Lana Oconnell
The University of Phoenix offers federal student loans to its students. These loans are provided by the U.S. Department of Education and have fixed interest rates, flexible repayment options, and various forgiveness programs. The university also provides financial advisors to guide students through their financial aid options, which include grants, scholarships, and loans. Students must submit the Free Application for Federal Student Aid (FAFSA) for each school year to qualify for federal financial aid. The University of Phoenix has a Federal School Code for FAFSA: 014593. Additionally, the university participates in the National Student Clearinghouse (NSC) program, which electronically provides enrollment status and attendance data to the National Student Loan Database System (NSLDS). In certain situations, federal student loans from the University of Phoenix can be forgiven, canceled, or discharged. The Department of Education (ED) has recently approved full federal student loan forgiveness for some University of Phoenix students who attended between September 21, 2012, and December 31, 2014, and were deceived by the school's claims.
| Characteristics | Values |
|---|---|
| University of Phoenix Federal School Code for FAFSA | 014593 |
| Federal financial aid includes | Grants and low-interest loan programs |
| Federal student loan forgiveness | Possible in certain situations |
| Loan forgiveness eligibility | Job status, disability, closure of school, etc. |
| Federal student loan types | Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS loans |
| Interest rate for undergraduate Direct Subsidized Loans | 4.99% |
| Interest rate for professional Direct PLUS loans | 7.54% |
| Interest rate time period | July 1, 2022, to June 30, 2023 |
| Federal student loan forgiveness programs | Public Service Loan Forgiveness, Teacher Loan Forgiveness, Perkins Loan Cancellation for Teachers |
| Federal student loan forgiveness eligibility | Attended between September 21, 2012, and December 31, 2014 |
| Federal student loan forgiveness eligibility reason | Deceived by the school's claims |
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What You'll Learn
- University of Phoenix federal school code for FAFSA is 014593
- Federal student loans may be forgiven, cancelled or discharged
- Federal financial aid includes grants and low-interest loan programs
- Direct Subsidized Loans are available to undergraduate students with financial need
- The University participates in the National Student Clearinghouse (NSC) program
University of Phoenix federal school code for FAFSA is 014593
The University of Phoenix Federal School Code for FAFSA is 014593. Students seeking federal financial aid need to complete the Free Application for Federal Student Aid (FAFSA) online as soon as possible after October 1. The FAFSA code for the University of Phoenix is 014593. The FAFSA application is usually available online starting on October 1 for the following school year. The 2024-25 academic year FAFSA form is now available, but students must choose the right form. Year-round universities like the University of Phoenix will use the 2023-24 FAFSA form for all classes starting before July 1, 2024. The University of Phoenix participates in the National Student Clearinghouse (NSC) program, which electronically provides enrollment status and attendance data to the National Student Loan Database System (NSLDS).
Students must submit the FAFSA form for each school year to qualify for federal financial aid. The two types of federal aid are federal grants and federal loans. Grants are distributed based on financial need and other qualifying factors. They are money that you don’t have to repay. Direct Subsidized Loans are available to undergraduate students who demonstrate financial need as determined by their completed FAFSA form. The U.S. Department of Education pays the interest while you attend school at least half-time, as long as you complete your program on time. Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need. With an unsubsidized loan, you are responsible for paying the interest, which begins accruing at the time the loan is disbursed.
The process to receive financial aid can take time, and you'll usually receive it within your first two courses. When applying for federal student loans, you will first sign a master promissory note (MPN). By signing the MPN, you agree to repay all loans made under the MPN. There are certain situations when federal student loans can be forgiven, canceled, or discharged. Federal Student Aid’s site has more information about these options.
The Department of Education (ED) recently announced that it will approve full federal student loan forgiveness for some University of Phoenix students. If you attended the school between September 21, 2012, and December 31, 2014, were deceived by the school’s claims, and submitted a valid application for relief through ED’s Borrower Defense program, you might be eligible.
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Federal student loans may be forgiven, cancelled or discharged
The University of Phoenix accepts federal student loans as part of its financial aid plan. Students receiving federal financial aid have defined rights and responsibilities in accordance with the Borrower’s Rights and Responsibilities Statement, attached to the Master Promissory Note (MPN). The University also participates in the National Student Clearinghouse (NSC) program, which electronically provides enrollment status and attendance data to the National Student Loan Database System (NSLDS).
Federal student loans may be forgiven, cancelled, or discharged in certain situations. The Department of Education (ED) has recently announced that it will approve full federal student loan forgiveness for some University of Phoenix students. This applies to students who attended the school between 21 September 2012 and 31 December 2014, were deceived by the school’s claims, and submitted a valid application for relief through ED’s Borrower Defense program. This decision was based on the FTC’s 2019 court action against the University of Phoenix for using deceptive advertising practices to get students to enroll.
Additionally, federal student loan forgiveness is available for public service employees, including firefighters, police officers, nurses, and other emergency service employees, as well as employees of any state, local, or tribal government, and certain nonprofit agencies. Most federal student loans are eligible for at least one income-driven repayment (IDR) plan, which caps monthly payments based on income and family size. Depending on the IDR plan, the remaining balance on loans may be forgiven after 20 or 25 years of repayment.
Only federal Direct Loans can be forgiven through the Public Service Loan Forgiveness (PSLF) program. However, borrowers with other federal student loans, such as Federal Family Education Loans (FFEL) or Perkins Loans, may qualify for PSLF by consolidating into a new federal Direct Consolidation Loan. It is important to note that borrowers must consolidate by 30 June 2024 to benefit from the one-time IDR account adjustment.
