Earning an advanced degree is making an investment in yourself—and your future. A degree can open the door to more career choices and increase your earning potential. In times of economic uncertainty, possibly one of the best investments you can make is in your education, and in the professional skills that can lay the foundation for your future.
Aid is available from the U.S. federal government, and from institutional and outside programs. Aid can come in the form of:
Money that must be repaid at some point in the future, with interest. Graduate student federal loans are not need-based, but there may be a credit check required.
Student Loan Financing Options
Many Adler University students find it necessary to take out loans to finance all or a portion of their costs. The Office of Financial Aid strongly encourages those who qualify to explore U.S. federal student loan options first. Federal student loans that a student took out prior to enrolling with Adler University are eligible for in-school deferment as long as the student maintains at least half-time enrollment.
Federal Direct Stafford Loans
The Federal Direct Stafford Loan is the basic component of a student’s financial aid award package. A student must be enrolled at least half-time to be eligible for federal loans. Interest rates on these loans are fixed, and there are several repayment plans available. Direct Unsubsidized Loans are not need-based, and are available to degree and certificate students at all academic levels. The amount awarded for the year cannot exceed the annual loan limit and is based on the student’s academic level and/or program.
To qualify for a Federal Direct Stafford Loan, a student must:
- Apply for student financial assistance with the University;
- Accept or reject each Federal Direct Stafford Loan offered; and
- Complete both a master promissory note and an entrance counseling session (new borrowers).
- Maximum Annual and Aggregate Loan Amounts Students are held to annual and lifetime aggregate maximums for Federal Direct Stafford Loans. These amounts are based on a student’s academic level and/or program.
|Program||Annual Loan Limit||Lifetime Aggregate Loan Limit|
|Graduate Students (Except Chicago Campus Psy.D. Students)||$20,500 (Unsubsidized Only)||$138,500|
|Psy.D. Graduate Students (Chicago Campus only)||$37,167 in a 12-month academic year (Unsubsidized Only, Prorated for academic year less than 12 months)||$224,000|
Federal Direct PLUS Loans first disbursed on or after July 1, 2017 and before July 1, 2018 have a fixed interest rate of 7.00%. Federal Direct PLUS Loans first disbursed on or after July 1, 2018 and before July 1, 2019 have a fixed interest rate of 7.60%. Interest begins to accrue on these loans as soon as money is disbursed to the student’s tuition account.
Loan Fees: The federal government assesses a mandatory loan fee on all Federal Direct PLUS Loans before the funds arrive at Adler. These fees are as follows:
- Federal Direct PLUS Loans first disbursed on or after 10/1/2017 and before 10/1/2018 will have a loan fee of 4.264%.
- Federal Direct PLUS Loans first disbursed on or after 10/1/2018 and before 10/1/2019 will have a loan fee of 4.248%.
Withdrawing and Financial Aid
Students who withdraw or take a leave of absence from a term may no longer be eligible for the entire amount of federal student loans they were awarded and/or received. Review Adler University’s policy for Federal Student Loans when a term is not completed here.
Borrowers of Federal Student Loans are required to complete Exit Counseling on the loan whenever they graduate, withdraw from school (including taking a leave of absence), or cease to maintain at least half-time enrollment. If Exit Counseling is required, the student will be notified by The Office of Financial Aid.
- Federal Direct Stafford Loans — repayment does not begin until the conclusion of a six-month grace period. This grace period begins after a student graduates, withdraws from school (including taking a leave of absence), or ceases to maintain at least half-time enrollment.
- Federal Direct PLUS Loans — repayment begins as soon as the loan is fully disbursed. Students have the option of deferring repayment while the student is enrolled at least half-time, for a six-month grace period following graduation, or in the event the student withdraws (including taking a leave of absence) or ceases to maintain at least half-time enrollment.
Borrowers have the option of a standard, 10-year repayment or other extended repayment options based on time to repayment or the borrower’s income. These loans also allow for specific deferments, or time periods when the lender will temporarily suspend collection activity on the loan. Borrowers requiring a temporary postponement or partial reduction in monthly payment may request a forbearance in case deferment is not available. Detailed information about loan deferment, forbearance, and repayment is available here.
