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  • Home / Cost & Aid / Financial Aid / UCAP Online Program

    Financial Aid

    UCAP Online Program

    Apply Now Visit Ursuline Find a Program Request Info

    Financial Aid for UCAP Online Students

    Completing your college degree is not only possible at Ursuline College, but it's also affordable.

    Ursuline college accelerated student7

    Financial Aid is awarded to adult undergraduate students based on enrollment for each of the three terms within the semester.  Students taking one 3-credit hour course each term in a semester will be considered to be 3/4 time enrollment (9 credits) overall for the semester.  Aid is disbursed at the point the student becomes half-time (6 credits) – this is typically at the beginning of Term 2.

    There are a number of different types of aid available to you at Ursuline College. In addition to the information provided on these pages, our knowledgeable and attentive Office of Financial Aid staff is ready to help answer your questions and provide one-on-one consultations.


    Federal Pell Grants

    A Federal Pell Grant is awarded to undergraduate students who have high financial need and have not previously earned a bachelors or professional degree. Federal Pell Grant amounts vary based on need and enrollment level (e.g. full time, three-quarter time, half-time, etc). The Pell Grant now has a lifetime limit amount of six full-time years or 12 full-time semesters (maximum percentage of 600%). Any student reaching that limit will no longer be eligible to receive this grant, regardless of need. Completion of the FAFSA is required to apply for this grant.

    State Grants (Ohio Residents)

    The State of Ohio provides need-based grant funds through the Ohio College Opportunity Grant (OCOG) to full and part-time students attending institutions within state. Application for this grant is made through submitting the FAFSA. The deadline to submit your FAFSA in order to apply for this grant is October 1st of the award year.

    TEACH Grant

    Teaching Education Assistance for College and Higher Education (TEACH) Grant program provides grants up to $4,000 per academic year with an undergraduate maximum of $16,000 and a graduate maximum of $8,000 to students who intend to teach a high-need field in a public or private elementary or secondary school that serves students from low-income families. As a recipient of a TEACH Grant, you must teach for at least four academic years within eight calendar years of completing the program of study for which you received a TEACH Grant. Failure to complete this service obligation will result in all amounts of TEACH Grants that you received converting to a Federal Direct Unsubsidized Stafford Loan. You must then repay this loan to the U.S. Department of Education. You will be charged interest from the date the grant(s) was disbursed.



    Loan funds must be repaid, typically after graduation. While some students are intimidated by the idea of student loans, they are actually a great tool to help finance your education. Most Ursuline students report that their loan was worth it, and find that their payments are manageable after graduation.

    All Ursuline College students who complete the FAFSA and are federally eligible will be awarded the Federal Direct Loan based on their grade level for the academic year. The Subsidized Direct Loan and Unsubsidized Direct Loan are offered to most borrowers.  Students may choose to accept all or part of the loan amount offered, or may decline the loan without any affect on the other aid offered.

    • Subsidized Direct Loans are awarded to undergraduate students who demonstrate financial need to help cover the cost of your education at Ursuline College. The Subsidized Direct Loan does not accrue interest while the student is in school, and will not begin to accrue interest until 6 months after the student has graduated or stopped out. Interest rates for Unsubsidized Direct Loans are the same as the Subsidized Loan program.
    • Unsubsidized Direct Loans are awarded to undergraduate, graduate, and professional students regardless of financial need. Interest does accrue on the Unsubsidized Direct Loans and will capitalize unless you choose to pay the interest while in school. 
    • The current interest rate for both Subsidized and Unsubsidized Direct Loans for undergraduate students is 5.05%
    • The current rate for Unsubsidized Loans for graduate students differs from undergraduate students - graduate Unsubsidized Loans carry an interest rate of 7.05%.

    Additional Loan Requirements

    • Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s); for instance, it will include information on how interest is calculated, when interest is charged, available repayment plans, and deferment and cancellation provisions. The MPN must be signed and on file in order for you to receive the loan funds. If you are a previous borrower and have a valid MPN on file, you are not required to sign again. 

    • Loan Entrance Counseling is required for all first-time borrowers at Ursuline College (undergraduate and graduate). This counseling session provides information to help you understand your federal loan responsibilities as well as provides useful tips and tools to help you develop a budget for managing your educational expenses. You can complete your Loan Entrance Counseling at – you should allow approximately 30 minutes for this session.

    • You will need your FSA ID Username and Password to login to and complete both the MPN and Entrance Counseling. 
    • Students must be enrolled at least half-time (6 credit hours undergraduate; and 3 credit hours graduate) and meet all other compliance requirements in order for the loan funds to be disbursed to the student’s account.

    • Loan Exit Counseling is a federal requirement and a mandatory process for all student loan borrowers. Exit Counseling is required for all students who have completed their degree, have chosen not to return to Ursuline College, or are attending less than half-time (less than 6 credit hours undergraduate). The exit counseling session includes information about repayment options, deferments, and your rights and responsibilities for your student loan. You should allow 25-30 minutes to complete the Exit Counseling process. To complete the counseling session, go to You will need to login with your FSA ID Username and Password. Ursuline College does offer in-person Exit Counseling for graduating seniors each year in April. A financial aid representative will be available to review all of the information required for Exit Counseling and answer any questions you may have. You can choose this option instead of the on-line counseling if you wish. Information as to the date and time of the session each year will be sent to you with your graduation information.

    Loan Limits

    There are limits on the amount in subsidized and unsubsidized loans that you may be eligible to receive each academic year (annual loan limits) and the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits).  

