Lana Oconnell
The University of Phoenix offers a range of options to help students pay for their education, including federal and state financial aid, scholarships, grants, and private loans. Students can also choose to pay for their tuition through a Third-Party Billing Plan, where the university directly bills an approved employer, or through a cash payment plan. Federal student loans are available to undergraduate and graduate students, and in some cases, these loans may be forgiven, canceled, or discharged. Private student loans are also an option, though the University encourages students to explore federal and state financial aid options first.
| Characteristics | Values |
|---|---|
| Federal financial aid | Includes grants and low-interest loan programs from the U.S. Department of Education |
| FAFSA code | 014593 |
| Grants | Distributed based on financial need and other qualifying factors; do not need to be repaid |
| Direct subsidized loans | Available to undergraduate students who demonstrate financial need; the U.S. Department of Education pays the interest while the student attends school at least half-time |
| Direct unsubsidized loans | Available to undergraduate and graduate students without a requirement to demonstrate financial need; the borrower is responsible for paying the interest |
| Private student loans | Available through third-party lenders and other financial institutions; subject to a credit review and individual lender terms and conditions; not subsidized or guaranteed by the federal government |
| Tuition Deferral payment option | Available to students receiving military education benefits or whose employers pay some or all of their tuition and fees |
| Third-Party Billing Plan | The University directly bills an approved employer for a student’s tuition |
| Cash payment plan | Available to students who wish to use e-checks or credit cards to pay for tuition and electronic course materials |
| Direct PLUS loans | Available to parents of students who want to help with tuition payments, as well as graduate and professional students |
| Repayment plans | Income-driven plans such as REPAYE and Income-Contingent Repayment can help lower monthly payments and qualify for loan forgiveness; debt consolidation is also an option |
| Loan forgiveness | The U.S. Department of Education has approved federal student loan forgiveness for individuals who attended the University of Phoenix between September 21, 2012, and December 31, 2014, and were deceived by the school's claims |
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What You'll Learn
Federal student loans and grants
Pell Grants
Pell Grants are awarded to eligible undergraduate students who have not previously earned a bachelor's or professional degree. The amount of the grant can vary from year to year, and there is a limit to how much you can receive over your lifetime. To receive a Pell Grant, you must complete the FAFSA form. The amount you receive also depends on your year in school.
Direct Subsidized Loans
Direct Subsidized Loans are available to undergraduate students who can demonstrate financial need as determined by their completed FAFSA. 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. The interest rate for the 2023-2024 school year is 5.50% for undergraduate borrowers.
Direct Unsubsidized Loans
Direct Unsubsidized Loans are available to undergraduate and graduate students, and 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 interest rate for the 2023-2024 school year is 5.50% for undergraduate borrowers and 7.05% for graduate borrowers.
It is important to remember that loans are a legal obligation to repay what you borrowed, plus interest. The University of Phoenix encourages students to exhaust all federal and state financial aid options before considering private loans.
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Private loans
Private student loans are available to students and parents who are not eligible for federal financial aid or who need assistance beyond their federal financial aid eligibility. Private loans are made through third-party lenders and other financial institutions, such as banks and credit unions, and are subject to a credit review and individual lender terms and conditions. Private loans are not subsidized or guaranteed by the federal government and usually do not have loan forgiveness options.
Private lenders may offer fixed or variable interest rates, which can change over time. A borrower’s credit score, income, and financial need can play a role in the available interest rates. The total cost of the loan is typically paid back through monthly payments over a period of years, with interest. Private lenders offer their own paper statements or provide information via their websites. Make note of the estimated minimum monthly payment amounts so that you can plan for repayment.
When applying for private student loans, students may choose any lender as long as it recognizes the University of Phoenix as an eligible institution. The University of Phoenix does not endorse a specific lender for private student loans.
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Scholarships
The University of Phoenix has built a scholarship search engine to help you explore the thousands of scholarship opportunities provided by external organisations through iGrad™. You can also use their Savings Explorer® tool, which has helped bachelor's students save an average of $11,000 and nearly a year off their undergraduate degree.
