also you must be a U.S. Citizen or Eligible Non-Citizen (e.g. Permanent Resident) to be eligible for this loan. All approved PLUS loans will be processed within 10 business days from the time that a completed application is received by Delaware State University. DSU will have the ability to view an application within 24 hours from the time that it is completed. However, during our peak processing season, loans may take up to 15 business days to be processed. How much can I borrow? The maximum amount that a parent may borrow for the academic year is the difference between the cost of attendance (tuition, fees, room and board, books, etc.) and the financial aid that the student is already receiving for that year. When applying for the loan before the aid package has been determined, we recommend that you request the maximum amount on the application. If the student receives additional financial assistance after the PLUS loan is certified, one or both disbursements may be reduced or cancelled to prevent over-awards. If the borrower decides to not apply for the maximum amount of the Parent Plus Loan, they can indicate a specified amount on the application. The amount indicated will be processed for the entire academic year and a 4.288% loan origination fee will be deducted from the loan amount each semester. How do I request an increase in the PLUS loan? To request an increase in an approved Plus Loan, please click on the link below and fill in the necessary information to complete the PLUS increase request form. An increase cannot be processed if: The student has already received a financial aid package up to the maximum cost of attendance allowed The Plus loan has been approved with a co-endorser (in such cases the borrower must reapply for a new loan and have the co-endorser re-sign for the loan) The first disbursement of the PLUS has already been paid to the student’s account Download the PLUS loan increase request form. What are my options if I am denied for a PLUS loan? If the loan is denied due to adverse credit, the borrower has several options: Reapply utilizing an endorser The other parent can apply utilizing their information to possibly obtain an approved response You may allow your student to be awarded the additional Federal Direct Unsubsidized Stafford Loan Request an appeal of the denial with the Department of Education. The additional Unsubsidized Stafford loan amount available each year to freshman and sophomore students (up to 59 earned credit hours) is $4000. Juniors and seniors (60 earned credit hours or more) can receive a maximum amount of up to $5000. Once DSU receives a denied PLUS loan response from the Department of Education, the additional unsubsidized loan will be applied to the student’s financial aid award within our current loan processing timeframe. If the student does not wish to receive the unsubsidized loan, a request must be submitted in writing to the DSU Office of Financial Aid. If both parents are denied for the PLUS loan, only one unsubsidized loan will be awarded per academic year. What happens if the PLUS loan was initially denied and it has now been approved? Once notification has been received that the PLUS loan is approved, the additional unsubsidized loan amount will be removed and the PLUS loan will be applied for the amount indicated on the application. For any questions and/or concerns regarding PLUS loans, please contact loans@desu.edu. For questions regarding the completion of the PLUS loan application or Master Promissory Note, contact the Department of Education at 1-800-557-7394.  