Alternative loans are private, credit-based loans the student applies for directly with a financial institution. These loans cannot be combined with Federal Direct Loans into a Federal Consolidation Loan following graduation. Alternative loans may be available to international students who have U.S. Citizen or Permanent Resident co-borrower, or borrowers who are not able to file a FAFSA. Interest rates on alternative loans are typically not fixed and may vary based on the lender and the borrower’s credit rating.
Students who are eligible for Federal Direct Loans are encouraged to explore federal loans first as there are many benefits that may be unavailable through an alternative loan program.
Assistance that is earned through service to the institution or an outside organization. This assistance is need-based.
The Federal Work-Study (FWS) program is a need-based employment program funded partially by the U.S. government. FWS participants are paid $15/hour to work part-time. Time commitments vary by position; students may work up to 20 hours per week while classes are in session. Positions are available at Adler’s campus and with select organizations in Chicago.
To qualify for a Federal Work-Study position, a student must:
- Apply for student financial assistance with the University and demonstrate financial need;
- Submit a Work-Study Authorization Form through the Office of Financial Aid;
- Complete all required paperwork with the Office of Financial Aid and Human Resources;
- Interview and be hired for a student worker position.
FWS is a need-based employment program that is factored into the student’s overall financial aid package for the year. Student worker positions are not guaranteed, and the earliest a FWS student may begin work is the first official day of class. FWS earnings are taxable and paid biweekly for all hours worked. View open jobs on the Financial Aid page of Adler Connect.
Cost of Attendance
The Office of Financial Aid assigns each U.S. student aid recipient an annual cost of attendance, which limits the amount of financial assistance that a student can receive for a given academic year. The cost of attendance includes allowances for:
- tuition and fees;
- books and supplies;
- living expenses (including rent, utilities, transportation, and miscellaneous personal expenses); and
- average federal loan fees.
Students are encouraged to borrow as conservatively as possible to minimize loan repayment amounts following graduation. Detailed cost of attendance information for the 2020-2021 academic year is available here.
Tuition and Fees
Tuition and fees are set annually by Adler University. A student’s cost of attendance will include an allowance for tuition and fees based upon the student’s actual enrollment in required courses for the year. Initial awards are based upon the published course sequence for the student’s academic program. If a student deviates from the published course sequence, the cost of attendance will be adjusted to reflect any differences in charges.
Books and Supplies
Students are given a book and supply allowance based upon the number of academic credits for which they register.
- Chicago and Vancouver Campus students are provided with a $50/credit hour book and supply allowance.
- Online Campus students are provided with a $42/credit hour book and supply allowance.
Students are allowed to borrow to cover living expenses, as necessary.
- Chicago and Vancouver Campus students are provided with an allowance of up to $2,437 per month in living expenses. This amount includes rent, utilities, transportation, and other miscellaneous personal expenses.
- Online Campus students are provided with an allowance of up to $1,950 per month in living expenses. This amount includes rent, utilities, and other miscellaneous personal expenses.
The monthly living allowance is based on data regarding average living expenses for the Chicagoland metropolitan area. The living allowance is meant to cover living expenses associated with the student (and not the student’s other family members.)
Average Loan Fees
The federal government assesses a loan fee on each loan made to a student. Students are provided with an allowance in their cost of attendance. This allowance is an average of fees charged to students in specific ranges of cost of attendance.
On a case-by-case basis, the Office of Financial Aid will allow a student to appeal to increase their cost of attendance from the standard amounts provided. The following costs are eligible for consideration under a cost of attendance appeal.
- Dependent Care
- Device Purchase (such as a laptop or tablet)
- Internship Interview Travel Expenses
Most U.S. citizens or permanent residents who are enrolled in a degree or certificate program at Adler University may use financial aid to cover the full cost of their educational expenses. Financial aid may be used to cover the cost of tuition, fees, books and living expenses during all academic terms in which a student is registered at least half-time.
The Office of Financial Aid will help you understand your options and answer any questions you have. Our financial aid counselors are available for phone or in-person consultations. You can reach the Office of Financial Aid by calling (844) 459-3710 or via email.