Financial Aid

DCAD Student
Loans, unlike grants and scholarships, do have to be paid back.

Federal Stafford Loan
Stafford Loans are federal student loans. They are available to all undergraduate students. The amount borrowed depends on the grade level. A student may borrow up to $3,500 in Subsidized Stafford Loans for the freshman year and $4,500 for the sophomore year; students may receive up to an additional $2,000 per year in Unsubsidized Stafford Loan monies. With a Subsidized Stafford Loan, no interest is accrued while the student is enrolled at least half-time in college. With an Unsubsidized Stafford Loan, interest does accrue while a student is enrolled at least half-time in college. Independent students and those whose parents’ PLUS Loan was denied are also eligible for an additional $4,000 per year in Unsubsidized Stafford Loans.

Federal PLUS Loan
PLUS Loans are federally-funded and available to working parents who have good credit. Parents must complete and return a PLUS Pre-approved Form to the Financial Aid Office to have their credit checked. Once credit is approved, parents can complete a promissory note for any amount up to the student’s total cost of attendance for an academic year as determined by their school’s financial aid office and less any other financial aid the student may be receiving before applying for a PLUS Loan. A parent may defer making payments while their student is enrolled at least half-time.

Private Educational Loans
Should funds still be needed to fill a financial gap after all other aid has applied to the student’s account, the DCAD Financial Aid Office can provide literature and direct parents and students to several private educational loan options.

Title IV Recalculation Disclosure
The DCAD Financial Aid Office is required by Federal Law to recalculate (number of calendar days completed divided by number of days in semester) to establish the student's completion percentage to determine Federal Financial Aid Eligibility for students who withdraw, drop out, are dismissed or take leave of absence from DCAD prior to completing 60% of the payment period or semester. Contingent upon the Title IV Funding Recalculation, the Bursar will return any unearned Title IV Funds to the Federal Government or lender. The student will then become responsible for paying any subsequent balance on her/his student account to DCAD and begin repayments of any federal student loans after the student loan six-month grace period has lapsed. Each student is provided a Title IV Funds Recalculation Disclosure/Procedures Statement and is required to complete Stafford Loan Exit Counseling (as applicable) when exiting the college.