Stafford Loans

Body: 
A William D. Ford Direct Stafford Loan is extremely low risk loan because the Federal government guarantees them against default. A Federal Stafford Loan allows you to borrow money for your education. Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest, just like car loans and mortgages. Loans are also legal obligations, so before you take out a student loan, think about the amount you’ll have to repay over the years. For more information regarding Federal Student Loans, please visit the www.FederalStudentAid.ed.gov website. There are two types of Stafford Loans: Subsidized and Unsubsidized Federal Subsidized Stafford Loan U.S. Department of Education pays interest while borrower is enrolled at least half time (6 credit hours) or during grace and deferment periods Have a financial need  as determined by your FAFSA application Federal Unsubsidized Stafford Loan Interest begins to accrue immediately after the first disbursement, unlike the Subsidized Stafford loan You must be at least a half-time student (6 credits) A financial need as determined by your FAFSA application is not a requirement. However, the borrower must have a completed FAFSA on file Any federal loans disbursed on or after 7/1/14 and before 7/1/15 will carry a fixed interest rate of 4.66% for Undergraduates and 6.21% for Graduate and Doctoral students. All Federal Direct Loans disbursed on or after 10/1/14 and before 10/1/15, will have a loan fee of 1.073% deducted from each disbursement. ​ Stafford Loan Annual Maximums Year in School Dependent Undergraduate Independent Undergraduate* Graduate or Professional Student** Freshman (0-29 earned credit hours) $5,500 (maximum of $3,500 can be subsidized) $9,500 (maximum of $3,500 can be subsidized) $20,500 (unsubsidized only) Sophomore (30-59 earned credit hours) $6,500 (maximum of $4,500 can be subsidized) $10,500 (maximum of $4,500 can be subsidized) $20,500 (unsubsidized only) Junior & Senior (60+ earned credit hours) $7,500 (maximum of $5,500 can be subsidized) $12,500 (maximum of $5,500 can be subsidized) $20,500 (unsubsidized only) Maximum loan debt from Stafford loans at graduation $31,000 (no more than $23,000 may be in subsidized loans) $57,500 (no more than $23,000 may be in subsidized loans) $138,500 (no more than $65,000 may be in subsidized loans) **Graduate debt includes loans received as an undergraduate. * A dependent student whose parent applied and was denied for a Parent PLUS loan is eligible for an increase in the unsubsidized portion of their Stafford Loan More information on the William D. Ford Federal Direct Stafford Loan. Once you have accepted the Federal Direct Stafford Loan offer, please begin with Entrance Counseling: Please logon to https://studentloans.gov and follow ALL steps listed  Click "Sign In" under the "Manage My Direct Loan" section Type in all requested information, click "Sign In"  Select "Complete Entrance Counseling" Choose your academic status  Read all information listed, click “Next” to move on. You must answer all questions to complete this process. Once completed, please print this confirmation page for your records After completion of the Entrance Counseling the borrower must complete a Master Promissory Note, please follow the steps listed below Select "Complete New MPN" Select the type of loan you are completing  Read over the information listed and complete ALL steps until you reach the end. Please print the completed MPN. **There may be options that must be expanded to view PLEASE NOTE: For questions regarding the completion of the Entrance Counseling or MPN, contact the Department of Education at 1-800-577-7394. Concerns regarding Delaware State University's financial aid process should be directed to our office.    

Scholarships

Body: 
Delaware State University currently provides our students an array of scholarships. Prospective scholarship recipients may become eligible based upon academic achievement, financial need, group affiliation, or some combination of these factors. Depending on whether you are a freshman, in or out of state, a returning or transfer student, please click on one of the following links. To learn about other financial aid opportunities at Delaware State University, click here to read more. Incoming Freshman — In State Delaware State University currently provides our students an array of scholarships. Prospective scholarship recipients may become eligible based upon academic achievement, financial need, group affiliation, or some combination of these factors.  Click here to read more… Incoming Freshman — Out of State Delaware State University currently provides our students an array of scholarships. Prospective scholarship recipients may become eligible based upon academic achievement, financial need, group affiliation, or some combination of these factors.  Click here to read more… Returning and Transfer Students Returning / current DSU students and transfer students who wish to be considered for University Privately Funded Scholarships, including Alumni Legacy Endowed Scholarships should review the information below and complete the University Scholarship Login and Application online*.  Click here to read more… Osher Reentry Endowed Scholarship The Osher Reentry Endowed Scholarship is available to adults who are entering DSU after a five year cumulative gap in pursuing their first bachelor’s degree. Please note that the Osher Reentry Endowed Scholarship is available only to U.S. citizens and permanent residents.  Scholarships, policies, guidelines, and criteria are subject to change without prior notification. To apply, please download the following e-application; after completion, email it to dsufoundation@desu.edu.  For more information, contact the Office of Development at dsufoundation@desu.edu or 302.857.6055.  Click here to read more…