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Federal financial aid includes grants and low-interest loan programs
The two types of federal aid are federal grants and federal loans. Grants are distributed based on financial need and other qualifying factors. They are funds that you don't have to repay. Pell Grants, for example, are awarded to eligible undergraduate students who have not previously earned a bachelor's or professional degree. The maximum Pell Grant award can vary from year to year and there is also a limit to the amount of Pell Grant you can receive over your lifetime.
Direct Subsidized Loans are available to undergraduate students who demonstrate financial need as determined by their completed FAFSA. The U.S. Department of Education pays the interest while the student attends school at least half-time, as long as they complete their program on time. Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need. With an unsubsidized loan, the student is responsible for paying the interest, which begins accruing at the time the loan is disbursed. If the student does not pay the interest as it accrues, the interest will be added to the principal balance.
The University of Phoenix participates in the National Student Clearinghouse (NSC) program, which electronically provides enrollment status and attendance data to the National Student Loan Database System (NSLDS). The Registrar’s Office reports attendance data on all students once per week. If a student's loan servicer participates in the NSC program, they do not need to take any action to put their loans into a deferred status.
It is important to note that not all University of Phoenix degree programs are eligible for federal financial aid. Students should consult with an advisor to understand their financial aid options, including grants, scholarships, loans, and other services. The process of receiving financial aid can take time, and students will usually receive it within their first two courses. When applying for federal student loans, students will first sign a Master Promissory Note (MPN), agreeing to repay all loans made under the MPN. There are certain situations when federal student loans can be forgiven, canceled, or discharged, and students can find more information on the Federal Student Aid website.
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Direct Subsidized Loans are available to undergraduate students with financial need
The University of Phoenix accepts federal student loans, and its Federal School Code for FAFSA is 014593. The University also participates in the National Student Clearinghouse (NSC) program, which electronically provides enrollment status and attendance data to the National Student Loan Database System (NSLDS).
To determine your eligibility for Direct Subsidized Loans, you must submit the Free Application for Federal Student Aid (FAFSA) each school year. The FAFSA will assess your financial need by considering your cost of attendance, expected family contribution, and other financial aid you may be receiving. If your cost of attendance exceeds your expected family contribution and other financial aid, you may be eligible for Direct Subsidized Loans.
It is important to note that there may be aggregate eligibility limits to the amount of FSA loans you may borrow for undergraduate study, and processing times for awarding FSA can vary from student to student. Additionally, if you are a first-time borrower between July 1, 2013, and July 1, 2021, there is a limit on the maximum period of time you can receive Direct Subsidized Loans. This time limit is set at 150% of the published length of your program.
If you are considering applying for Direct Subsidized Loans, it is recommended to speak with a financial advisor at your university to understand your specific options and eligibility.
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The University participates in the National Student Clearinghouse (NSC) program
The University of Phoenix participates in the National Student Clearinghouse (NSC) program. The NSC is an educational nonprofit organisation, founded in 1993, that provides educational reporting, verification, and research services to North American colleges and universities. The University of Phoenix's participation in the NSC program means that it electronically provides enrolment status and attendance data to the National Student Loan Database System (NSLDS). The Registrar's Office reports attendance data on all students once per week.
The NSC has a nationwide network of around 3,600 colleges, representing 97% of postsecondary enrolment. It helps schools stay in compliance with the Family Educational Rights and Privacy Act and the Higher Education Act. The organisation's commitment to student privacy and compliance is why institutions, organisations, and learners nationwide trust the NSC with their student enrolment and academic data.
The University of Phoenix offers federal financial aid to its students, which includes grant and low-interest loan programs from the U.S. Department of Education. Students must submit the Free Application for Federal Student Aid (FAFSA) for each school year to qualify for federal financial aid. The University's Federal School Code for FAFSA is 014593.
There are two types of federal aid: federal grants and federal loans. Grants are distributed based on financial need and other qualifying factors, and they do not need to be repaid. Direct Subsidized Loans are available to undergraduate students who demonstrate financial need as determined by their completed FAFSA. Direct Unsubsidized Loans are available to undergraduate and graduate students, and there is no requirement to demonstrate financial need.
In some cases, federal student loans can be forgiven, cancelled, or discharged. For example, the Department of Education (ED) announced that it would approve full federal student loan forgiveness for some University of Phoenix students who attended the school between September 21, 2012, and December 31, 2014, and were deceived by the school's claims.
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Frequently asked questions
The University of Phoenix does not directly offer federal student loans. However, it does provide federal financial aid, including grants and low-interest loan programs from the U.S. Department of Education. Students must submit the Free Application for Federal Student Aid (FAFSA) each school year to qualify for this aid.
The Federal School Code for the University of Phoenix is 014593.
Federal student loans are offered by the U.S. Department of Education and have fixed interest rates and flexible repayment options. The requirements for these loans include U.S. citizenship, permanent residency, or eligible non-citizen status. Additionally, students must demonstrate financial need and meet other eligibility criteria.
It is recommended that students set up an online account with their loan servicer and select a repayment plan that fits their budget. Students can also consider enrolling in automatic debit, which may provide a small interest rate deduction.
In certain situations, federal student loans can be forgiven, canceled, or discharged. For example, the Department of Education recently announced loan forgiveness for some University of Phoenix students who attended between September 21, 2012, and December 31, 2014, and were deceived by the school's claims.
