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A STEP BY STEP GUIDE TO APPLY FOR LOANS AT THE AMERICAN
UNIVERSITY OF PARIS
STUDY YOUR OFFICIAL AUPFINANCIAL AID AWARD LETTER
If you have applied for AUP Financial Aid, you will receive an
official AUP Financial Aid Award Letter by email. Your award
letter will explicitly detail: the amount of your awards, a
breakdown of the tuition and fees, the official cost of
attendance,
and your loan eligibility. Your loan eligibility will look
something like this:
LOAN INFORMATION
Your Federal Loan Eligibility
Subsidized Stafford Loan $1,750
Unsubsidized Stafford Loan $1,000
Parent PLUS Graduate PLUS/Private loan (subject to credit check)
$20,120
It is very important that you study the entire letter, using it
to decide how you will finance the tuition fees and living
expenses over the next year. As an example, some students will
finance all expenses through loans and aid, while others
may use other sources of funding and choose to apply for a lower
loan amount. For more information on applying forprivate or federal
loans, please see the Federal Loans and Private Loans sections
below.
IMPORTANT FOR INCOMING STUDENTS: Before we can certify any
loans, you must first officially confirm your
attendance to AUP by paying the confirmation deposit and
completing the steps online as outlined in your admissions
acceptance email. You cannot use loan funds to cover the 350
deposit.
FILL OUT THE FAFSA
The Free Application for Federal Student Aid (FAFSA) can be
completed here: www.fafsa.ed.gov. AUPs Title IV Code for
the FAFSA is G07881. Be sure that you complete it for the
academic year that you will be attending AUP, not a previous
year. If you fill out the FAFSA properly, AUP will receive an
electronic copy, but we ask that you also personally send us a
confirmation of completion. Please send a copy of confirmation
to Emilie Williams at: [email protected]. Please note:
only filling out the FAFSA does not mean that you have applied
for any loans OR AUP Financial Aid.
APPLY FOR LOANS THAT YOU WILL NEED
AUP students may be eligible for the following federal loans:
Stafford (Subsidized or Unsubsidized), Parent PLUS and
Graduate PLUS; students may also apply for the Sallie Mae Smart
Option Loan, which is a private loan. You can apply for
all of the federal loans through the same web site:
www.studentloans.gov. You can apply for the Smart Option
Private
loan on the Sallie Mae Web Site: www.salliemae.com.
Most students choose to apply for Stafford Loans first because
of the favorable interest rates and terms, and then apply
for a Parent PLUS or Grad PLUS Loan to cover the difference. In
some cases, however, we have seen students apply for
the Sallie Mae Smart Option Loan if the interest rate and terms
are more favorable. You can only compare if you apply.
For more information about private and federal student loans,
you can visit: www.fafsa.ed.gov, www.studentloans.gov,
www.salliemae.com, or the Department of Educations Direct Loan
Program website, www.direct.ed.gov.
Federal loans
You can apply for all of the federal loans through the same
website: www.studentloans.gov, logging in with the same
pin number you used for the FAFSA website.
First, complete the Entrance Counseling Session; send
confirmation of completion to Emilie Williams at:
[email protected]. Next, if you intend to apply for the Stafford
Loan, fill out the online Master Promissory Note
(MPN) in its entirety. Send a copy of the completed PDF to
Emilie Williams at: [email protected].
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Next, if you are eligible and wish to take out a Parent PLUS or
a Grad PLUS loan, you will need to complete the two-
step process:
a. Complete the PLUS request; this will run a credit check.b.
After you receive notification that you qualify, you must then log
back into www.studentloans.gov and
endorse the PLUS loan. Endorsing requires completing an online
Master Promissory Note (MPN) whencompleted send a copy to
[email protected].
Please note: unless we hear otherwise, we will certify your
maximum eligibility; if you want to borrow a lower
amount, please notify us. Again, as noted above, you will need
to send copies of, or confirmation of completion, for
the following documents: FAFSA, Entrance Counseling Session and
Master Promissory Note(s). Please keep copies of all
pertinent documents for your records.
For Parent PLUS and Grad PLUS Loan Borrowers: if a loan endorser
is required, all credit issues must be resolved by
you before we can certify the loan. Please let us know of any
complications with credit or anything out of the ordinary
so that we can be proactive if need be.
Private loans
We have seen students apply for the Sallie Mae Smart Option Loan
for two main reasons:a. the student is the borrower and payment is
deferred until after graduation, contrary to the Parent PLUS
loan,
and/or
b. the interest rate is lower because the co-signer has strong
credit.Please keep in mind that your loan eligibility will not
change, as the eligibility for the private loan is the sum of all
loans
outlined in the official AUP Financial Aid Award Letter.
You can apply for the Smart Option Private Loan on the Sallie
Mae Web Site: www.salliemae.com follow the steps
through to completion. Once you have applied for the loan,
please notify us that you have applied for the loan and
that its ready to certify. Please send a copy of confirmation to
Emilie Williams at: [email protected].
Unlike the federal loans above, the Smart Option Loan will
actually arrive at AUP in the form of a check. You will needto sign
the check in person at the Financial Aid Office. We will then give
the check over to our Student Accounting
Services (SAS) Office to apply to your AUP account.
USING LOANS TO PAY FOR TUITION AND FEES FOR FUTURE SEMESTERS
If you plan on using loans to cover AUP tuition and fees for any
future semesters, you may receive invoices from our SAS
Office that do not include loan amounts. If you have followed
all of the proper steps outlined above, the Financial Aid
Office will coordinate with SAS and you will have no issue with
registering for classes.
We will receive loan funds from the Department of Education as
early as legally possible: ten (10) calendar days before the
first day of classes. When the funds arrive, the appropriate
amounts in Euros, using the official daily exchange rate, will
be
placed on your AUP account. At that point, if any excess funds
remain after tuition and fees are applied, a check in Euros
will be handed over to you, which can then be deposited in a
local bank account. This check is administered by SAS please
contact them at [email protected] should you have
any questions about your refund check. The
Office of Student Affairs will help incoming students open up a
local bank account during the Orientation week.
Current students wishing to use loans for the current
semester
If you are a currently enrolled student and wish to use loans to
cover any expenses for the currentsemester, you will
still need to follow all of the steps above. We will request
loan funds as soon as we receive all of your documents and
these funds can be expected in your AUP account within one week.
If any excess funds remain after tuition and fees, a
refund check in Euros will be handed over to you. This check is
administered by SAS please contact them at
[email protected] should you have any questions
about your refund check.