Tuition and Fees

Body: 
Fees for 2016-2017 Academic Year If you have any questions, please contact the Office of Student Accounts at 302.857.6240 Undergraduate Full-time Student Tuition Fees The amounts below includes the mandatory fees for every full-time student which are the student activity fee, student center complex fee and technology fee.   FALL SPRING YEARLY TOTAL In-State $3,766.00 $3,766.00 $7,532.00 Out-of-State $8,069.00 $8,069.00 $16,138.00   Student Health Insurance Fee*   FALL SPRING YEARLY TOTAL   $377.00 $377.00 $754.00 *Mandated by law; however, students may be able to opt out. For more information on opting out or activating student health insurance coverage, visit desu.edu/student-health-services. Student Meal Plan Options (Students MUST select one option from below or the Traditional 19 Meal Plan will be assigned.)   FALL SPRING YEARLY TOTAL 7 Day All-Access Plan  ($150 Flex) $2,057.00 $2,057.00 $4,114.00 5 Day All-Access Plan  ($150 Flex) $1,981.00 $1,981.00 $3,962.00 Traditional 19 PLUS  ($100 Flex) $1,980.00 $1,980.00 $3,960.00 Traditional 15 PLUS  ($100 Flex) $1,914.00 $1,914.00 $3,828.00 Traditional 10 PLUS  ($100 Flex) $1,756.00 $1,756.00 $3,512.00 Commuter 5 PLUS *  ($100 Flex) $992.00 $992.00 $1,984.00 120 Block Plan *  ($150 Flex) $989.00 $989.00 $1,978.00 75 Block Plan *  ($150 Flex) $690.00 $690.00 $1,380.00 50 Block Plan *  ($150 Flex) $515.00 $515.00 $1,030.00 Meal plan yearly totals do NOT include summer sessions * Option available only for commuters and residents of Courtyard Apartments   Part-time Students   IN-STATE OUT-OF-STATE Per Credit Hour $280.00 $638.00 Registration Fee $50.00 $50.00 Technology Fee $55.00 $55.00 Student Center Complex Fee $225.00 (Pro-rated based on total number of credit hours) $225.00 (Pro-rated based on total number of credit hours) Student Activity Fee $135.00 (Pro-rated based on total number of credit hours) $135.00 (Pro-rated based on total number of credit hours)   Summer 2017 TUITION AND FEES IN-STATE OUT-OF-STATE Per Credit Hour $182.00 $430.00 Registration Fee $50.00 $50.00 Technology Fee $35.00 $35.00 Student Center Complex Fee $56.25 (per 3 credits)     MEAL PLANS IN-STATE OUT-OF-STATE Traditional 19 PLUS $979.00 Traditional 15 PLUS $854.00 Traditional 10 PLUS $598.00 Traditional 5PLUS $314.00   TRADITIONAL HOUSING IN-STATE OUT-OF-STATE Traditional Hall $800.00   Doctoral and Graduate Fees | Dover   IN-STATE OUT-OF-STATE DOCTORAL Per Credit Hour $430.00 $948.00 $544.00 Registration Fee $60.00 $60.00 $60.00 Technology Fee $55.00 $55.00 $55/00 Student Activity Fee $60.00 (Pro-rated based on credit hours) $60.00 (Pro-rated based on credit hours) $60.00 (Pro-rated based on credit hours)   Graduate Fees | Wilmington   MBA Public Administration Social Work, Sport Administration Per Credit Hour $515.00 $464.00 $438.00 Registration Fee $60.00 $60.00 $60.00 Technology Fee $55.00 $55.00 $55/00 Student Activity Fee $60.00 (Pro-rated based on credit hours) $60.00 (Pro-rated based on credit hours) $60.00 (Pro-rated based on credit hours)     Traditional Residence Halls   FALL SPRING YEARLY TOTAL Evers/Jenkins, Laws or Tubman Halls $3,488.00 $3,488.00 $6,976.00 Warren Franklin Hall or Wynder Towers $3,745.00 $3,745.00 $7,490.00 Boarding Students: Normally, freshmen are assigned rooms in Meta Jenkins Hall (Co-Ed), Harriet Tubman Hall (F), Lydia P. Laws Hall (F) and Wydner Towers (Co-Ed Honors).  New Students interested in Honors Housing must contact the Honors program at honors@desu.edu or call 302.857.7514.  Designated areas for upperclassmen in traditional housing are Warren-Franklin Hall and the Living and Learning Commons which are Co-Ed facilities. Upperclassmen with a minimum of 30 credit hours may apply for the University Courtyard Apartments, call 302.857.7966 or the University Village Apartments, call 302.857.8511.     