The University of Phoenix also offers its own scholarships, which are degree-level specific. To determine your eligibility for these, the University will consider your current GPA and an estimate of your transfer credits.
Scholarship funds are considered part of your financial aid package and will be applied directly to your student account to be used toward tuition, course materials and other applicable fees.
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Tuition Deferral payment option
The University of Phoenix offers a Tuition Deferral payment option to students who will receive military education benefits or whose employers pay some or all of their tuition fees and associated costs.
Under this option, tuition, mandatory fees, and sales tax are assessed and invoiced either in a single invoice at the beginning of the payment period, term, or by course. The University will directly bill the U.S. Department of Veterans Affairs or U.S. Department of Defense for the student’s tuition, mandatory fees, and sales tax, and will defer payment of the applicable course’s tuition, mandatory fees, and sales tax, based on these agencies’ reimbursement policies and timeline.
Any mandatory fees and sales tax not anticipated to be reimbursed by these agencies are payable in full at the time of invoice or incrementally prior to the start of each applicable course.
Students should contact a Finance Advisor to determine if their employer is approved for direct billing and to coordinate any required documents, which typically include vouchers provided by that third party.
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Income-driven repayment plans
The University of Phoenix offers various financial aid options for students, including federal and private loans, grants, scholarships, and employer-sponsored tuition. The university encourages students to explore federal and state financial aid options before considering private loans.
Regarding income-driven repayment plans, the U.S. Department of Education's Federal Student Aid (FSA) offers several options for borrowers:
- Income-Based Repayment (IBR) Plan: This plan sets your monthly payments based on your income and family size. It is generally limited to 10-15% of your discretionary income. After 20-25 years of qualifying payments, the remaining loan balance may be forgiven.
- Pay As You Earn (PAYE) Plan: Similar to IBR, PAYE caps your monthly payments at a certain percentage of your discretionary income. It usually offers lower monthly payments compared to IBR. After 20 years of qualifying payments, the remaining loan balance may be forgiven.
- Income-Contingent Repayment (ICR) Plan: The ICR plan calculates your monthly payments based on your income, family size, and total loan amount. It typically results in lower payments for borrowers with lower incomes. After 25 years of qualifying payments, any remaining balance may be forgiven.
- Revised Pay As You Earn (REPAYE) Plan: Introduced by the Biden administration, REPAYE caps monthly payments at a certain percentage of discretionary income. It often results in lower payments for eligible borrowers. After 20-25 years of qualifying payments, the remaining loan balance may be forgiven.
To apply for these income-driven repayment plans, borrowers can visit StudentAid.gov/idr. It is important to carefully review the eligibility requirements and terms of each plan before selecting the most suitable option for your financial situation.
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Frequently asked questions
To apply for federal student loans, you must submit the Free Application for Federal Student Aid (FAFSA) for each school year. The FAFSA school code for the University of Phoenix is 014593.
Federal loans are low-interest loan programs from the U.S. Department of Education. They include grants and loans. Grants are distributed based on financial need and other factors, and you don't have to repay them. Direct subsidized loans are available to undergraduate students who demonstrate financial need, and the U.S. Department of Education pays the interest while you attend school. Direct unsubsidized loans are available to undergraduate and graduate students, and there is no requirement to demonstrate financial need. Private loans, on the other hand, are made through third-party lenders and other financial institutions and are subject to a credit review and individual lender terms and conditions. They are not subsidized or guaranteed by the federal government.
You can pay off student loans by creating a budget, prioritizing debts, and picking a repayment plan that works for you. You can explore income-driven repayment plans, like the REPAYE and Income-Contingent Repayment plans, which can help lower monthly payments and help you qualify for loan forgiveness. You can also talk to your loan servicer about deferment options to postpone payments when you meet certain criteria, such as unemployment.
The U.S. Department of Education has approved federal student loan forgiveness for people who attended the University of Phoenix between September 21, 2012, and December 31, 2014, were deceived by the school's job placement claims, and submitted a valid application for borrower defense. If you meet these criteria, you can submit an application for loan forgiveness, and your loan may be forgiven.