    The aggregate loan limits for undergraduate study are as follows:

    • Dependent students - $31,000, no more than $23,000 of this amount may be in subsidized loans.
    • Independent students - $57,500, no more than $23000 of this amount may be in subsidized loans.

    The aggregate loan limits for graduate or professional students:

    • $138,500, the graduate aggregate limit includes all federal loans received for undergraduate study.

    Federal Direct PLUS Loan for Parents

    The Parent PLUS Loan is a federal loan that parents of dependent undergraduate students may borrow for educational expenses. It is a non-need based loan with a current interest rate of 8.05% as of July 1, 2023. Interest accrues on this loan while the student is in school; however, the parent has the option of deferring payments as long as the student remains enrolled at least half-time (6 credit hours).

    There are two steps that a parent needs to complete on line at in order to receive a Federal Direct PLUS Loan:

    • Complete a PLUS Loan Application.
    • Complete the Master Promissory Note (MPN).

    Both steps listed above require the parent to login with his or her FSA ID Username and Password (not the student’s).

    The PLUS Loan Application will determine if you are eligible to borrow for this program. A credit check will be done once submitted and the results will be sent to both the parent and the school. The second step is completing the Master Promissory Note (MPN). The MPN is a legal document in which the parent promises to repay his or her loan(s) and any accrued interest and fees to the Department. It also explains the terms and conditions of the loan(s). If a parent is borrowing a Direct PLUS Loan for more than one student, the parent will need to complete a separate MPN for each loan.

    You will receive a disclosure statement that gives you specific information about any loan that the school plans to disburse under your MPN, including the loan amount and loan fees, and the expected loan disbursement dates and amounts.

    Loan Limits, Interest Rate and Loan Charges

    There are no set limits for Direct PLUS Loans, but you may not borrow more than the cost of your child’s education minus any other financial aid received, such as a Direct Subsidized or Unsubsidized Loan. The school will determine the actual amount you may borrow. The interest rate for Direct PLUS Loans is a fixed rate of 8.05%. Interest is charged on Direct PLUS Loans during all periods, beginning on the date of your loan’s first disbursement. To find out more information on interest rates for Direct PLUS Loans, visit the website. In addition to interest, you pay a loan origination fee that is a percentage of the principal amount of each Direct PLUS Loan that you receive. This fee helps reduce the cost of making these low-interest loans. The origination fee is deducted when the loan is disbursed, so the loan amount you actually receive will be less than the amount you have to repay.

    Using the PLUS Loan for Education Expenses

    You may use the loan money you receive only to pay for your child’s education expenses at the school that is giving you the loan. Education expenses include school charges such as tuition, housing and food, fees, and indirect expenses such as books, supplies, equipment, dependent child care expenses, transportation, and rental or purchase of a personal computer.

    Additional Unsubsidized Based on Parent PLUS Denial

    Dependent students whose parents have applied for but were denied for a PLUS Loan are eligible to receive additional Direct Unsubsidized Loan funds. Eligible students can receive up to $4,000 unsubsidized for freshmen and sophomore years and up to $5,000 for junior and senior years. Students should contact the Financial Aid Office for more information if parent(s) are denied for a PLUS Loan.

    Private Loans

    Private loans are funds from private lenders to help cover educational costs. There are private loans available for students or for parents. A student may want to consider a private loan when federal and/or state financial aid is not enough to cover the student’s cost of attendance.

    Each private loan lender has specific criteria you must meet to qualify for a loan. Some loans may be for specific majors only and/or require a co-signer. Most lenders will review the applicant’s credit history. In addition, Ursuline College may be asked to certify that you are making Satisfactory Academic Progress and that you have not exceeded your cost of attendance.

    Your estimated cost of attendance (COA) is a standardized estimate of what it will cost you to attend Ursuline College for the academic year. Private loans must be re-applied for every academic year.

    Your estimated COA is comprised of the following components:

    • Tuition and Fees
    • Room and Board
    • Books
    • Transportation
    • Miscellaneous Personal Expenses.

    Your financial aid package (including private loans) cannot exceed your estimated COA. See the Tuition and Cost page for specific amounts.

    Choosing the right private loan for you.

    There are many things to consider when choosing a lender. Be sure to ask the following questions

    • What is the loan origination (processing) fee?
    • What is the interest rate? Typically, the interest rate on private loans is higher than Federal Subsidized and Unsubsidized Loans.
    • When do I have to start repaying the loan? The repayment period for private loans varies among loan programs.
    • Do I have to be meeting Satisfactory Academic Progress? The Satisfactory Academic Progress Standards requirement varies among loan programs.

    Many lenders offer private loans. While Ursuline College does not endorse any specific private loan lender, our electronic lender list includes lenders that we work very closely with and whose loan programs fit our students needs the best. We encourage you to research various lenders and select the one that best fits your needs.

    To review and compare some private loan products and begin the application process, please visit Great Lakes FAST Choice webpage. To begin the process, please click the button below.

    Compare PRIVATE Loans

    Employee Reimbursement

    Ursuline College understands that most employers do not reimburse until after the course ends and the grade has been received. To support this, Ursuline College will allow you to participate in the tuition deferment program that will allow you to postpone payment until 30 days after the course ends to pay your tuition in full.

    To be eligible, you must do the following:

    • Complete the Tuition Deferment form
    • Provide a copy of your company’s tuition reimbursement plan
    • Submit a $25 deferment fee by check, cash, or credit card