DSU Living and Learning Commons   PER MONTH PER SEMESTER PER YEAR Double $3,995.00 $3,995.00 $7,990.00 Single $4,995.00 $4,995.00 $9,990.00   University Courtyard - 12 Month Lease   PER MONTH PER SEMESTER PER YEAR Two Bedrooms/Two Baths $874.00 $5,244.00 $10,488.00 Four Bedrooms/Two Baths $750.00 $4,500.00 $9,000.00   University Village Apartments - 12 Month Lease   PER MONTH PER SEMESTER PER YEAR One Bedroom/One Bath $1,064.00 $6,384.00 $12,768.00 Two Bedrooms/Two Bath $874.00 $5,244.00 $10,488.00 Two Bedrooms/One Bath $787.00 $4,722.00 $9,444.00  Four Bedrooms/Two Baths $757.00 $4,542.00  $9,084.00  Two Bedrooms/One Bath Suite $720.00 $4,320.00  $8,640.00  HOUSING DEPOSIT: A $200.00 housing deposit is required to secure your housing assignment for the academic year. Housing is available on a first-come, first-served basis. The housing deposit is non-refundable if not received by June 30. SENIOR CITIZEN’S FEE WAIVER: To obtain a senior citizen’s waiver of tuition, a student must be sixty-two (62) years of age or older and must present proof of age to the Office of Student Accounts. The waiver is for tuition only and the student is responsible for any additional fees. ONLY STUDENTS ENROLLED IN UNDERGRADUATE COURSES ARE ELIGIBLE. LAB FEES: Laboratory fees are assessed for some courses to cover the cost of supplies and special facilities. Labs may vary from $10.00 to $20,000.00. The Airway Science Labs vary from $5,000.00 to $20,000.00 per related course. STUDENT CENTER COMPLEX FEE: Goes toward the cost of the New Strength and Conditioning Facility, Wellness Center and the Student Center.   Itemized Fees for the Academic Year Application Fee (Graduate/Doctoral) $50.00 Application Fee (Undergraduate) $35.00 Course Overload Fee Per Credit Hour* (In-State) $280.00 Course Overload Fee Per Credit Hour* (Out-of-State) $638.00 Distance Education Fee (Per Course) $35.00 Drop Fee (Per Drop Slip) $10.00 DSU Living and Learning Commons Deposit $200.00 Failure to Pre-Register Fee* $50.00 Graduate Activity Fee–Full Time (4 credits or more) $60.00 Graduate Activity Fee–Part Time (3 credits or less) $30.00 Graduate Sustaining Fee $25.00 Graduation Fee (Undergraduate/Graduate/Doctoral) $175.00 Graduate Sustaining Fee (Master’s)* — Equivalent of one in-state credit hour of tuition per semester   Graduate Sustaining Fee (Doctoral)* — Equivalent of one credit hour of enrollment per semester   Graduation Fee (Undergraduate) $175.00 Late Registration Fee $50.00 Living and Learning Commons Deposit $200.00 NBS Tuition Payment Plan Enrollment Fee* $35.00 NBS Tuition Payment Plan Late Fee $35.00 NBS Tuition Payment Plan Return Payment Fee $30.00 Non-Payment Fee* $150.00 Overdue Library Fee (Per Day) $1.00 Registration Fee (part-time undergraduate students)* $50.00 Registration Fee (doctoral & graduate students)* $60.00 Reinstatement Fee* $150.00 Returned Check Fee $35.00 Senior Citizen’s Registration Fee* (Undergraduate Only) $50.00 Senior Citizen’s Technology Fee* (Undergraduate Only) $55.00 SMARTCARD ID Damage Fee $25.00 SMARTCARD ID Replacement Fee $50.00 Student Activity Fee* (Pro-rated based on credit hours) $135.00 Student Center Complex Fee* (Pro-rated based on credit hours) $225.00 Student Health Insurance Fee** (Per semester) $377.00 Student Teaching Fee* $150.00 Technology Fee* $55.00 Technology Fee (Summer Sessions)* $35.00 Traditional Housing Deposit $200.00 Transcript Fee $10.00 University Courtyard Application Fee $100.00 University Courtyard Deposit $300.00 University Courtyard Late Fee (Monthly) $35.00 University Village Application Fee $100.00 University Village Deposit $300.00 University Village Late Fee (Monthly) $35.00 Vehicle Registration Fee (Per Semester) $40.00 Vehicle Registration Fee (Per Year) $70.00 All fees are subject to change. *Fees can be applied on a per-semester basis. **See Student Health Insurance Fee section, inside.

In State Incoming Freshman Scholarships

Body: 
Delaware State University currently provides our students an array of scholarships. Prospective scholarship recipients may become eligible based upon academic achievement, financial need, group affiliation, or some combination of these factors. The University works to assist students in meeting their financial needs (Financial Need = Cost of Attendance – Expected Family Contribution). In addition to scholarships, students in need of additional educational funds might consider: Contacting businesses, civic organizations, fraternal or religious organizations to ask if they offer scholarships, Speaking to high school administrative or counseling staff about available scholarships, Contacting a local library for further resource information, Internet scholarship databases such as www.fastweb.com Scholarship Opportunities   The Inspire Scholarship is available to Delaware high school graduates with excellent credentials to attend Delaware State University. More information.     Merit Scholarships Distinguished Achievement Scholastic Honor (DASH) is a merit-based scholarship awarded by the University’s Office of Admission to entering full-time, first-year freshmen who are United States citizens and are residence of the State of Delaware. Scholarships are awarded on the basis of high academic achievement. up to $4,000.00 Heritage Scholarship is a merit-based scholarship awarded by the University’s Office of Admission to entering full-time, first-year freshmen who are United States citizens and are residence of the State of Delaware on the basis of outstanding academic achievement. up to $2,000.00 DSU Advantage Grant is a need-based award given to applicants upon review of their FAFSA. Available on a first-come, first-served basis to applicants who apply and are accepted to the University.  A combination of GPA and test score determines eligibility and award amount.  The award amount is also determined by on or off campus housing.  Applicants must be full-time, first-year, just out of high school freshmen who are United States citizens.  DASH and Heritage scholarship recipients are not eligible. Recipients of the DSU Advantage Grant are also eligible for the ANS Grant. up to $1,000.00 ANS Grant (Aid to Needy Students)is available on a first-come; first-served basis to applicants who apply and are accepted to the University. Eligible applicants reside in the State of Delaware and are full-time, first-year, just out of high school freshmen who are United States citizens.  This grant is need based and funded by the State of Delaware.  You must file a FASFA by March 1. For applicants who wish to live on campus and for applicants who want to commute.   Please note that scholarship candidates are selected from the pool of admission applicants and are evaluated based on their complete academic (GPA and test scores) profile. A scholarship application is not required. Eligibility in no way guarantees awarding. Scholarships are awarded on a first-come, first-served basis. Financial need is not taken into consideration when awarding merit-based scholarships. Renewal of all scholarships is based on continued achievement of the grade point average (GPA) specified for the scholarship awarded, as well as consecutive full-time enrollment each semester. Visual and Performing Arts Scholarships Applicants with outstanding talents in music and who would like to be members of the “Approaching Storm” Band or the University Choir may be considered for these scholarships. Auditions are required. You may contact the Chairperson of the Music Department, Dr. Marshall Stevenson at mstevenson@desu.edu. Other Opportunities There are numerous outside scholarship opportunities for Delaware State University incoming freshman. Please note that Federal and University financial assistance is available only to U.S. citizens and Permanent Residents. Also, please be aware that scholarships, policies, guidelines, and criteria are subject to change without prior notification.

Pages